India Lead Acid Battery Market to Reach $ 7.6 Billion by 2023, Led by Exide Industries: TechSci Research

Growing automotive industry and renewable sector coupled with rapid urbanization and increasing government focus towards promoting use of electric vehicles to fuel India lead acid battery market through 2023

According to TechSci Research report, “India Lead Acid Battery Market By Type, By Application, Competition Forecast & Opportunities, 2013 – 2023’’, India lead acid battery market is projected to cross $ 7.6 billion by 2023, on account of growing automotive and telecommunication sectors in the country coupled with the government’s ‘Make in India’ initiative. Moreover, increase in budget allocation by the Government of India on smart city projects and various other housing projects such as AMRUT Yojana and Pradhan Mantri Awas Yojana (PMAY), government mandate to use hybrid energy in the huge and growing telecommunication sector, and growing investments in the power transmission and distribution sector are expected to stimulate demand for lead acid batteries in the coming years across the country.

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Over the last year or so, implementation of GST has helped the organized players to increase their share in Indian lead acid battery market. Exide Industries accounted for the largest share in India lead acid battery market in 2018 and the company is likely to maintain its dominance through 2023 as well. Exide Industries is followed by Amara Raja Batteries Limited, Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, and HBL Power Systems Limited. Starting, Lighting and Ignition (SLI) type of lead acid batteries account for the largest market share in India, as these batteries are extensively used in passenger cars and two-wheeler vehicles. A large demand for lead acid battery emanates from North India, which can be attributed to increasing sales of automobiles, rise in power backup solutions, and growing telecommunication and solar infrastructure in the region.

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“Technological developments in the use of SLI and motive type of lead acid batteries are likely to provide better energy storage solutions. On account of the target of Indian government to provide 24×7 electricity to all the households in the country and a shift towards lesser polluting fuel alternatives, there has been growing demand for the development of battery and battery infrastructure in the country over the last few years. These market developments are expected to positively influence the lead acid battery market in India in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Lead Acid Battery Market By Type, By Application, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of India lead acid battery market and provides statistics and 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 lead acid battery market.

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