Lithium-ion Battery Market in India to Cross 6000 Crore by 2022

According to this report, now available on ASDReports, “India Lithium-ion Battery Market By Type, By Application, Competition Forecast & Opportunities, 2012 – 2022”, India lithium-ion battery market is forecast to cross ?6000 Crore by 2022, on account of growing adoption of cell phones, cameras, etc. coupled with escalating number of solar & wind energy projects and increasing electric vehicle manufacturing in the country. Moreover, with growing penetration of e-rickshaws as a public transport in India, demand for lithium-ion batteries in the country is expected to grow at a robust pace during the next five years.

ndia’s automotive sector is expected to emerge as the major driving force for the sale of lithium-ion batteries during 2017 – 2022. The Government of India plans to introduce 6 million electronic vehicles on the country’s roads by 2020, under the National Electric Mobility Mission Plan. The mission promotes the use of electric vehicles, such as e-rickshaws, as a mode of public vehicle as well as encourages adoption of electric cars for private usage. Companies such as TATA Motors, Mahindra & Mahindra, Suzuki, Toshiba and Denso are continuously investing in research & development activities in order to develop and integrate high-efficiency lithium-ion batteries for electric vehicles in India.

“Domestic manufacturing of lithium-ion batteries in India is limited due to technological insufficiency, and consequently, majority of demand is met through imports from China, Japan and South Korea. However, Indian government plans to increase the research & development activities for domestic manufacturing of lithium-ion batteries. In 2016, the Central Electrochemical Research Institute (CECRI) established lithium-ion fabrication facility to boost the domestic production of lithium-ion batteries in the country. These kind of favorable government initiatives, coupled with rising industry as well as consumer focus on clean energy adoption, points towards a brighter future for lithium-ion manufacturers and suppliers in India over the next five years.”, 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 & Opportunities, 2012 – 2022” has evaluated India lithium-ion battery market and provides the statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the India lithium-ion battery market.

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Source: ASDReports - Market Research
Date: Nov 10, 2017