India Lead Acid Battery Market to Reach $ 7.6 Billion by 2023, Led by Exide Industries
Growing
automotive industry and renewable sector coupled with rapid urbanization and
increasing government focus towards promoting use of electric vehicles to fuel
India lead acid battery market through 2023
According to TechSci Research report, “India Lead Acid Battery Market By
Type, By Application, Competition Forecast & Opportunities, 2013 – 2023’’, India
lead acid battery market is projected to cross $ 7.6 billion by 2023, on
account of growing automotive and telecommunication sectors in the country coupled with the government’s ‘Make in India’
initiative. Moreover, increase
in budget allocation by the Government of India on smart city projects and various
other housing projects such as AMRUT Yojana and Pradhan Mantri Awas Yojana
(PMAY), government mandate to use hybrid energy in the huge and growing
telecommunication sector, and growing investments in the power transmission and
distribution sector are expected to stimulate demand for lead acid batteries in
the coming years across the country.
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Over the last year or so, implementation of
GST has helped the organized players to increase their share in Indian lead
acid battery market. Exide Industries accounted
for the largest share in India lead acid battery market in 2018 and the company
is likely to maintain its dominance through 2023 as well. Exide Industries is
followed by Amara Raja Batteries Limited, Livguard Energy Technologies Private
Limited, Luminous Power Technologies Private Limited, and HBL Power Systems
Limited. Starting, Lighting and Ignition (SLI) type of lead
acid batteries account for the largest market share in India, as these
batteries are extensively used in passenger cars and two-wheeler vehicles. A
large demand for lead acid battery emanates from North India, which can be
attributed to increasing sales of automobiles, rise in power backup solutions,
and growing telecommunication and solar infrastructure in the region.
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“Technological
developments in the use of SLI and motive type of lead acid batteries are likely
to provide better energy storage solutions. On account of the target of Indian
government to provide 24x7 electricity to all the households in the country and
a shift towards lesser polluting fuel alternatives, there has been growing
demand for the development of battery and battery infrastructure in the country
over the last few years. These market
developments are expected to positively influence the lead acid battery market
in India in the coming years.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Lead
Acid Battery Market By Type, By Application, Competition Forecast &
Opportunities, 2013 – 2023” has evaluated the future growth
potential of India lead acid battery market and provides statistics and
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 lead acid battery market.
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