India Lead Acid Battery Market to Reach $ 7.6 Billion by 2023 , Led by Exide Industries
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India Lead Acid Battery Market to Reach $ 7.6 Billion by 2023 , Led by Exide Industries
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 .
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 .
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 .
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