India Battery Market is expected to show robust growth due to surging demands for efficient power and energy storage solutions.
According to TechSci report on, “India Battery Market, By Region, Competition Forecast & Opportunities, 2018 – 2028” India battery market may achieve an anticipated market value by 2028F growing with an impressive CAGR during the forecast period, 2024-2028. Rising demands for the efficient power storage solutions along with the growing concerns for higher energy consumptions, are driving the growth of the India battery market in the upcoming five years. During the fiscal year 2019-20, the gross electricity generation through utilities in the country was 1383.5 TWh and total electricity generation in India was 1598 TWh. Out of this energy generation, gross electricity consumption in the fiscal year 2019 was 1208 KWh per capita. Increasing consumption of the electrical energy and growing concerns for the energy storage further supports the growth of the India battery market in the next five years. Government investment in the power industry and electrical industry also facilitates the growth of the India battery market in the future five years.
Favorable schemes and government investments coupled with rising research and technological advancements also substantiates the growth of the India battery market in the forecast years through 2028. With electric vehicles market bursting coupled with the increasing solar PV installations in the country, the business case for BESS does call for a deep dive to project opportunities for different value chain players likely to be engaged within the segment, and aid the growth of the India battery market in the forecast period.
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The India battery market segmentation is based on technology, product type, end user, regional distribution, and competitional landscape. Based on technology, the market is further segmented into lithium-ion battery, lead-acid battery, and others. Lithium-ion battery is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on grounds of growing demands for electric vehicles. Surge in the demand for the efficient power storage solutions along with the growing demands for electric automotives is further driving the growth of the India battery market in the next five years. Furthermore, factors like decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to aid the segmental growth along with the growth of the India battery market in the future five years. Lead-acid battery is also expected to register significant growth in future due to increasing demands for the energy storage. Power outage concerns and increasing electrical failure due to weather & season changes also facilitate the growing demands for the lead-acid batteries and thus the growth of the market. By product type, the market is fragmented into SLI batteries, industrial batteries, and others. Based on end user, the market is bifurcated into telecom, energy storage systems, consumer electronics, automotive, and others. The India battery market analysis also studies the regional segmentation divided among North India region, South India region, East India region, and West India region.
A partial list of market players in the field includes:
- Exide Industries Ltd
- Luminous Power Technologies Pvt. Ltd.
- HBL Power Systems Ltd
- TATA AutoComp GY Batteries Pvt. Ltd.
- Okaya Power Pvt. Ltd.
- Amara Raja Batteries Ltd.
- Su-Kam Power Systems Ltd.
- Base Corporation Ltd.
- Southern Batteries Pvt Ltd.
- Evolute Solutions Pvt. Ltd.
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“With increasing demands for the power and energy resources, the industry is actively looking for technologically advanced resources and energy storage solutions. Advanced Chemistry Cell (ACC) are new generation advanced technology which is capable to store electric energy either as chemical or electrochemical energy and change back to electric energy according to requirements. By far, the country was dependent on the import of batteries to support the surging requirements. With the favorable schemes like National Programme on Advanced Chemistry Cell (ACC) battery storage aims to reduce the dependance on import of batteries and promote the manufacturing of batteries in the country. This scheme promotes green energy along with use of local products such as bauxite and copper which is expected to propel the market growth in the future years. New market players may invest their finances and their resources in the research as well as the advancement in the batteries to further substantiate the growth of the brand in few years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Battery Market By Technology (Lithium-ion Battery, Lead-acid Battery, and Others), By Product Type (SLI Batteries, Industrial Batteries, Others), By End User (Telecom, Energy Storage Systems, Consumer Electronics, Automotive, Others), By Region, Competition Forecast & Opportunities, 2028” has evaluated the future growth potential of India battery market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India battery market.
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