Market Research Report on India Lithium-Ion Battery Market, Growth Rate, Size, Share, Trend, Drivers, Competitive Landscape, Opportunity, Limitations, Technological Landscape, Regulatory Framework, PESTEL Analysis, PORTER’s Analysis, Forecast upto 2027
Market By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, and Others), By Components (Cathode, Anode, Electrolytic Solution, and Others), By Application (Consumer Electronics, Industrial, and Automotive), and By Region (North India, South India, West India, and East India)
The report titled India Lithium-Ion Battery Market, Growth Rate, Size, Share, Trend, Drivers, Competitive Landscape, Opportunity, Limitations, Technological Landscape, Regulatory Framework, PESTEL Analysis, PORTER’s Analysis, Forecast upto 2027 released by Niir Project Consultancy Services, provides a comprehensive analysis on Indian Lithium Ion Battery Market. The report begins with a brief insight into the scenario of the India Lithium Ion Battery industry giving details about market size, market segmentation, competitive landscape and regional information. The report analyzes the lithium Ion Battery market in profundity by covering data points like industry growth drivers, limitations, opportunity emerging trends coupled with technological landscape of the market and the regulatory framework surrounding the market.
The India Lithium Ion Battery market is expected to drive due to technological advancement coupled with the surge in acceptance of EV across the region
The India Lithium-Ion Battery market projected to reach USD 7 billion at a significant CAGR of over 28% during the forecasted period of 2020-2027 due to the rise in the adoption of electric vehicles across the region. Additionally, the fueling demand for smart devices, coupled with the other consumer products, is one of the primary factors that is projected to drive the Indian lithium-ion batteries market at a significant growth rate. In addition, the strong need for lithium-ion batteries for automotive purposes is anticipated to drive the market. Furthermore, the stringent government controls relevant to CO2 pollution is pushing the lithium-ion battery sector. Moreover, the growing need for eco-friendly energy storage solutions further expected to propel the market for these energy storage solutions. In addition, the declining price of lithium-ion batteries is estimated to provide opportunities for market growth.
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Type Overview in the India Lithium Ion Battery Market
Based on the Type, the India Lithium Ion Battery market segregated into by Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, and Others. The Lithium Cobalt Oxide segment is estimated to have a significant growth rate during the forecasted period of 2020-2027 across the region owing to its extensive uses, including in telecommunications, laptops, video cameras, and wearables. In addition, the primary purpose of the Lithium Iron Phosphate battery is in electric vehicle power batteries.
However, the Lithium Cobalt Oxide type segment is projected to have a lucrative growth rate over the forecasted period by 2027 due to the high energy density of Lithium Cobalt Oxide batteries.
Component Technology Segmental Analysis
Based on the component technology, the Indian Lithium Ion Battery market segregated into Cathode, Anode, Electrolytic Solution, and Others. The cathode component segment is estimated to hold the largest share during the forecasted period of 2020-2027 across the region as the cathode commonly used in lithium-ion battery production. The cathode often used for the development of positive electrodes for the battery cells. Additionally, cathodes have high density and superior power output for lithium-ion batteries, which is predicted to boost the Indian market substantially.
However, the Electrolytic Solution segment is predicted to have a considerable growth rate over the forecasted period by 2027. This is due to the secure, and long-lasting battery needs a durable electrolyte, which can endure current-voltage and elevated temperatures. The electrolyte has a long shelf life, thus providing high lithium-ion durability, which is projected to fuel the Indian market.
Application Segmental Analysis
Based on the application, the Indian Lithium Ion Battery market segregated into Consumer Electronics, Industrial, and Automotive. The automotive application is expected to be the fastest growing in the Indian lithium-ion battery market due to its fast recharge capability, and high energy density as lithium-ion batteries are the only viable technologies that are capable of fulfilling OEM specifications for automotive drive range and charging time. In addition, the growing acceptance and recognition of EVs, legislation promoting the use of EVs, and government initiatives, around the nation are the factors expected to drive the development of the lithium-ion battery industry at a substantial growth rate.
Regional Overview in the India Lithium Ion Battery Market
By geography, the India Lithium Ion Battery market segmented into North India, South India, West India, and East India. South region is projected to lead the market by 2027, owing to the region’s propelling consumer electronics industry.
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India Lithium Ion Battery Market: Competitive Landscape
Companies such as Exide Industries, Mahindra & Mahindra Limited, ACME Cleantech Solutions Private Limited, Reliance Industries Limited, NEC India Private Limited, Adani Enterprise Ltd, JSW Group, Denso Corp., Samsung SDI Co. Ltd., Rajamane Telectric Pvt. Ltd, Suzuki Motor Corp., Bharat Heavy Electricals Ltd., and other prominent players are the key players in the India Lithium Ion Battery market.