The India electric vehicle battery market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 30% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Electric vehicle (EV) battery is primarily installed in battery electric vehicles (BEV), plug-in hybrid electric vehicles, and hybrid electric vehicles (HEV). Some of the common product variants are lithium-ion battery, nickel-metal hydride battery, and lead-acid battery. EV batteries offer numerous benefits in reducing carbon emissions, mitigating fuel dependency, controlling maintenance costs, producing high energy per unit mass, etc. In India, electric vehicles have gained more prominence over conventional gasoline-powered automobiles, thereby driving the adoption of EV batteries.
The rising concerns towards the negative impact of fuel-based vehicles on the environment are primarily augmenting the demand for electric vehicle batteries. Additionally, a significant growth in the automotive industry has led to the development of numerous customizable options for EV batteries to be installed in trucks, busses, loaders, excavators, vans, etc. This is further propelling the product demand across diverse industries, such as construction, logistics, transportation, mining, etc. Apart from this, the introduction of several government initiatives for promoting the adoption of electric vehicles to curb air pollution, particularly across the metropolitan cities, is also catalyzing the product demand. Furthermore, the Indian government has also launched numerous subsidies and financial aids for the purchase of e-vehicles which are bolstering the market for EV batteries. The increasing focus on the electrification of public transport fleets is further proliferating the market growth. Besides this, several car rental services in the country, such as OLA, Uber, Meru, etc., are getting inclined towards electric two-wheelers and hybrid EVs to promote ecological sustainability. In the coming years, the declining costs of high-capacity Li-ion batteries along with the growing domestic production of EV batteries rather than depending upon the exports will continue to drive the market growth in India.
IMARC Group provides an analysis of the key trends in each sub-segment of the India electric vehicle battery market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, battery type, propulsion type and vehicle type.
Breakup by Battery Type:
Breakup by Propulsion Type:
Breakup by Vehicle Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Toshiba India Pvt. Ltd.
|Base Year of the Analysis||2020|
|Segment Coverage||Battery Type, Propulsion Type, Vehicle Type, Region|
|Region Covered||North India, West and Central India, South India, East India|
|Companies Covered||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 and Toshiba India Pvt. Ltd.|
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