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India Lithium-Ion Battery Component Market Projected to Drive Economic Growth in the Coming Years

India Lithium-Ion Battery Component Market Projected to Drive Economic Growth in the Coming Years

The recent “India Lithium-Ion Battery Component Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “India Lithium-Ion Battery Component Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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India Lithium-Ion Battery Component Market Analysis and Growth Forecast:

The India lithium-ion battery component market held a market value of USD 2,441.7 Million in 2020 and is estimated to reach USD 6,549.9 Million by the year 2025. The market is anticipated to register a CAGR of 21.8% during the forecast period.

Lithium-ion batteries are a type of rechargeable battery. They are quite commonly used in electric vehicles and portable electronics. It also has numerous applications in the military and aerospace sectors. The market is witnessing double-digit growth owing to the factors such as increasing penetration of electric vehicle sales and rising adoption of consumer electronics. Furthermore, rapid acceleration in supporting domestic industry of

EV in India is also anticipated to boost the market growth.

The market is expected to be negatively influenced by the heavy reliance on imports of lithium-ion batteries and the availability of limited technical information about them. Furthermore, safety concerns regarding the storage and transportation of spent batteries are also estimated to hinder market growth.

Competitive Landscape

Local players operating in the India lithium-ion battery component market include ISRO, Amara Raja Group, HBL Power Systems Limited, EON Electric Ltd., Exide Industries Ltd., Microtex Energy Pvt. Ltd., Mercom Capital Group, LLC, Tata Chemicals, and Bharat Heavy Electricals Ltd., among others.

Global players operating in the lithium-ion battery component market include BYD Company, LG Chem, Panasonic Corporation, Samsung SDI, BAK Group, Hitachi Corporation, Johnson Controls, and Toshiba Corporation, among others.

Major 4 players in the market hold approximately 47% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in July 2021, LG Chem acquired LG Electronics? separation membrane business in order to strengthen its position as the largest general battery material company.

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Growth Influencers:

Increasing penetration of electric vehicle sales

The main source of power for electric vehicles is lithium-ion batteries. The rising adoption of electric vehicles owing to the increasing awareness regarding the environmental impact of non-electric vehicles is expected to boost the market growth. The sales of electric vehicles are rapidly rising owing to their high popularity as they have very fewer maintenance costs as compared to their counterparts and they are also energy savings. According to ETAuto.com, in India, 121,170 units of electric vehicles were sold between January to July 2021, as compared to 119,647 electric vehicles sold in whole of 2020. Due to these factors, electric vehicles are considered the future of the automobile industry, hence also boosting the demand for lithium-ion batteries.

Increasing adoption of consumer electronics

Lithium-ion batteries are used in consumer electronics, such as smartphones, digital cameras, and power tools, among others. Since the demand for high battery power for the wireless device is continuously increasing; the demand for lithium-ion batteries is also rapidly increasing. Other examples of consumer electronics, using lithium-ion batteries include, wearable devices, laptops, tablets, computers, TVs, VR & AR devices, and gaming consoles, among others. Rising demand for all these devices is expected to fuel market growth.

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Segments Overview:

The India lithium-ion battery component market is segmented into type, power capacity, application, and form/design.

By Type,
Lithium Nickel Magnesium Cobalt (LI-NMC)
Lithium Ferro Phosphate (LFP)
Lithium Cobalt Oxide (LCO)
Lithium Titanate Oxide (LTO)
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Aluminum Oxide (NCA)

The lithium cobalt oxide (LCO) segment is anticipated to hold the largest market share of 36% owing to its growing adoption in video cameras, laptops, mobile phones, and other such modern electronic gadgets. The lithium ferro phosphate (LFP) is estimated to grow at the fastest growth rate of 38.5% during the projected period owing to its high usage in solar energy installations, power tools, and electric vehicles, among others.

By Application,
Consumer Electronics OEMs
Smartphones
Laptops
UPS Systems
Smart Cameras
Smart Watches
Smart Glasses
Smart Textiles
Others
Automotive OEMs
Hybrid Electric Vehicles (HEVs)
Battery Electric Vehicles (BEVs)
Others (Service Stations/Dealers)
Energy Storage
Commercial
Industrial
Residential
Utilities
Industrial OEMs
Military
Industrial Equipment
Medical
Marine
Telecommunication
Mining
Forklifts
Others
Other OEMs
Aftermarket

The automotive OEMs segment is anticipated to witness the fastest growth rate of 35.3% owing to the rising applications of lithium-ion batteries in battery-driven vehicles. The consumer electronic OEMs segment is anticipated to hold the largest share of the market and within this segment; the smartphones segment is anticipated to surpass a market value of USD 450 million by 2024. Within the industrial OEMs segment, the marine segment is estimated to cross a market size of USD 12.5 million by 2023.

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By Power Capacity,
0-300 mAH
3,000-10,000 mAH
10,000-60,000 mAH
More than 60,000 mAH

The more than 60,000 mAH segment is estimated to grow at the fastest growth rate during the forecast period owing to increasing demand for batteries of this capacity in automotives. The 0-300 mAH segment is expected to surpass a market value of USD 1200 million by 2023.

By Form/Design,
Pouch
Cylindrical
Elliptical
Prismatic
Custom Design

The pouch segment is anticipated to hold the largest market share owing to the high demand for pouch-shaped lithium-ion batteries. The prismatic segment is expected to grow at the fastest growth rate over the forecast period.

Regional Overview

By region, the India lithium-ion battery component market is divided into North India, South India, East India, and West India.

The South India region is expected to hold the largest market share owing to increasing demand for consumer electronics in the region, owing to the presence of a large information technology industry in this region. The region consists of Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh. North India consists of states such as Uttar Pradesh, Rajasthan, Delhi, and Haryana.

The West India region is estimated to grow at the fastest rate owing to the presence of many manufacturing plants in this region. West India consists of Gujarat, Madhya Pradesh, and Maharashtra. The East India region consists of West Bengal, Bihar, and Assam. West Bengal is anticipated to surpass a market value of USD 43.6 million by 2025.

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The India lithium-ion battery component market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players

Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets

Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments

Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the India lithium-ion battery component market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.

Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The India lithium-ion battery component market report answers questions such as:

  • What is the market size and forecast of the India lithium-ion battery component Market?
  • What are the inhibiting factors and impact of COVID-19 on the India lithium-ion battery component Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the India lithium-ion battery component Market?
  • What is the competitive strategic window for opportunities in the India lithium-ion battery component Market?
  • What are the technology trends and regulatory frameworks in the India lithium-ion battery component Market?
  • What is the market share of the leading players in the India lithium-ion battery component Market?
  • What modes and strategic moves are considered favorable for entering the India lithium-ion battery component Market?

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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