India Lithium-ion Battery Market Expected to Grow with a CAGR of over 23% by 2025 | BlueWeave Consulting
Moreover, increasing awareness towards portable and stationary energy storage coupled with government’s push towards solar and wind projects are expected to contribute to the growth of Lithium-ion battery market over the coming years. Furthermore, government efforts towards adoption of electric vehicles such as Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme as well as tax exemption on EVs are anticipated to provide much needed boost to the market.
Growth in automobile industry and rise in demand for electronic devices is mainly driving the Indian Lithium-ion Battery market.
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Lithium-ion battery is an energy storage device capable of charging and discharging. In comparison to traditional battery technologies, they are competent of providing significantly high performance. These batteries have a potential to achieve very high energy and power densities in high-density battery applications such as electronics, automotive and standby power. Lithium-ion batteries are now widely implemented as the power or energy source for everything from portable electronics to electric vehicles and energy & natural resources. Increasing adoption of smartphones, tablets, wearable, toys, power tools, personal care devices, payment devices, and digital cameras among users have led to an improved demand for lithium-ion batteries in India.
Increase in disposable income has led to rise in demand for electronic devices such as smartphones and tablets fueling the growth of lithium-Ion batteries in the India. Moreover, rise in government initiative to reduce pollution level are the major factors driving the Indian lithium-ion battery market. The Indian automobile sector is one of the most prominent sectors of the country, accounting for over 8% of the national GDP. Growth in automotive sector has led to surge in demand for electric vehicles which has also supplemented the growth of lithium-Ion batteries.
India Lithium-ion Battery market: Scope of the Report
The India Lithium-ion Battery market is segmented on the basis of type, components, and application. Based on type, the market is segmented into Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, and Others. On the basis of application, the market is segmented into Consumer Electronics, Industrial and Automotive. Based on Components, the market is segmented into Cathode, Anode, Electrolytic Solution and Others.
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India Lithium-ion Battery Market: Component Analysis
• 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, increase in applications of lithium-ion battery has driven the market growth.
• Anode is growing significantly with a healthy CAGR during the forecast period. Anode materials, one of vital raw materials, make up 5%-15% of lithium battery cost owing to affordable, extremely light, porous and durable nature.
• Electrolyte is growing significantly with a healthy CAGR during the forecast period. A safe and long-lasting battery needs a robust electrolyte that can withstand existing voltage and high temperatures and that has a long shelf life while offering a high mobility for lithium ions. Types include liquid, polymer, and solid-state electrolytes.
India Lithium-ion Battery Market: Application Analysis
• The Automotive application of Lithium-ion Battery is growing with a significant growth during the forecast period. The use of Lithium batteries in cars, motorcycles, heavy vehicles 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 lifetime and avoid lead in the environment.
• Industrial usage of Lithium-ion Battery 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 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.
India Lithium-ion Battery Market: Competitive Dynamics
The India Lithium-ion Battery market is dominated by a number of players, amongst them the major players are Future Hi-Tech Batteries, Mahindra & Mahindra Limited, Reliance Industries Limited, JSW Group, Adani Enterprise Ltd, Suzuki Motor Corp., Toshiba Corp., Denso Corp., Samsung SDI Co. Ltd., Panasonic Corporation, Toshiba Corporation, Hitachi Chemical Co. Ltd, and Bharat Heavy Electricals Ltd. Companies in this industry are following different strategies to strengthen their market position.
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