Kenneth Research has recently added a report titled India Lithium-Ion Battery market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. India Lithium-Ion Battery market is further anticipated to grow with a CAGR of 26.2% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, India Lithium-Ion Battery Market is estimated to reach $5,022 Million by 2024; growing at a CAGR of 26.2% from 2016 to 2024. Lithium-ion or Li-ion batteries are rechargeable batteries with high energy density and are primarily used in portable devices. The market for these batteries is expected to witness a substantial growth due to their increasing use in smartphones, digital cameras, tablets/PCs, and power tools. Additionally, the demand for Li-ion batteries in the automobile industry is likely to increase with the growing demand for electric vehicles. These batteries have gained popularity among the automobile companies as they offer a substitute to nickel metal batteries used in electric vehicles, due to their small size & light weight.
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The government is expected to encourage manufacturers to setup facilities for making lithium-ion batteries in India to lower the cost of electric vehicles is the primary factor to drive the Indian lithium ion battery. Besides, rising 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 have also supported the Indian lithium-ion battery market. However, high cost and risk of fire in electronic devices may limit the market growth. Furthermore, growth in automobile industry and growing trend of electronic devices among youth consumers is expected to open up new growth opportunities for the market in the coming years.
The India lithium-ion battery market is mainly classified on the basis of material type and industry vertical. Classification by material type includes cathode, anode, electrolytic solution, and other materials (binders, separators, etc.). Industry vertical segment is classified into automotive (car, buses, and trucks, train & aircraft, scooters & bikes), electronics (smartphones, laptops/tablets, UPS, and others), industrial (mining equipment, smart grid, construction equipment), and other industry verticals.
Prominent players operating in the India lithium-Ion battery market include China BAK Battery Co. Ltd., Samsung SDI Co. Ltd., Hitachi Chemical Co., Ltd., Panasonic Corporation and Toshiba Corporation among others.
The key takeaways from the report
The report will provide detailed analysis of India Lithium-Ion Battery Market with respect to major segments namely as material type and industry vertical
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of India Lithium-Ion Battery Market has been included in the report
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Profile of the key players in the India Lithium-Ion Battery Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of the India Lithium-Ion Battery Market
Material Type Segments
Industry Vertical Segments
Cars, Busses and Trucks
Train and Aircraft
Scooters and Bikes
Other Industry Verticals
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