Stringent regulations on auto-emission and fuel efficiency along with awareness towards non-hazardous wastes have resulted in a shift towards Li-ion batteries in India. Government efforts towards promoting the adoption of EVs, growing renewable energy storage projects, surging demand for quality & uninterrupted power supply are some of the key factors which are contributing to the growth of Li-ion batteries market in the country; moreover, developing consumer electronics sector in India is likely to complement the growth of this market.
According to 6Wresearch, India Lithium Ion Batteries Market is projected to grow at a CAGR of 27% during 2017-23. The consumer electronics application segment held major share in the overall market in 2016 and is likely to exhibit tremendous growth during the forecast period. Among several components, cathode captured majority of the market share. Further, Lithium Cobalt Oxide (LCO) bagged highest share among different chemistries as it is majorly used in consumer electronic devices.
According to Abhinav Gupta, CEO, SES Batteries, "In India, Li-ion batteries are finding application majorly in consumer electronics. Especially, the entire range of power banks, smartphones, laptops, and digital cameras are deployed with Li-ion batteries. Further, as India is moving towards renewable energy storage, Li-ion batteries are gaining acceptance in this segment. Previously, lead acid batteries were used in energy storage projects but since Li-ion batteries have longer lifecycles these are considered as ideal solutions for energy storage."
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Lithium ion batteries are gaining immense acceptance owing to its high energy capacity and power densities. In the current scenario, it is majorly deployed in consumer electronics; however, the Government of India is making continuous efforts to promote local manufacturing of automotive batteries."
"Additionally, consumer demand is likely to drive this market, for this reason, Government is coming up with several schemes such as Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME), offering incentives, tax rebates on purchase as well as manufacturing of EVs in the country," He further added
According to Suman Gautam (Research Associate, 6Wresearch-India Electronics Division), "Various application areas of Li-ion batteries include electronics, automotive, industrial, medical and military equipment. Different manufacturers are coming up with varied material combinations to offer high efficiency yet economic batteries. High cost remains a barrier for Li-ion market growth; however, the local production of these batteries is likely to overcome high-cost constraint in the coming years.
"In addition to various organizations/firms such as ISRO, BHEL, CECRI are working together to develop Li-ion battery technology in the country, which would further shape the overall industry over the next six years," She further added.
Some of the major players in India Lithium Ion Batteries market include- Samsung SDI, Coslight, AMCO Saft, LG Chem, and Panasonic.
India Lithium Ion Batteries Market (2017-2023) report provides in-depth analysis with 34 figures and 9 tables covered in 118 pages. The report estimates and forecast the overall India Lithium Ion Batteries market by Applications, Power Capacities, Materials, and Components such as cathode, anode, electrolyte and others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.