NEW YORK, October 3, 2016 /PRNewswire/ --
Surging demand for quality & uninterrupted power and booming consumer electronics market to drive India lithium-ion battery market over the next five years
Increasing smartphone adoption, growing demand for e-rickshaws for last mile connectivity & surging demand for telecom infrastructure to drive lithium ion battery market in India.
According to a recently published TechSci Research report "India Lithium ion Battery Market By Type, By Application, Competition Forecast and Opportunities, 2011 - 2021", the market of lithium-ion battery in India is projected to grow at a CAGR of over 32% during 2016 - 2021, on account of increasing penetration of consumer electronics products such as smartphones, Tablet PCs, laptops, etc., expansion of telecommunication network and growing demand for electric and hybrid vehicles. The sale of electric vehicles in the country is projected to increase from 16,000 in FY15 to 6.7 Million by FY20.
India Electric Vehicle Market Size, By Volume, FY15, FY16E & FY20F (Units)
Year Market Size (Units) FY15 16,000 FY16E 22,000 FY20F 6,700,000
Source: Society of Manufacturers of Electric Vehicles & TechSci Research
India's total installed capacity of solar power is forecast to increase from 7.81 GW in August 2016 to 100GW by the end of 2022, as the government plans to increase the adoption of solar energy in the country. India plans to add 60 GW of solar grid connected power projects and 40GW of solar rooftop powered projects by 2022, in order to meet the target set under the Solar Mission. Electricity produced by solar panels is stored in the batteries, and lithium-ion batteries are considered the most suitable option for the same. Large scale deployment of solar power projects is expected to boost the demand for lithium-ion battery in the country over the next five years.
Browse 5 market data Tables and 28 Figures spread through 109 Pages and an in-depth TOC on "India Lithium-ion Battery Market"
On the basis of material used as the cathode, India lithium-ion battery market has been segmented into four categories, Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate Oxide and Others. Among these categories, Lithium Cobalt Oxide dominated the India lithium-ion battery market in 2015. The segment is anticipated to maintain its dominance over the next five years as well owing to surging demand for these batteries in automobile industry. In 2015, south region dominated India lithium-ion battery market, followed by north, west and east regions.
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"In India, the domestic manufacturing of lithium-ion batteries is limited due to technological insufficiency, and majority of the demand for the same is being catered through imports from China, Japan and South Korea. However, India is continuously focussing on increasing the research & development activities for domestic manufacturing of lithium-ion batteries. In 2016, the Central Electrochemical Research Institute (CECRI) has set up lithium-ion fabrication facility to boost the domestic production of lithium-ion batteries in the country." Said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Lithium-ion Battery Market By Type, By Application, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of lithium-ion battery market in India, and provides statistics and information on market structure, market size, share, forecasts and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluations. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in lithium-ion battery market in India.
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