India Electric Vehicle Battery Market to Grow at 23.57% During 2024-2032, Augmented by Favorable Government Initiatives

According to the latest report by IMARC Group, titled “India Electric Vehicle Battery Market Report by Battery Type (Lithium-Ion Battery, Nickel-Metal Hydride Battery, Lead-Acid Battery, and Others), Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles), Vehicle Type (Passenger Car, Commercial Vehicles, Two-Wheeler), and Region 2024-2032,” the India electric vehicle battery market is expected to grow at a CAGR of 23.57% during 2024-2032. An electric vehicle (EV) battery is an energy storage device that provides power to the battery-based electric engines for propulsion. It offers benefits, including a high power-to-weight ratio, noise-free travel experience, zero carbon emissions, lower maintenance, and cost-effectiveness. It also assists in mitigating fuel dependency and producing high energy per unit mass, due to which it is increasingly being used across India.

India Electric Vehicle Battery Market Trends:

At present, there is a significant rise in the production of automobiles on account of inflating income levels and the growing population in India. This represents one of the key factors catalyzing the demand for EV batteries. These batteries are utilized in vehicles that find application in the construction, transportation, logistics, and mining industries across the country. Apart from this, the increasing awareness about the adverse impact of fuel-based vehicles on the environment is positively influencing the sales of EV batteries. Furthermore, the Government of India is undertaking numerous initiatives to promote the adoption of EVs to reduce carbon emissions. It is also offering subsidies and financial assistance on the purchase of e-vehicles. This, in confluence with the growing focus on the electrification of public transport in the country, is creating a favorable market outlook. Moreover, the market is propelled by the rising number of car rental services, especially in metropolitan cities.

Market Summary:

• Based on the battery type, the market has been segmented into lithium-ion, nickel-metal hydride, lead-acid, and other batteries.
• On the basis of the propulsion type, the market has been categorized into the battery, plug-in hybrid, and hybrid electric vehicles.
• Based on the vehicle type, the market has been segregated into passenger cars, commercial vehicles, and two-wheeler vehicles.
• Region-wise, the market has been divided into North, West and Central, South, and East India.
• The competitive landscape of the market has been examined, with some of the key players being Amara Raja Batteries Limited, Exicom Tele-Systems Limited, Exide Industries Ltd, Okaya Power Pvt. Ltd., Panasonic India Private Limited (Panasonic Corporation), Samsung SDI Company Limited, Tata AutoComp GY Batteries Private Limited and Toshiba India Pvt. Ltd.

Report Coverage:

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