BURNABY, Canada, February 9, 2015 /PRNewswire
Increasing Demand for Renewable Sources of Energy Coupled With Favorable Government Initiatives for Sustainable Development to Drive Lithium-ion Batteries Sales in India Through 2020
According to the recently published TechSci Research report “India Lithium-ion Battery Market Forecast and Opportunities, 2020” the market for lithium-ion (Li-ion) batteries in India is projected to witness double digit growth at over 35% CAGR during 2015-20. Lower consumer awareness, inadequate investments by companies, and lack of technological innovations curbed the proliferation of lithium ion technology till the past few years. However, rise in technological developments and increasing need for cleaner energy sources have brought Li-ion batteries on the forefront across various industries as well as end-use sectors. As of now, India predominantly depends on China, South Korea and Taiwan for Li-ion batteries since the country does not have indigenous manufacturing operations for these batteries. However, to offset this challenge, companies are planning to start production of advanced Li-ion batteries in India itself.
Under the new policies taken up by the government, adoption of Li-ion batteries is anticipated to grow at a tremendous pace in the coming years. Rising penetration of electric vehicles, substantial investments in clean and renewable energy sources, and the recently launched Make in India campaign are expected to boost the demand for Li-ion batteries in the country through the forecast period. Government of India has launched New Electric Mobility Mission Plan 2020, which projects to have 6-7 million electric vehicles running on Indian roads by 2020. Smart city projects and Green Energy Corridor for power generation from renewable sources would add to the overall installed capacity, thereby increasing the demand for energy storage batteries.
“In the coming years, India is expected to witness substantial investments by various companies to set up their Li-ion battery manufacturing base in the country. Considering the continuous increase in smartphone and electric vehicle penetration in the country, major players like Panasonic and China BAK already have plans to set up their manufacturing units in various parts of the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Lithium-ion Batteries Market Forecast & Opportunities, 2020” has analyzed the potential of Li-ion batteries market and provides statistics and information on market size, regional analysis for the battery industry. 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 emerging trends along with essential drivers and key challenges faced by the industry.
Source: TechSci Research