Samsung SDI to Continue Dominating India Lithium-Ion Battery Market through 2023
I n d u s t r y B r i e f
Samsung SDI to Continue Dominating India Lithium-Ion Battery Market through 2023
According to a recently published TechSci Research report“ India Lithium-ion Battery Market By Type, By Application, By Battery Capacity, Competition Forecast & Opportunities, 2013-2023’’, India lithium-ion battery market is projected to grow at a CAGR of over 22 %, majorly on account of growing industrial and automobile sectors, and rising penetration of electric vehicles. Additionally, rising number of solar energy projects and expansion of telecom industry is further boosting the use of lithium-ion batteries. In 2017, Samsung SDI Co. Ltd accounted for the largest share in India lithiumion battery market, followed by Panasonic India Pvt. Ltd. and LG Polymers India Pvt Ltd.
Industrial sector had the largest application share in India lithium-ion battery market in 2017 and the sector is likely to maintain its dominance throughout the forecast period as well. Among types, lithium cobalt oxide type of lithium-ion batteries accounted for the major revenue share in the market in 2017 and the segment is likely to maintain its leading position throughout forecast period as well. As per the regional analysis of India lithium-ion battery market, South region accounted for the highest market share in 2017, and the trend is expected to continue till 2023.
“ By 2020, National Electric Mobility Mission Plan in India targets seven million electric and hybrid vehicles on Indian roads, which is expected to significantly push demand for lithium-ion batteries across the country. Furthermore, technological developments for the use of intelligent and advanced lithium-ion batteries in energy deficit regions of India is likely to provide better energy storage solutions in the country, thereby positively influencing the lithium-ion battery market in the country in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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