Increasing Demand for Smart Devices and Electric Vehicles Driving Li-Ion Batteries Market in India Says TechSci Research
Burnaby, Canada, January 29, 2014 --(PR.com
)-- Lithium ion (Li-ion) batteries are rechargeable batteries witnessing increasing adoption in consumer electronics and automotive applications. India is one of the major Li-ion markets, exhibiting double digit growth. The demand for lithium ion batteries has increased exponentially due to growing demand for smartphones and tablet PCs over last few years. India stands at the number three position, globally, in terms of overall smartphone unit shipments. Leading market players such as Samsung and Nokia are manufacturing their mobile phones in the country, which is significantly boosting demand for lithium ion batteries in India.
According to the recently published TechSci Research report “India Li-ion Batteries Market Forecast & Opportunities, 2018,” the Indian Li-ion batteries market, in revenue terms, is projected to grow at a CAGR of around 24% during 2013-18. Sony, Samsung SDI and Heter Electronics are the leading suppliers of Li-ion batteries in India. However, these companies are currently heavily dependent on Li-ion battery imports from China, Taiwan, Japan and Korea.
The report reveals that the country’s southern region generates the highest demand for Li-ion batteries on account of significantly growing IT, electronics and automobile sectors in the region. The Li-ion batteries market is largely driven by the consumer electronics segment due to high volume requirements in products like mobile devices, tablet PCs, laptops, camera, etc. On the other hand, usage of Li-ion batteries in automobile sector is relatively at its nascent stage in India. The concern of increasing Green House Gas (GHGs) emissions from vehicles, coupled with rising prices of gasoline products, have made the government promote electric / hybrid vehicle/ plug-in electric vehicles in the country. Under the National Electric Mobility Mission Plan (NEMMP), the government has set a target of around 5 to 7 Million electric vehicles by 2020 in the country. In order to achieve this objective, the government has introduced various tax exemptions for Li-ion batteries used in electric vehicles in the 12th five year plan. Li-ion batteries provide inherent safety in electric vehicles compared to conventional batteries such as lead-acid. As a result, the demand for automobile Li-ion batteries is anticipated to increase exponentially during 2013-18.
“In India’s lithium ion batteries market, lithium cobalt accounts for the largest share, in revenue terms, due to its increasing demand from consumer electronics applications. This battery type is expected to continue its dominance over the next five years, on account of growing smartphones and tablet PCs market. However, with the emergence and adoption of electric vehicles, the demand for lithium iron phosphate battery is projected to witness fastest growth rate,” said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
“India Li-ion Batteries Market Forecast & Opportunities, 2018” has analyzed the potential of the Li-ion batteries market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.