The lithium-ion battery Market is Projected to Reach USD 15.0 Billion by 2027, Growing at a CAGR of 11.8% During 2021-2027
Published | January 2021
According to BlueWeave Consulting, the India Lithium-ion battery market worth USD 7.3 billion in 2019, and is further projected to reach USD 15.0 billion by 2027, growing at a CAGR of 11.8% during 2021-2027 (forecast period). Industrial usage of Lithium-ion batteries is growing with a healthy CAGR during the forecast period. Lithium batteries are currently the best available energy storage technology and are exceptional for their ratio of dimensions to weight and capacity. They are also capable of delivering high current. Quality care for these batteries should also ensure a long battery lifespan. It is suitable for a vast majority of industrial applications, such as in smart houses, off-grid power systems, and in other systems for storing excess electricity generated by power plants.
Rising usage of smartphones and other consumer electronics products and is expected to drive the growth of the Lithium-ion battery market
The Automotive application and electronics smartphones of Lithium-ion Battery is growing with significant growth during the forecast period. The use of Lithium batteries in cars, motorcycles, heavy vehicles, phones, and off-road equipment is increasing rapidly. Lead-acid batteries are being replaced by Lithium batteries to improve charge/discharge performance, save weight, save space, increase the lifetime, and avoid lead in the environment. Quality care for these batteries should also ensure a long battery lifespan. It is suitable for a vast majority of industrial applications, such as in smart houses, off-grid power systems, and in other systems for storing excess electricity generated by power plants.
Electric vehicles are driving the demand for lithium-ion batteries
The increasing awareness towards portable and stationary energy storage coupled with the government’s push towards solar and wind projects are expected to contribute to the growth of the Lithium-ion battery market over the coming years. Furthermore, government efforts towards the adoption of electric vehicles such as the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme as well as tax exemption on EVs are anticipated to provide a much-needed boost to the market. Lithium iron phosphate batteries find application in power tools, electric vehicles, energy storage devices, and electric bicycles among others. But as of now, the main use of Lithium Iron Phosphate battery is in power batteries for electric vehicles.
Cathodes occupy the largest share of the Lithium-ion battery market
The cathode segment is growing significantly with a healthy CAGR during the forecast period. The selection of cathode material depends on various factors such as cell voltage, capacity, energy & power capabilities, cycle life, and operating temperature. Various materials are used in the cathode of a lithium-ion battery such as cobalt, manganese, phosphate, nickel cobalt manganese (NCM OR NMC), lithium iron phosphate (LFP), and others. Enhanced reliability and compatibility of lithium-ion batteries have led to their increase in demand, which in turn fuels the demand for cathode materials. Furthermore, the increase in applications of lithium-ion batteries has driven market growth. An anode is growing significantly with a healthy CAGR during the forecast period. Anode materials, one of the vital raw materials, make up 5%-15% of lithium battery cost owing to their affordable, extremely light, porous, and durable nature.
India Lithium-ion Battery Market: Regional insights
Northern region catering largest share and expected to witness significant growth in the Lithium-ion battery market during the forecast period. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the Lithium-ion battery market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market. The Eastern region is the fastest-growing region for the Lithium-ion battery market in India due to the increasing public concerned about various harmful Air diseases like jaundice, diarrhea, and cholera.
India Lithium-ion Battery Product Market: Competitive Landscape
The leading players for India's Lithium-ion battery product market include, are Future Hi-Tech Batteries, Adani Enterprise Ltd, Suzuki., Samsung SDI Co. Ltd., Panasonic Corporation, Hitachi Chemical Co. Ltd, and Bharat Heavy Electricals Ltd. Amara Raja Batteries Ltd, Exide Industries Limited, Reliance Industries Limited, Mahindra & Mahindra Limited (M&M), Suzuki Motor Corp., Toshiba Corporation, Denso Corp., Munoth Communication Limited, JSW Energy Limited, and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India's Lithium-ion battery market size & forecast. The report promises to provide recent technology trends in the Lithium-ion battery market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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