India Lithium Ion Battery Market (2020-2027)

DELHI, India - Sept. 16, 2020 - PRLog -- India Lithium-Ion Battery Market Analysis:
India Lithium-Ion battery market is expected to register a lucrative CAGR in the forecast period of 2020-2027. The report contains data of the base year 2019 and historic 2018. The increasing popularity of electric vehicles and energy storage devices for solar power plants, military, telecom, power tools coupled with rising awareness are the key factor for the market growth. Also, the decline in lithium-ion battery prices along with the emergence of new and exciting markets will boost market growth. Moreover, Government initiative and Industry collaboration for promotion and development of manufacturing capabilities and technology will also aid the growth of the market during the forecast period. The Negative Covid-19 impact on various industrial production units resulted in a halt in supply chain and raw material availability. In the manufacturing sector, the outcome has had an unforeseen effect. This forces us to reconsider our models in the supply chain, especially in import-dependent industries. The lithium-ion battery (LIB) industry is one of the industries which is ready for a significant role in fast future highly electrified transportation. India has an EV goal and for becoming an EV nation mass adoption of electric vehicles will happen in the country, In addition, in the following years, the Government announced a program for the launch of 10,000 electric buses and 50,000 electric rickshaws. The consumption of lithium-ion batteries is expected to increase during the forecast period.

India Lithium Ions Battery Market Definition:
Lithium ion battery is also called the powerhouse for the revolutionized digitization in the field of electronic arena especially in electronic consumer goods and electric-based vehicles. The extensive research and development activities in the field of lithium-ion batteries in terms of performance, efficiency, and affordability. Various lithium ion-based batteries were available in the commercial market which caters to various application areas such as mobile, laptops, electric vehicles, household-based appliances among others. In addition, the government also takes lots of initiative and policies that are encouraging the demand for Lithium Ions which also further increases the availability and penetration of Lithium Ions battery among the consumers.

India Lithium Ions battery Market Dynamics:
Drivers:
• Growing freight transportation drives the growth of the market.
• Rising awareness of renewable energy powered transportation.
• Emission standard & Fuel economy.
• Increasing demand for smart devices and industrial goods

Opportunities:
• Rising production of electric vehicles will accelerate the market growth
• Introduction of next-generation Li-ion batteries
• Rising acceptance Li-ion batteries in the energy sector

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