India Lead-Acid Battery Market - Growth, Trends, and Forecast (2018 - 2023)
The installed power capacity of India, amounting to 329.22 GW, as of August 2017, is the fifth largest in the world. India is the third-largest power producer, with a production of 1,423 TWh, and the third-largest consumer of electricity (1065 TWh) in the world. Nevertheless, India still faces power outages. However, the Indian government aims for electricity supply 24 hours a day, for households, by March 2019. The Government of India has identified the route of integrating more renewables in its electricity mix during the forecast period, 2018-2023, which, in turn, is expected to supplement the demand for lead-acid batteries. Furthermore, factors, such as increasing number of automobiles, smart city initiatives, and growing telecommunication infrastructure, are expected to support the need for lead-acid batteries in India. The Indian lead-acid battery market is expected to witness a CAGR of 9.47% during the forecast period. On the flip side, a constant fluctuation in the prices of the raw material used, coupled with growing penetration of the lithium-ion batteries, is expected to be a major challenge for the lead-acid battery industry, during the forecast period.
The Indian Telecommunication Sector - Fueling the Demand
The Indian telecommunication sector has registered a strong growth in the past decade and is currently the world’s second-largest telecommunications market, with a subscriber base of 1.19 billion as of December 2017. The rise in mobile-phone penetration rate and significant decline in data costs, owing to the intense competition among players, is expected to further add nearly 500 million new internet consumers in India, over the next five years. This factor is expected to create a need for more telecommunication infrastructure in the country. Government initiatives, such as auctioning of the 5G spectrum, renewables integration, and Telecom Regulatory Authority of India’s (TRAI) directive of relocating 75% and 33% of their cell towers in rural and urban areas respectively to hybrid power by December 2020, are expected to further supplement the demand for telecommunication infrastructure. The telecom sector remains as one of the most promising end users for lead-acid battery use. The increaasing requirement for telecom infrastructure is expected to significantly fuel up the demand for lead-acid battery in India, during the forecast period.
India’s Solar Developments - Opportunity for Growth
The Government of India is focusing on energy diversification and working hard toward its ambition of achieving 100 GW of solar capacity by 2022. The cumulative solar PV capacity in India grew past 10 GW - an approximate fourfold increase, since May 2014, with a further 14 GW pipeline projects knocking at the door, and an additional 6 GW to be auctioned soon. The positive solar power developments offer an excellent opportunity for the growth of lead-acid battery manufacturers in the country. To solve the challenge of solar ramping and intermittent nature of solar (both, large plants and rooftop), lead-acid based energy storage is expected to be the key enabler to provide reliable power. The Government of India has been further promoting foreign investments in the sector by offering various incentives, such as generation-based incentives (GBI), capital and interest subsidies, and fiscal incentives, amongst others. These positive favorable policies are expected to further supplement the solar infrastructure growth, and this, in turn, presents an optimal opportunity for growth, for the lead-acid battery manufacturers in India.
Notable Developments in the Market
January 2018: Exide Industries won the Bharat Heavy Electricals Ltd (BHEL) tender, for the supply of Lead-acid battery package
January 2018: AMCO Shaft India won the Bharat Heavy Electricals Ltd (BHEL) tender, for the supply of Lead-acid battery package
Major Players: Exide Industries Ltd, Amara Raja Batteries Ltd, Luminous India, HBL Power Systems, Okaya Power Pvt. Ltd, Southern Batteries Pvt. Ltd, Artheon Electronics Ltd, AMCO Saft India Pvt Ltd.
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Present and future of the India lead-acid battery market outlook
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The latest developments, market shares, and strategies employed by major market players
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