India Electric Vehicle Battery Market Size to Expand at a CAGR of 27% during 2023-2028

According to the latest report by IMARC Group "India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India electric vehicle battery market is expected to exhibit a growth rate (CAGR) of 27% during 2023-2028. 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

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