Lithium-ion market in India set to climb by 35% CAGR to 2020
The market for lithium-ion batteries market in India is projected to witness double digit growth at over 35% CAGR during the next five years, according to a new research report by TechSci Research.
In India, lithium-ion batteries have enjoyed increasing adoption in consumer electronics such as smartphones, tablets, and healthcare equipment. With continuing technological developments, they are also being used in automobile industry, particularly in electric vehicles.
This is now acting as a catalyst for market growth in the country. However, India largely imports lithium-ion batteries from other Asian countries including China, Taiwan and South Korea.
This lack of indigenous manufacturing units for lithium-ion batteries is expected to act as a major growth inhibitor in the India market over the next five years.
However, government efforts to minimize carbon emissions and toxicity level in the environment is likely to drive the adoption of lithium-ion batteries across major end-use industries including consumer electronics and automotive. In addition, the government has announced tax exemption on electric vehicles powered by lithium-ion batteries, which is anticipated to drive the market over the next five years.
The major players in the Indian market are Samsung SDI, Sony and AMCO.