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India lithium-ion battery market is expected to grow at 35% CAGR during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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India Lithium-ion Battery Market Dynamics:
Growing adaption of smart grid initiatives and the implementation of the lithium-ion-based energy storage system are expected to support the demand for India lithium-ion battery market. Lower consumer response, insufficient investments by companies, and lack of technological innovations restricted the proliferation of lithium-ion technology in the past year. However, the rise in technological developments and increasing need for cleaner energy sources have brought Li-ion batteries on the front across various industries as well as end-use sectors. India is a major importer of Li-ion batteries since the country does not have manufacturing operations for these batteries. However, to compensate for this challenge, companies are planning to start production of advanced Li-ion batteries in India itself.