Posted by India Battery Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “India Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the India battery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The India battery market is projected to exhibit a growth rate (CAGR) of 10.5% during 2023-2028.
A battery is an electrochemical device that stores energy in chemical form and converts it into electrical energy when needed. It is available in various chemistries, including lithium-ion, alkaline, lead-acid, and nickel-cadmium, each with different properties. It is usually rechargeable and can be reused multiple times, which contributes to environmental health. It can vary in size and weight, making them suitable for different applications. It is widely used in various devices, which include smartphones, laptops, electric vehicles, and renewable energy systems. It aids in providing backup power during electricity outages in homes and businesses. It powers life-saving medical equipment such as pacemakers and hearing aids. Besides this, it is also utilized in industrial equipment, uninterruptible power supplies (UPS), and forklifts.
India Battery Market Trends and Drivers:
Rapid urbanization and the increasing sales of electric vehicles (EVs) across India represent one of the primary factors stimulating the market growth. Additionally, the growing awareness among the masses in India about environmental concerns is encouraging them to adopt cleaner and sustainable transportation solutions, which, in turn, is driving the need for lithium-ion batteries. Moreover, the Government of India (GoI) is undertaking numerous initiatives to promote the adoption of hybrid and electric vehicles (H/EVs). Along with this, the introduction of the “Make in India” initiative, coupled with policies promoting domestic production, is attracting investments from local and international battery manufacturers. Apart from this, the increasing population of the country and the rising need for energy consumption are offering a favorable market outlook. Along with this, the expansion of the renewable energy sector in India is strengthening the growth of the market. Furthermore, the ongoing electrification of rural areas is creating a positive market outlook. Moreover, advancements in battery technology have led to improvements in energy density, cycle life, and safety, making batteries more reliable and cost-effective. Innovations such as solid-state batteries and sustainable, eco-friendly battery materials are attracting a wider consumer base.
India Battery Market 2023-2028 Analysis and Segmentation:
The report segmented the market on the basis of region, type, product, and application.
Type Insights:
- Primary Battery
- Secondary Battery
Product Insights:
- Lithium-Ion
- Lead Acid
- Nickel Metal Hydride
- Nickel Cadmium
- Others
Application Insights:
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Regional Insights:
- South India
- North India
- West & Central India
- East India
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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