India EV Battery Market Top Key Players - Tata Chemicals, Exide, Amara Raja, Panasonic, CATL, Ip power

The India EV battery market size was estimated at $XXB, growing at XX% CAGR till 2026. The average battery used in an electric scooter is 1-1.5 kWh with an estimated range of 50-60 km / sec. The same is true when using batteries in electric tricycles. For electric vehicles, the average battery capacity is 30-35 kWh. Tata, Mahindra and MG were the main competitors in this segment.

The Government of India has set a goal of achieving 30% of electric vehicle sales by 2030 in all modes. The automotive segment is expected to grow faster in the market during the forecast period due to increasing demand for electric vehicles and favorable government policy on electric vehicles. In July 2019, the GOI announced an income tax exemption for potential buyers of electric vehicles and a reduction of the goods and services tax (GST) on electric vehicles from 12% to 5%.

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INDIA EV BATTERY MARKET DYNAMICS

• Electric vehicle sales in India decreased by 19.42% in fiscal 2021 compared to the previous fiscal 2020. In fiscal 2021, 238,120 electric vehicles were sold in India, compared to 2 95,497 in fiscal 2020.

• The investment of 18,100 crore aims to raise a total of 45,000 crore to develop the country's battery production, mainly lithium-ion for electric vehicles and consumer goods. This amount will increase with increasing energy density and cycles as well as improving local added value as an incentive to improve battery technology. Each selected ACC battery manufacturer will have to commit to setting up an ACC production facility with a minimum capacity of 5 GWh and a minimum domestic market added value of 60% at project level within 5 years.

COVID IMPACT ON INDIAN EV BATTERY MARKET

Growing concerns about the negative environmental impact of fuel-powered vehicles are primarily driving the demand for electric batteries. Significant growth in the automotive industry has led to the development of various options for electric vehicle batteries that can be adapted to fit in trucks, buses, excavators, etc. In addition, several government initiatives have been introduced to promote the introduction of electric vehicles to reduce air pollution, numerous subsidies and aid finance across India has increased the demand for electric vehicle batteries.

INDIA EV BATTERY MARKET SEGMENTATION

BY Vehicle type
• Passenger
• Commercial

By Battery Size
• 40 kwh

By Sub Component
• Battery Management System
• Cells
• Battery Cooling System

COMPETITIVE LANDSCAPE

• Tata Chemicals saw its consolidated net profit grow multiple times to Rs 342.33 crore for the first quarter of FY21, boosted by rising amounts of soda ash in India and the United States. The company's consolidated net income was Rs 74.15 crore for the same period Q1 2020-21. Operating revenues increased 27% to Rs 2,977 crores from Rs 2,348 crores in FY20. Q1 operating income in the Basic Chemicals segment rose 30% to Rs 2,173, while specialty products revenue grew 18% up to 797 crore.

• Exide Industries' consolidated net profit for the first quarter of fiscal year 21 was 32 crores rupees compared to a net loss of 14 crores for the period April-June 2020. Operating income was 3,543 crore rupees in the first quarter of fiscal 21 compared to 2,526 crore rupees. in the first quarter of fiscal year 2020. As a result, the company's market share increased by 2.44% compared to the previous year.

COMPANY PROFILES
• Tata Chemicals
• Exide
• Amara Raja
• Panasonic
• CATL
• Ip power

Read More Information: https://mobilityforesights.com/product/india-ev-battery-market/

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This release was published on openPR.