India Battery Market is expected to grow at a CAGR of 9.73%
India Battery Market is
expected to grow owing to surge in the sales of consumer electronics, such as
smartphones, laptops, and tablets throughout the forecast period.
According
to TechSci Research report, “India Battery Market – By Region, Competition, Forecast and Opportunities, 2019-2029”,
India Battery Market is expected to register robust growth during the
forecast period. Growing concerns about air pollution and climate
change have led to increased interest in eco-friendly transportation options.
Electric vehicles are viewed as a cleaner and more sustainable alternative to
traditional internal combustion engine vehicles. Battery-powered EVs help
reduce greenhouse gas emissions and dependence on fossil fuels.
EVs
are gaining momentum in India as a sustainable and eco-friendly mode of
transportation. This trend presents a significant opportunity for battery
manufacturers to meet the growing demand for lithium-ion batteries, which are
the primary power source for EVs. Battery manufacturing for EVs and EV charging
infrastructure development is a burgeoning market. Opportunities exist for
investments in charging station networks, battery assembly facilities, and
research and development to improve battery technology.
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Based on type, the Lead Acid segment is
expected to dominate the market during the forecast period. Lead-acid batteries
are used in off-grid and backup power systems in rural and remote areas where
there is no access to the main power grid. As India continues to expand its
renewable energy infrastructure, lead-acid batteries play a role in energy
storage for solar and wind power systems. The Indian government has been
promoting clean energy and electric mobility, which could influence the battery
market. Policies, incentives, and regulations may encourage the adoption of
newer and more sustainable battery technologies. The future of the lead-acid
battery segment in the India battery market may depend on factors like
technological advancements, environmental regulations, and evolving consumer
preferences. Manufacturers may also explore innovations in lead-acid battery
technology to make them more competitive and environmentally friendly.
Based on application, the
Commercial segment is projected to dominate the market throughout the forecast
period. Various businesses and organizations use batteries in UPS systems to
safeguard critical equipment, such as computers, servers, and medical devices,
from power disruptions and voltage fluctuations. In commercial warehouses and
logistics centers, batteries power electric forklifts and other material
handling equipment. Lead-acid batteries are commonly used for these
applications. Batteries are essential for commercial electric vehicles, such as
electric buses and delivery vans. This segment is witnessing growth as
companies focus on sustainable transportation solutions. The need for reliable power supply is a
significant driver for the commercial battery market. Battery systems are
crucial for ensuring uninterrupted operations in data centers, hospitals, and
critical infrastructure facilities. Many commercial establishments are
investing in energy-efficient technologies and practices. Batteries play a role
in optimizing energy usage, reducing peak power consumption, and managing
energy costs. As businesses and institutions seek to achieve energy
sustainability and reduce their reliance on grid power, there is potential for
the development of microgrids powered by battery systems. The demand for
advanced battery technologies, especially lithium-ion batteries, is expected to
increase as businesses and institutions prioritize performance, energy
efficiency, and reliability. In summary, the commercial segment of the Indian
battery market is a dynamic and evolving space, with a shift towards advanced
battery technologies, renewable energy integration, and a focus on
sustainability. The commercial sector offers ample opportunities for battery
manufacturers and service providers to meet the growing demand for reliable and
energy-efficient power solutions in various applications and industries.
Key market players in the India Battery
Market are:
- Exide Industries Limited
- Amara Raja Batteries Ltd
- Tata AutoComp Systems Limited
- Luminous Power Technologies
- HBL Power Systems Limited
- Livguard Energy Technologies
- Okaya Power Group
- Base Corporation Limited
- Southern Batteries Pvt. Ltd
- Su-Kam Power Systems Ltd
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“The India Battery Market in South India is poised to be the dominant force in the
industry. South
India is known for its high penetration of two-wheelers, particularly in states
like Tamil Nadu and Karnataka. This leads to a robust market for automotive batteries,
including lead-acid batteries. The region is witnessing a surge in electric vehicle adoption,
particularly electric scooters and rickshaws. This trend is driving demand for
lithium-ion batteries in the electric vehicle segment.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India
Battery Market Segmented By Type (Lead Acid, Lithium Ion, Nickel Metal Hydride
and Others), By Application (Residential, Industrial and Commercial), By Power
Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline
Fuel Cells and Others), By Region, and By Competition, 2019-2029,” 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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