Market Overview:

The India electric vehicle battery market is expected to exhibit a CAGR of 27.12% during 2022-2027. 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. These insights are included in the report as a major market contributor.

Electric vehicle (EV) batteries are energy storage devices that provide electricity to power vehicle accessories and battery-based electric engines for propulsion. Some commonly available EV batteries include lithium-ion, nickel-metal hydride, and lead-acid batteries. They are widely used in battery electric vehicles (BEV), plug-in hybrid, and hybrid electric vehicles (HEV), such as bikes, e-rickshaws, e-cars, buses, and loaders. They assist in minimizing carbon emissions, eliminating fuel dependency, reducing maintenance costs, and generating high energy per unit mass. Compared to fuel-based engines, they offer a high power-to-weight ratio, a noise-free travel experience, and cost-effectiveness. As a result, EV batteries are gaining immense traction with the surging sales of EVs in India.

India Electric Vehicle Battery Market Trends:

In India, the growing environmental concerns have led to a significant shift from fuel-based vehicles toward EVs. This, coupled with inflating fuel prices, represents the primary factor driving the market growth. Additionally, the Government of India is taking favorable initiatives to encourage the adoption of EVs to curb air pollution, especially across metropolitan cities. In line with this, the launch of several subsidies and financial aids for the purchase of e-vehicles is positively influencing the sales of EV batteries. Besides this, the leading players are introducing various customization options for EV batteries installed in trucks, buses, loaders, excavators, and vans. This is further anticipated to expand product applications across numerous industries, including construction, logistics, transportation, and mining. Furthermore, the expanding India electric vehicle market and the rising production of EVs due to elevating income levels, rapid urbanization, and growing population across the country are other major growth-inducing factors. Along with this, the emergence of car rental services in the country, such as OLA, Uber, and Meru, has accelerated the adoption of electric two-wheelers and hybrid EVs to reduce their carbon footprint and promote ecological sustainability. Other factors, including the growing popularity of autonomous EVs, shifting focus on the electrification of public transport fleets, declining costs of high-capacity Li-ion batteries, increasing domestic production of EV batteries, and technological advancements, are also creating a favorable market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India electric vehicle battery market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on battery type, propulsion type and vehicle type.

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:

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.

Report Coverage:

Key Questions Answered in This Report:

• How has the India electric vehicle battery market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the India electric vehicle battery market?
• What are the key regional markets?
• What is the breakup of the market based on the battery type?
• What is the breakup of the market based on the propulsion type?
• What is the breakup of the market based on the vehicle type?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the India electric vehicle battery market and who are the key players?
• What is the degree of competition in the industry?