In addition, rise in demand for electronic devices as well as government initiative to reduce pollution level is fuelling the market growth.
The Indian lithium-ion battery market is expected to expand at a CAGR of over 23 percent from 2018 to 2025, according to a new market report published by Qurate Business Intelligence.
Growth in the automobile industry and rise in demand for electronic devices is mainly driving the Indian lithium-ion battery market, the report said.
The lithium-ion batteries are now widely implemented as the power or energy source for everything from portable electronics to electric vehicles and energy & natural resources. Increasing adoption of smartphones, tablets, wearable, toys, power tools, personal care devices, payment devices and digital cameras among users have led to improved demand for lithium-ion batteries in India.
Key Driving Factors
Increase in disposable income has led to rise in demand for electronic devices such as smartphones and tablets, fuelling the growth of lithium-Ion batteries in India.
The Indian automobile sector is one of the most prominent sectors of the country, accounting for over 8 percent of the national GDP. Growth in the automotive sector has led to a surge in demand for electric vehicles which has also supplemented the growth of lithium-Ion batteries.
In addition, a rise in government initiative to reduce pollution level is driving the Indian lithium-ion battery market.
The report identified Future Hi-Tech Batteries, Reliance Industries Limited, JSW Group, Adani Enterprise Ltd, Mahindra & Mahindra Limited, Suzuki Motor Corp., Toshiba Corp., Denso Corp., Samsung SDI Co. Ltd., Panasonic Corporation, Toshiba Corporation, Hitachi Chemical Co. Ltd and Bharat Heavy Electricals Ltd as the key players in lithium-ion battery in India.