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.
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.
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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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