Increasing Demand for Renewable Sources of Energy. Coupled With Favorable Government Initiatives for Sustainable Development. All to Drive Lithium-ion Batteries Sales in India Through 2020!
According to the recently published TechSci Research things are about to change. A report called “India Lithium-ion Battery Market Forecast and Opportunities, 2020“. So the market for lithium-ion (Li-ion) batteries in India is projected to grow. I mean to witness double digit growth. That’s at over 35% CAGR during 2015-20.
All due to lower consumer awareness. Also inadequate investments by companies and lack of technological innovations. Then it’s also curbed the proliferation of lithium ion technology. I mean till only the past few years.
However, the rise in technological developments and increasing need for cleaner energy sources. It all spells lithium. Because it’s also brought Li-ion batteries on the forefront. That’s across various industries as well as end-use sectors.
Because India predominantly depends on China. As well as South Korea and Taiwan. All for Li-ion batteries. That’s since the country does not have indigenous manufacturing operations. I mean the operations to make these batteries.
However, to offset this challenge, companies are planning to start production. That’s of advanced Li-ion batteries in India itself.
This is all under the new policies taken up by the government. It’s recognizing the adoption of Li-ion batteries is going to grow. I mean at a tremendous pace. All in the coming years. Especially due to rising penetration of electric vehicles. In addition, substantial investments in clean and renewable energy sources. Finally the recently launched Make in India campaign.
All are expected to boost the demand for Li-ion batteries. That’s in India. All through the forecast period. The Government of India has launched New Electric Mobility Mission Plan 2020. A plan projecting to have 6-7 million electric vehicles coming by 2020. Yet they aren’t there now and then end of 2020 is ticking. I mean it says they are expecting to be running on Indian roads. All by 2020.
Also, other efforts like smart city projects. Also Green Energy Corridor for power generation. They are all consequently being created. Yet they are all from renewable sources.
So this will only add to the overall installed capacity. Thereby increasing the demand for energy storage batteries.
As we will see In the coming years. India is expected to witness substantial investments. That’s by various companies too. Because they are to set up their Li-ion battery manufacturing bases. All throughout the Country of India.
Considering the continuous increase in smartphones. Let’s not forget electric vehicle penetration in the country will increase as well!
I mean major players like Panasonic and China BAK. They already have plans. All to set up their manufacturing units in various parts of the country. This came from Mr. Karan Chechi. He is the Research Director with TechSci Research. That’s a research based global management consulting firm.