EV Battery Market in India 2023-2028: Size, Share, Growth and Forecast

According to the latest report by IMARC Group “India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The India electric vehicle battery market is expected to exhibit a CAGR of 27.12% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Electric vehicle (EV) batteries represent energy storage devices that offer electricity to power battery-based electric engines and vehicle accessories for propulsion. They aid in reducing carbon emissions, eliminating fuel dependency, minimizing maintenance costs, generating high energy per unit mass, etc. Some of the commonly available EV batteries include nickel-metal hydride, lithium-ion, and lead-acid batteries. As compared to fuel-based engines, they provide a noise-free travel experience, a high power-to-weight ratio, cost-effectiveness, etc. Consequently, these batteries are extensively utilized in plug-in hybrid, battery electric vehicles (BEV), and hybrid electric vehicles (HEV), including e-rickshaws, e-cars, bikes, buses, loaders, etc., across India.

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India Electric Vehicle Battery Market Trends:

The shifting consumer preferences from fuel-based automobiles towards EVs are primarily driving the India electric vehicle battery market. Additionally, the introduction of car rental services in the country, such as Uber, OLA, Meru, etc., and the inflating need for electrification of public transport fleets are further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies to encourage the adoption of electric vehicles to curb air pollution, especially across metropolitan cities, and the development of customization options for EV batteries installed in buses, trucks, loaders, excavators, vans, etc., are acting as significant growth-inducing factors. Moreover, they are also gaining extensive traction across various industries, including logistics, construction, transportation, mining, etc., which is stimulating the market growth. Apart from this, the declining costs of high-capacity Li-ion batteries and continuous investments in technological advancements by leading manufacturers are bolstering the market growth. Furthermore, the rising income levels of individuals are expected to fuel the India electric vehicle battery market over the forecasted period.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Battery Type:

  • Lithium-Ion Battery
  • Nickel-Metal Hydride Battery
  • Lead-Acid Battery
  • Others 

Breakup by Propulsion Type:

  • Battery Electric Vehicles
  • Plug-in Hybrid Electric Vehicles
  • Hybrid Electric Vehicles

Breakup by Vehicle Type:

  • Passenger Car
  • Commercial Vehicles
  • Two-Wheeler

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

Competitive Landscape:

  • Amar Raja Batteries Limited
  • Exicom Tele-Systems Limited
  • Exide Industries Ltd
  • Hero Electric Vehicles Pvt. Ltd
  • Okaya Power Pvt. Ltd.
  • Panasonic India Private Limited (Panasonic Corporation)
  • Samsung SDI Company Limited (Samsung SDI Co., Ltd.)
  • Tata AutoComp GY Batteries Private Limited
  • Tata Motors Limited
  • Toshiba India Pvt. Ltd

Ask Analyst for Customization and Browse full report with TOC List of Figure: https://www.imarcgroup.com/request?type=report&id=3962&flag=C

Note: We are updating our reports, if you want the report with the latest primary and secondary data (2023-2028) including industry trends, market size and competitive landscape, etc. click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.

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