Lithium ion Battery Market in India to Grow at CAGR 32% Till 2021: TechSci Research

Lithium ion Battery Market in India to Grow at CAGR 32% Till 2021: TechSci Research

Lithium ion Battery

TechSci Research in its latest reports “India Lithium ion Battery Market By Type, By Application, Competition Forecast and Opportunities, 2011 – 2021”, has revealed that the market of lithium-ion battery in India will grow at a CAGR of over 32% during 2016 – 2021.

Lithium-ion battery in comparison to traditional battery technologies, are competent of providing significantly high performance. Consequently, lithium-ion battery is increasingly being used as a power supply source in consumer electronics, telecom towers & electric vehicles. Increasing disposable income, growing levels of pollution and surging demand for quality & uninterrupted power are few of the other major factors anticipated to boost the demand for lithium-ion batteries in India. Moreover, large scale deployment of solar power projects & wind project will boost the demand for lithium-ion battery in the country over the next five years.

The total installed capacity of solar power in the country is predicted to increase from 8 GW in August 2016 to 100GW by the end of 2022, as the government plans to increase the adoption of solar energy in the country. India plans to add 60 GW of solar grid connected power projects and 40GW of solar rooftop powered projects by 2022, in order to meet the target set under the Solar Mission. Electricity produced by solar panels is stored in the batteries, and lithium-ion batteries are considered the most suitable option for the same.

TechSci Research has segmented the India lithium-ion battery market into four categories on basis of material used. The four categories are- Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate Oxide and Others. Among these categories, Lithium Cobalt Oxide dominated the India lithium-ion battery market in 2015. The segment is anticipated to maintain its dominance over the next five years as well owing to surging demand for these batteries in automobile industry said the research firm. The firm also added that in 2015, south region dominated India lithium-ion battery market, followed by north, west and east regions.

The report has been prepared including both primary and secondary research. Primary research included interaction with lithium-ion battery manufacturers, distributors, importers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.

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