India Lithium Ion Battery Market Report, published by Variant Market Research, forecast that the global market is expected to reach $5,022 Million by 2024 from $780 Million in 2016; growing at a CAGR of 26.2% from 2016 to 2024. A lithium-ion battery or Li-ion battery is a type of rechargeable battery in which lithium ions move from the negative electrode to the positive electrode during discharge and back when charging.Increasing adoption of smartphones, tablets, wearables, toys, power tools, personal care devices, payment devices and digital cameras among users have led to an improved demand for lithium-ion batteries in India.
“India Lithium-Ion Battery Market (By Material Type: Cathode, Electrolytic Solution, Anode, and Other Materials; By Industry Vertical: Electronics, Automotive, Industrial, and Others) Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Increasing government initiatives to set up facilities of lithium-ion batteries boost the India lithium-ion battery market
The government in the country is encouraging manufacturers to setup facilities for making lithium-ion batteries to lower the cost of electric vehicles which is the primary factor to drive the India lithium-ion battery market. Moreover, rising disposable income, and growth in automotive sector have also supported the market growth. However, high cost and risk of fire in electronic devices may restrict the market from growing. Furthermore, growing trend of electronic devices among youth consumers and growth in automobile industry is likely to gain significant impetus over the forthcoming years.
Material type and industry vertical are the major segments considered in the India lithium-ion battery market. The segmentation by material type includes cathode, electrolytic solution, anode, and other materials includes (binders, separators, and others). The industry vertical segment is sub-segmented into electronics (UPS, smart phones, laptops/tablets, and others), automotive (car, buses, and trucks, scooters and bikes, train and aircraft), industrial (mining equipment, construction equipment, smart grid), and other industry verticals.
Cathode, by material type, dominated the Indian market with largest market share
India Lithium-Ion Battery Market, by Material Type
In 2016, cathode dominated the material type segment accounting for 38.9% of the total market share, and is expected to continue its dominance during the forecast period 2016 – 2024, as it is the major component used in the lithium-ion batteries.
Electronics held the major share in the Industry vertical segment in 2016
India Lithium Ion Battery Market, by Industry Vertical
Electronics lead the largest market share in 2016, in the industry vertical segment accounting for 52.8% of the total market share, and is expected to continue this trend during the forecast period 2016 – 2024, owing to huge requirement of lithium-ion in electronics sector.
Key players profiled in the report include Panasonic Corporation, Samsung SDI Co. Ltd., Hitachi Chemical Co., Ltd., Toshiba Corporation, and China BAK Battery Co. Ltd., among others.