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Battery

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Global Industry Size:

The global battery market size was valued at USD 124.8 billion in 2020 and is expected to reach USD 234.6 billion by 2027, growing at a CAGR of 9.2% during the forecast period.

India Industry Size:

The Indian battery market size was valued at INR 45,000 crore (USD 6.3 billion) in 2020 and is expected to reach INR 1,20,000 crore (USD 17.1 billion) by 2027, growing at a CAGR of 14.5% during the forecast period.

Number of Players in India:

There are approximately 150-200 players in the Indian battery industry, with a mix of large-scale manufacturers, small and medium-sized enterprises, and regional players.

Growth Rate:

The Indian battery industry has been growing at a CAGR of 10-12% over the past few years, driven by increasing demand from the automotive, renewable energy, and consumer electronics sectors.

Factors Causing the Industry to Thrive in India:

  • Growing demand for electric vehicles and renewable energy systems.
  • Increasing adoption of battery-powered consumer electronics.
  • Rising demand for backup power systems in data centers and telecom industries.
  • Government initiatives to promote Make in India and self-reliance in battery manufacturing.
  • Growing middle-class population with increasing disposable income.

Future Potential:

The Indian battery industry has significant potential for growth, driven by increasing demand from various end-use industries and government initiatives to promote sustainable energy solutions.

The industry is expected to benefit from the "National Electric Mobility Mission Plan 2020" which aims to promote electric vehicles in India.

Some other trends and factors that may impact the industry include:

  • Increasing focus on lithium-ion batteries and other advanced battery technologies.
  • Growing demand for energy storage systems in renewable energy sector.
  • Rising competition from international players and new entrants.
  • Government regulations and policies on battery waste management and recycling.

Note: The data and figures mentioned above are approximate and sourced from various industry reports, research studies, and market analysis.

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