Decreasing Cost of Lithium-ion Batteries - To Supplement the Demand
The high cost of lithium-ion batteries was considered earlier as one of the principal difficulties for the implementation of India’s ambitious all-electric vehicle target by 2030. However, boosted by the growing demand for electric vehicles across the globe, coupled with favorable government policies, is expected to reduce the costs of lithium-ion batteries in India, significantly. The costs of lithium-ion batteries have fallen drastically, from approximately USD 1000 per kWh in 2010 to USD 273 in 2016, and is expected to decrease further. Furthermore, the domestic production of lithium-ion batteries in the country is expected to increase during the forecast period, 2018-2023, supported by the planned establishment of domestic lithium-ion battery manufacturing units by various companies and government. Similar combined initiatives of the government and companies are expected to reduce the lithium-ion battery prices, and thus, in turn, increasing orders from the end-users during the forecast period.
Renewable-based Energy Storage - Opportunity for Growth
The Government of India is focusing on energy diversification and working hard toward its ambitious target of achieving 175 GW renewable capacity by 2022. The cumulative solar PV capacity in India grew past 10 GW - an approximately fourfold increase since May 2014 levels, with a further 14 GW pipeline projects knocking at the door, and an additional 6 GW to be auctioned soon. Similarly, the wind power capacity in the country is expected to be ramped up to 185 GW — an eight-fold increase over 15 years from 2015, and to contribute approximately 14% of India’s renewable energy use. The implementation of large-scale implementation of renewable power in the country faces a significant hurdle of ramping and intermittency, which can be addressed by the widespread deployment of lithium-ion batteries as energy storage devices. In 2015, ACME, India’s leading energy management solutions provider, completed its first li-ion battery-based energy storage solution for a leading telecom tower company, which has resulted in the decline in the diesel consumption of the telecom tower, by approximately 40% to 60%. Encouraged by the results, similar projects utilizing lithium-ion battery-based energy solutions are expected to increase further, presenting an optimal opportunity for growth for the lithium-ion battery manufacturers and suppliers in India.
Notable Developments in the Market
April 2017: Suzuki, Toshiba, and Denso reached a basic agreement to establish a joint venture company, for the production of automotive lithium-ion battery packs in India.
Major Players: Future Hi-Tech Batteries, Reliance Industries Limited, JSW Group, Adani Enterprise Ltd, Mahindra & Mahindra Limited, Suzuki Motor Corp., Toshiba Corp., Denso Corp., Bharat Heavy Electricals Ltd
Reasons to Purchase this Report
- Current and future of the India lithium-ion battery market outlook
- Various perspectives of the market with the help of PESTLE analysis
- The segment expected to dominate the market
- The latest developments, market shares, and strategies employed by the major market players
- 3 month analyst support, along with the Market Estimate sheet (in excel)
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2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
5. Value Chain Analysis
6. PESTLE Analysis
7. Market Segmentation and Analysis (Overview, Market Size and Demand Forecast until 2023)
7.1 By Application
7.1.1 Portable Batteries
7.2 By End-User
8. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
8.1 Future Hi-Tech Batteries
8.2 Reliance Industries Limited
8.3 JSW Group
8.4 Adani Enterprise Ltd
8.5 Mahindra & Mahindra Limited
8.6 Suzuki Motor Corp.
8.7 Toshiba Corp.
8.8 Denso Corp.
8.9 Bharat Heavy Electricals Ltd
9. Competitive Landscape
9.1 Mergers and Acquisitions
9.2 Joint Ventures, Collaborations, and Agreements
9.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability to public domain