To say that almost all modern day gadgets are powered by lithium-ion batteries would not be an exaggeration. From mobile phones and medical devices to defence equipment, these batteries are omnipresent. Interestingly, while their demand has been on the rise little has been done to produce them indigenously. And that means importers of these batteries are making hay. The Dollar Business analyses the present and the future of the business.
If you thought it’s only your electronic gadgets run on lithium-ion (Li-ion) batteries, think again. Li-ion batteries are today omnipresent and are being used in medical devices, electrical vehicles, toys, a plethora of professional equipment and more. Without this product, our life would have been reduced to buying and replacing batteries ad-nauseum. Li-ion batteries are known for their durability, recharge ability, high-density power, low maintenance, low self-discharge and miniature design.
Interestingly, India hardly produces any Li-ion batteries and is completely import dependent for this life-saver of an energy source. If you are a curious electronic gadget user, you may have tried to guess the unfamiliar script that is printed on the battery of your phone. And if you guessed it was a Chinese script, nine out of 10 times your guess would have been right. For, China currently fulfills 88.85% of India’s demand for this incredible multi-purpose product.
GROWING APPETITE
That the demand for these batteries is going up is no surprise, thanks to proliferation of electronic gadgets which use Li-ion batteries. And given that there is little or no domestic production of these batteries, in the last few financial years, barring FY2015, the imports of Li-ion batteries have been on a constant rise. In fact, FY2017 figures reveals that imports leaped by 19.93% to $328.65 million from $274.02 million in FY2016. Abhay Bhargava, Associate Director, Energy & Environment Practice, Frost & Sullivan reveals, “Over the last 3-4 years, the Indian Li-ion battery market has been growing at a CAGR of around 17-18%, and is expected to touch 22-25% year-on-year growth by CY2020.”
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