Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "India Battery Market, By Technology (Lithium-ion Battery, Lead-acid Battery, and Others), By Product Type (SLI Batteries, Industrial Batteries, Others), By End User (Telecom, Energy Storage Systems, Others), By Region, Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
India battery market may register growth during the forecast period, 2024-2028, on the backbone of growing demand for efficient energy storage solutions.
Increasing sales for the electric vehicle and growing advancements in the electric vehicle further drives the growth of the India battery market in the upcoming five years.
Surge in the demands for the consumer electronics along with the growing efficiency of these batteries used in these consumer electronics further supports the growth of the India battery market in the next five years.
Expanding Automotive Industry Promises Market Growth
Automotive industry expansion, growing research and technological advancement in the electrical vehicles further aid the growth of the India battery market in the upcoming five years. India has one of the largest automobile markets in the world. Rising population of the country and growing demands for the ownership of the vehicles is also expected to add the growth of the India battery market.
Total electric vehicle (EV) retails reached 4,29,217 units in 2021-22, a rise of three-fold from 1,34,821 units in the financial year 2020-21 according to the industrial records. Total EV sales had stood at 1,68,300 units in the 2019-20. Consistent increasing sales of the electric vehicle is anticipated to further support the growth of the India battery market in the forecast years.
The electric vehicles are often battery powered and are eco-friendly & economical. Growing construction of electric vehicle battery charging infrastructure, and investments from the government toward the sector also facilitates the growth of the India battery market in the next five years.
Growing Demand For EV Facilitates Market Growth
Growth in the demands for the batteries are highly dependent on the growing demands for electric vehicles in the country. Rising pollution due to use of combustible fuels in the traditional automotives along with the exhaust of the toxic gases in the environment has influenced the promotions of electric vehicles (EV) among the population. In fact, the government is actively supporting the productions of the electric vehicle and hybrid vehicles.
In India, more than 3 million fossil fuel-powered passenger vehicles are sold annually, and a few automakers, including Mahindra & Mahindra Ltd, Tata Motors Ltd, and Ashok Leyland Ltd are the domestic market leaders in the industry. Increasing demands for the battery powered e-rikshaw and commercial vehicles also facilitates the growth of the India battery market in the future five years. Small commercial vehicles and passenger carrying e-rikshaws have established their industrial demands.
Furthermore, government support to the e-rikshaw charging infrastructure also substantiate the growth of the India battery market in the upcoming five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India battery market.
- Exide Industries Ltd
- Luminous Power Technologies Pvt. Ltd.
- HBL Power Systems Ltd
- TATA AutoComp GY Batteries Pvt. Ltd.
- Okaya Power Pvt. Ltd.
- Amara Raja Batteries Ltd.
- Su-Kam Power Systems Ltd.
- Base Corporation Ltd.
- Southern Batteries Pvt Ltd.
- Evolute Solutions Pvt. Ltd.
Report Scope:
In this report, India battery market is segmented into following categories, in addition to the industry trends which have also been detailed below:
India Battery Market, By Technology:
- Lithium-ion Battery
- Lead-acid Battery
- Others
India Battery Market, By Product Type:
- SLI Batteries
- Industrial Batteries
- Others
India Battery Market, By End User:
- Telecom
- Energy Storage Systems
- Consumer Electronics
- Automotive
- Others
India battery Market, By End User:
- Residential
- Commercial
- Industrial
- Government
India battery Market, By Region:
- South
- West
- North
- East
For more information about this report visit https://www.researchandmarkets.com/r/jnn60q-battery?w=12
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