Exide Industries Leading India’s $5 Billion Battery Market
Growing vehicle fleet size coupled with increasing
investments in telecom sector to drive demand for batteries in India through
2022
According to
TechSci Research report “India
Battery Market By Application, Competition Forecast & Opportunities, 2011 -
2022”, India
battery market is projected to reach USD8.63 billion by 2022, on account of increasing
penetration of consumer electronics such as smartphones, tablet PCs, laptops,
etc., expansion of telecommunication networks and growing demand for electric
and hybrid vehicles. Further, automobile sector, which forms a major consumer
base for batteries in India, is experiencing growth in sales over the last five
years. This encourages several domestic automobile manufacturers to expand
their manufacturing capacities and this is anticipated to surge demand for
batteries during the forecast period. Furthermore, several industrial end users
of batteries such as telecom, solar plants, etc., are also anticipated to boost
demand for batteries in India in the coming years.
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Automobile
segment dominated India battery market and the segment is anticipated to
continue dominating the market 2022. India is one of the leading manufacturer
of automobiles in the world and is witnessing a healthy growth in sales as well
as production of automobiles. Automobile production in the country grew at a
CAGR of 4.5% during 2011-2015 and reached 24.88 million in 2015. A major
portion of the demand for Indian manufactured automobiles also emanates from African
and Latin American countries. Moreover, growing engagement of taxi aggregators
such as Ola and Uber in the country’s commercial passenger vehicle industry is generating
scope for automobile battery manufacturers to invest in capacity expansions and
capitalize on the growing OEM as well as replacement demand for batteries.
Further, increasing number of government initiatives and schemes are
anticipated to drive sales of electric vehicles in the country and this augur
well for automobile battery demand in India in the coming years.
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‘’India
battery market is witnessing a shift in consumer preference from local
batteries (unorganized sector) to branded batteries in both OEM and replacement
segments. Moreover, government is also providing necessary push to end user
industries such as telecom and automobile through various policies and tax
relaxations. The Automotive Mission Plan 2016-2026 is one such initiative by
Government of India which aims at increasing automobile production in the
country by four to five times by 2026 in comparison to 2016.” said
Mr. Karan Chechi from TechSci
Research, a research based management consulting firm.
“India
Battery Market By Application, Competition Forecast & Opportunities, 2011 -
2022” has evaluated the future
growth potential of battery market in India and provides statistics and
information on market structure, industry trends, etc. The report includes
market projections and demand forecasting. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in India battery
market.
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