The analysis has been segmented into Battery Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others); Battery Form (Cylindrical lithium-ion cell, Prismatic lithium-ion cell, and Lithium Pouch Cell); Power Capacity (0 to 3000mAh, 3000 to 10000mAh, 10000 to 50000mAh, and more than 50000mAh); Application (Consumer Electronics, Electric Vehicles, Energy Storage, Others); and Region/Country.
According to a new report published by UnivDatos, the India lithium-ion battery market was valued at USD 1067.80 million in 2021 & is expected to grow at a CAGR of 18.5% from 2022-2030.
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The India lithium-ion battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the India lithium-ion battery market. The India lithium-ion battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the India lithium-ion battery market at the global and regional levels.
Key Market Dynamics
The surge in electric vehicle (EV) production in India is expected to boost the growth of the lithium-ion battery market in the country. This is because EVs require large amounts of batteries to power their electric motors, and the demand for batteries is expected to increase as more EVs are produced and sold. Additionally, the Indian government has set a target of achieving 30% electric vehicle penetration in the country by 2030 and has announced several incentives to encourage the adoption of electric vehicles. These incentives include tax exemptions, subsidies for purchasing electric vehicles, and the development of charging infrastructure.
Further, India's lithium-ion battery market is poised for significant growth in the coming years, driven by the country's ambitious renewable energy integration plans. As the government pushes for increased deployment of solar and wind energy, the demand for lithium-ion batteries to store and manage this energy is expected to soar. Furthermore, the increasing popularity of electric vehicles (EVs) is another key driver for the lithium-ion battery market in India. As the government promotes the adoption of EVs through various incentives and policies, the demand for EV batteries is likely to surge. Additionally, the growing demand for energy storage solutions in various sectors, such as grid-scale energy storage, industrial applications, and residential energy storage, will also contribute to market growth.
COVID-19 Impact
The COVID-19 pandemic has affected various industries worldwide, including the automotive and energy sectors, which are critical to the growth of the lithium-ion battery market. The pandemic led to a significant decline in demand for lithium batteries in 2020 due to the global economic downturn and the reduction in production and consumption of electric vehicles (EVs) and other electronic devices. However, the long-term outlook for the lithium-ion battery market remains positive due to the increasing demand for EVs and other renewable energy sources. The Indian government has set ambitious targets for EV adoption and has introduced policies to support the growth of the EV industry
The India lithium-ion battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on battery type, the market is segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others. Among them, the lithium iron phosphate category is to witness higher CAGR.
- On the basis of battery form, the market is categorized into cylindrical lithium-ion cell, prismatic lithium-ion cell, and lithium pouch cell. Among these, the prismatic lithium-ion cell held a significant share of the market in 2021.
Explore the Comprehensive Research Overview - https://univdatos.com/reports/india-lithium-ion-battery-market
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India lithium-ion battery market Geographical Segmentation Includes:
- North India
- South India
- East India
- West India
South India has emerged as a key hub for the lithium-ion market in India. The region is characterized by the presence of major industrial clusters and technology parks, such as Bengaluru, Chennai, and Hyderabad. These cities have become hotspots for research and development, manufacturing, and assembly of lithium-ion batteries. The robust IT and automotive sectors in South India have led to a surge in the demand for electric vehicles and energy storage systems, thereby driving the growth of the lithium-ion market. Additionally, the favorable government policies and incentives for renewable energy and electric mobility have created a conducive environment for market expansion in this region. For instance, the Minister of State for Electronics and Information Technology has launched the pre-production run of India’s first lithium-ion cell manufacturing facility at Tirupati, Andhra Pradesh. This state-of-the-art facility has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs 165 crores.
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