EV Battery Market Size in India 2023 | Industry Outlook, Share and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled "India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the India electric vehicle battery market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the India electric vehicle battery market?

The India electric vehicle battery market is expected to exhibit a growth rate (CAGR) of 27% during 2023-2028.

What is India electric vehicle battery?

An electric vehicle (EV) battery represents an energy storage device that offers electricity to power vehicle accessories and battery-based electric engines for propulsion. It aids in eliminating fuel dependency, minimizing carbon emissions, reducing maintenance costs, generating high energy per unit mass, etc. Some of the widely available EV batteries include nickel-metal hydride, lithium-ion, and lead-acid batteries. As compared to fuel-based engines, they offer a noise-free travel experience, a high power-to-weight ratio, cost-effectiveness, etc. Consequently, they 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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What are the growth prospects and trends in the India electric vehicle battery?

The shifting consumer preferences from fuel-based vehicles towards EVs are primarily driving the India electric vehicle battery market. Additionally, the inflating income levels of individuals, the growing need for the electrification of public transport, and the increasing number of car rental services, especially in metropolitan cities, are further bolstering the market growth. Besides this, the launch of favorable policies by government bodies to encourage the adoption of electric vehicles to curb air pollution levels, reduce their carbon footprint, and promote ecological sustainability is acting as another significant growth-inducing factor. Moreover, the rising popularity of autonomous EVs, declining costs of high-capacity Li-ion batteries, and continuous technological advancements are propelling the market growth across the country. Apart from this, the introduction of numerous customization options for EV batteries installed in loaders, excavators, trucks, buses, vans, etc., is also stimulating the market growth. Furthermore, extensive investments in R&D activities are projected to fuel the India electric vehicle battery market in the coming years.

What is included in market 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

Who are the key players operating in the industry?

The report covers the major market players including:

• 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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