Lithium Cobalt Oxide is anticipated to be the largest material of lithium-ion batteries owing to its easy availability, cheaper rates and high specific energy. Besides, Lithium Nickel Oxide is expected to witness maximum growth in the forecast period on account of the rising adoption of Electric Vehicles. The Lithium-Ion Batteries Market in India grew at a significant rate during 2017-2020, on account of widespread deployment across key application sectors including electronics, automobile, industrial and defence, owing to sector-wide policy measures, such as ‘Make in India’, ‘Aatmanirbhar Bharat’, ‘Production Linked Incentive Scheme’ and ‘National Manufacturing Policy’. Further, Foreign Direct Investment inflows to India are on an uptrend as the Government of India allows up to 100% FDI in multiple sectors, surging investments in industrial infrastructure which would drive the lithium-ion battery market in the country.
According to 6Wresearch, India lithium-ion batteries market size is projected to grow at a CAGR of 15% during 2021-2027. Owing to the rising production of electronic devices in India, smartphones and other electronic gadgets are getting cheaper and people are willing to spend more on these devices due to the rise in disposable income which led to the India lithium-ion batteries market growth. According to the Union Minister of State for Electronics and Technology, the electronics production industry in India is to grow from the present $72 billion to $300 billion by 2025. This positive outlook of the Electronics sector would trigger the demand for lithium-ion batteries in the upcoming years in India.
According to Ravi Bhandari, Research Head, 6Wresearch, 3000-10000 mAh lithium-ion batteries are anticipated to be the largest power capacity owing to the rise in adoption of smartphones and electronic gadgets among consumers.
“The India Lithium-Ion Batteries Market (2021-2027)” report provides an in-depth analysis with 17 figures and 4 tables, covered in 80 pages. The report on Lithium-Ion Batteries Market in India comprehensively covers the industry by power capacity, applications, materials, and regions. The report provides a detailed as well as unbiased analysis of the ongoing growth drivers, opportunities/high growth areas, and trends of the market which are anticipated support the stakeholders to meet and devise their market strategies as per the latest and future market dynamics.