India Lithium-Ion Battery Market 2018-2023: Expected to Grow at a CAGR of 29.26% - ResearchAndMarkets.com https://www.businesswire.com/news/home/20180510005627/en/India-Lithium-Ion-Battery-Market-2018-2023-Expected-Grow
DUBLIN--(BUSINESS WIRE)--The "India Lithium-Ion Battery Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The India lithium-ion battery market is expected to grow at a robust CAGR of 29.26% during the forecast period, 2018-2023.
The Indian automobile sector is one of the most prominent sectors of the country, accounting for nearly 7.1% of the national GDP. The industry produced a total of 25.31 million vehicles, including commercial, passenger, two, and three vehicles and commercial quadricycle in April-March 2017, as against 24.01 million in April-March 2016. However, India has set itself an ambitious target of having only electric vehicles (EV) by 2030, which is expected to increase the demand for lithium-ion batteries in India, significantly.
The high cost, associated with batteries that are used in the electric vehicles, is considered to be critical for India's ambitious target. To counter this, the Government of India is planning to set up lithium-ion battery manufacturing units in India, aggressively. The leading business players in India, such as Adani, Suzuki, Reliance, IOCL, and JSW, are planning to acquire this growing opportunity and invest heavily in setting up of lithium-ion battery manufacturing units. Furthermore, factors, such as the growing adaption of smart grid initiatives and the implementation of lithium-ion-based energy storage system, are expected to support the demand for lithium-ion battery in the Indian market.