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Lithium Ion Cell-Battery Market Set For 36.3% CAGR

Govt’s 2030 plan for EV drives market

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Govt’s 2030 plan for EV drives market

Future Hi-Tech Batteeries

 

The Indian Lithium Ion Cell and Battery Market is expected to grow in the at a CAGR of 36.3% by 2023, driven by increased use of lithium ion battery in electric vehicles, said a ResearchAndMarkets report.

The growth will also come from rise in public awareness to reduce carbon emissions and government plans and actions to bring in sale of all electric vehicles by 2030, said the “India Lithium Ion Cell and Battery Market Outlook to 2023”.

Development of lithium ion batteries for both implantable and non-implantable medical devices will drive the future supply, added the report.

Devices such as ventilators, infusion pumps, dialysis systems and anesthesia machines will be the major users of lithium ion battery backups.

The lithium ion battery market in India gained popularity in the year FY’ 2014 due to sharp rise in demand from the telecom providers in the country, while consumer appliances have been largely dependent on these batteries.

The main boom in the market came from increased use by the telecom sector for telecom grids in the country.

Reliance Jio telecommunications have been amongst the first few to use lithium ion batteries in their telecom grids and being characterized as green towers in the country.

The import driven India Lithium Ion Cell and Battery Market is at its nascent stage. The companies have just started making footprints in India and are showing great future potential, noted the report.

Currently, the market is categorized as an assembling market where lithium ion cells are imported, and lithium ion batteries are assembled through software and hardware.

Competition in the Lithium Ion market is intense with increasing imports from China and assembling of cells into packs in India. While some firms are only trading in battery packs and cells imported from abroad, others have been creating battery modules from cells they import to be sold in the domestic market.

Companies compete on the basis of configuration of battery packs, their durability, quality, recharge cycle and application. The big players in the industry target the end users directly usually avoiding mediators such as such dealers, while other small businesses and pack assembly units deal with distributors and dealers.

Companies in the market are: Exicom Power Solutions, Coslight India, Telecom Private Limited, Future Hi Tech Batteries, Panasonic India Private Limited, Delta Power Solutions India Private Limited and ACME Cleantech Solutions Limited. fiinews.com

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