The lithium-ion battery is a type of battery that uses lithium metal or lithium alloy as the negative electrode material and uses a non- aqueous electrolyte solution. In the wake of active chemical properties of lithium metal, the processing, storage, and use of lithium metal have very high environmental requirements. Moreover, with the rising development of science and technology, lithium batteries have become mainstream. Lithium metal batteries generally use manganese dioxide as the positive electrode material, metallic lithium, or a combination of a battery using gold metal as a negative electrode material and a non-aqueous electrolyte solution.
The India Lithium-ion battery market expected to fuel the market growth at accelerated CAGR in the forecast period from 2020-2027. Compared with traditional battery technology, lithium-ion batteries charge faster, last longer, and have a higher power density for longer battery life while being more lightweight. Driven by the rapid growth of the global electric vehicle market, lithium-ion batteries continue to maintain rapid growth.
Moreover, carbon emission, the rising cost of fuel, and depletion of natural resources have fueled the demand for lithium-ion batteries in India. With the implementation of the new energy vehicle credit system, traditional fuel vehicle companies will increase their layout of the new energy vehicle sector, and many foreign companies establishing battery vehicles in India will bolster the demand for the futures market. Also, the lithium-ion battery is rising in the market as it promotes a cleaner environment source. With technology, advancement has created awareness among people to adopt more immaculate mobile vehicles.
Furthermore, the government has set an ambitious target to launch electric buses and electric rickshaws within the next few years to become all EV countries in the forecast period from 2020-2027. Thus, the sales for the electric vehicle will increase as fossil fuel are limited in nature, and people are adopting cleaner mobility and electric car in the future. Therefore, government investment in an electric vehicle will fuel the market demand for the India lithium-ion battery market.
The lightweight battery has portable features, high energy, power capacity features used in smartphones, and other consumer electronics product. Therefore, the market demand for the lithium-ion battery market will boost in the forecast period.
The market share for the lithium-ion battery will increase owing to the adoption of electric vehicles in the coming years will bolster the demand for the India lithium-ion battery market. Moreover, with the government, various investment and association with companies such as TATA to manufacture electric vehicles will emerge the need for the India lithium-ion battery market.
Based on type, the India lithium-ion battery market segmented into Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, Other. The Lithium Cobalt Oxide segment has dominated the market share of the India lithium-ion battery market. It is owing to its property, which is used explicitly in powertrains, power vehicles. Also, due to its low cost, more extended period and power packaged performance compare with other battery types will fuel the market demand for the India lithium-ion battery market.
Based on the Component, the India lithium-ion battery market classified into Cathode, Anode, Electrolytic Solution, Others. The electrolytic segment has bolstered the market share for the India lithium-ion battery market. Due to its properties, it does not have any risk of leakage, which provides safety for liquid batteries. In addition to it, lithium-ion can easily transport through the solid, as solid ceramic electrolytes are lithium oxides. Therefore, market demand for electrolytic solutions will emerge in the India lithium-ion battery market.
Based on application, the India lithium-ion battery bifurcated into Consumer Electronics, Industrial, Automotive. The consumer electronics segment has captured the large share of the Indian lithium-ion battery market. The lithium-ion battery is light in weight, easy rechargeable, last longer, and have high power density. Thus, it used in smart gadgets such as laptops, mobile phones, and other electronic devices.
Moreover, the industrial, automotive sector will also bolster the demand for lithium-ion batteries in the forecast period from 2020-2027. Due to the investment done by the Indian government on an electric vehicle to make an automotive sector entirely based on electronics and batteries. Therefore, the lithium-ion battery will increase its market share in the forecast period as well.
Based on geography, the India lithium-ion battery market segmented into North India, Europe, East India, South America, and West India. The North region has dominated the market demand for lithium-ion batteries. They are owing to rising investment in Delhi by the central government for the installation of charging stations for electric vehicles. Moreover, many power solution providers and other manufacturing leaders have also invested a vast sum of money in lithium-ion battery vehicles to provide cleaner mobility and reduce carbon emission. Mahindra and Mahindra also have investment RS 1,000 crore to expand electric vehicle manufacturing and set R&D centers and other battery manufacturing units in different regions of India. Therefore, the North India region will have the highest market share of the lithium-ion battery market.
Companies such as Hitachi India Pvt. Ltd., AmcoSaft India Limited, Heter Electronics Group Co., Ltd., LG Chem Ltd., NEC India Pvt. Ltd., Panasonic India Pvt. Ltd., Rajamane Telectric Pvt. Ltd., Samsung SDI Company Limited, Shenzhen B&K Rechargeable Battery, Inc., Sony India Pvt. Ltd., Amperex Technology Limited, BYD, ACME Cleantech Solutions Pvt. Ltd., Toshiba Corporation, and others are the key players in India lithium-ion battery market.
5 By Region