India Lithium-Ion Batteries Market Size & Growth Rate
India Lithium-Ion Batteries Market is projected to grow at a CAGR of 15% during 2021–2027, driven by increasing demand for smartphones, electronic gadgets, and electric vehicles, along with supportive government initiatives.
India Lithium-Ion Batteries Market Synopsis
The India Lithium-Ion Batteries Market grew significantly in 2017-2020 on the account of rising demand for smartphones and electric vehicles in India. India is the second largest mobile phone market in the world many smartphone manufacturing firms had started their manufacturing base in India. Further, in 2020, Due to the COVID-19 pandemic, the growth of the lithium-ion batteries market declines as the majority of raw materials is being imported from China and Australia.
There was a disruption in the supply chain, owning to the lockdown measure adopted to curb the spread of the virus. Although with the casual upliftment of lockdown restrictions, and an increase in the availability of raw materials the sale of lithium-ion batteries began to get back on track as operation and production resumed which led the lithium-ion battery market back to its growth trajectory.
According to 6Wresearch, India lithium-ion batteries market size is projected to grow at a CAGR of 15% during 2021-2027. An increasing number of electronic devices and the rising disposable income in India are the major factors contributing to the growth of the Market in India. Additionally, government initiatives like Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India and the Production Linked Incentive scheme would provide opportunities for manufacturing firms to invest in India which would propel the Lithium-Ion Batteries Market share in India. With the rising demand for electric vehicles in the automotive industry owing to growing concerns regarding global warming, the adoption of lithium-ion batteries is anticipated to rise in the forthcoming period. Lithium-ion market share in India will continue to grow in the near future. The sector growth will propel more as the demand for lithium-ion is rising in the country at a faster pace.
Market by Power Capacity
3000-10000 mAh lithium-ion batteries garnered the maximum revenue share in 2020 on account of the adoption of smartphones and electronic gadgets and the same trend is expected to follow in the upcoming years as well and it will propel the India Lithium-Ion Batteries Industry. Further, 10000-60000 mAh lithium-ion batteries would grow faster in the upcoming years owing to the adoption of electric vehicles among consumers in India.
Market by Applications
The Electronics sector accounted for the majority of the revenue share in 2020 on account of the adoption of smartphones and electronic gadgets and the same trend is expected to follow in the upcoming years as well. According to media reports, The Indian electronics market is considered one of the largest in the world and is expected to hit US$400 billion by 2025.
Market by Materials
Lithium Cobalt Oxide Material garnered the maximum growth in 2020 owing to its easy availability, and cheaper rates, and the same trend is expected to follow in the upcoming years in India. Further, Lithium Nickel Cobalt Oxide Material is expected to grow faster in the upcoming years owing to reduce dependency on Lithium Cobalt Oxide Material.
Market by Regions
The southern region accounted for the maximum revenue share in 2020 on account of various electric vehicle manufacturing firms concentrated in the southern states like Karnataka and Tamil Nadu. According to media reports, the electric vehicle (EV) market in India is expected to hit over 63 lakh unit mark per annum by 2027. Further, the northern region is expected to grow at a faster rate due to the rise in demand for smartphones and electronic gadgets.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020.
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Lithium-Ion Batteries Market Overview
- India Lithium-Ion Batteries Market Outlook
- India Lithium-Ion Batteries Market Forecast
- Historical Data and Forecast of India Lithium-Ion Batteries Market Revenues and Volume for the Period 2017-2027F
- Historical Data and Forecast of India Lithium-Ion Batteries Market Revenues, By Power Capacity, for the Period 2017-2027F
- Historical Data and Forecast of India Lithium-Ion Batteries Market Revenues, By Applications, for the Period 2017-2027F
- Historical Data and Forecast of India Lithium-Ion Batteries Market Revenues, By Materials, for the Period 2017-2027F
- Historical Data and Forecast of India Lithium-Ion Batteries Market Revenues, By Regions, for the Period 2017-2027F
- Market Drivers and Restraints
- Industry Life Cycle
- Porter’s Five Force Analysis
- Impact Analysis of COVID-19
- Market Trends
- India Lithium-Ion Batteries Market Revenue Share, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
Market by Power Capacity
- 0-3000 mAh
- 3000-10000 mAh
- 10000-60000 mAh
- Above 60000 mAh
Market by Applications
- Electronics
- Automotive
- Industrial
- Others (Medical, Military, Textile)
Market by Materials
- Lithium Cobalt Oxide
- Lithium Nickel Cobalt Oxide
- Lithium Iron Phosphate
- Others (Lithium Manganese Oxide, Li Titanate)
Market by Regions
- Northern
- Eastern
- Southern
- Western
