India Battery Packs for Electric 2W and 3W Vehicles Market is grow at a CAGR of 28.63% during 2022-2032 | Amara Raja Group, Energy Private Limited

The India Battery Packs for Electric 2W and 3W Vehicles market was valued at US$ 729.51 million in 2022 and it is anticipated to grow up to US$ 11,190.61 million by 2032, at a CAGR of 28.63% during the forecast period.

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A battery pack is a device that stores electrical energy to provide power to an electrical system, such as an electric vehicle (EV) or an energy storage system (ESS). The energy is stored in cells that are all connected to one another in the battery pack. Battery pack is a rechargeable battery pack used to power e-vehicles. Batteries vary according to the voltage, total charge capacity (amp hours), weight, the number of charging cycles before performance degrades, and ability to handle over-voltage charging conditions.

An electric vehicle battery pack is a set of rechargeable batteries that are used to power an electric automobile. It consists of two or more large battery modules, sub-assembled into what are known as "modules". These modules are then put together using various connectors and hardware to form the assembled battery pack.

Batteries are crucial components in consumer goods such as phones and laptops, in essential medical and industrial applications needing mobile and backup power supplies, the storage of renewable energy such as solar, and in Electric Vehicles (EVs). Improved energy density, discharge tolerance, cycle life, re-charge times with a low memory effect are some of the key advantages that make Lithium ion batteries a favorite for use in EV applications.

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Market Drivers and Trends

Indian Governments are supporting purchase of electric vehicles, in terms of tax credits and incentives. Moreover, central governments are providing exemption from highway toll tax for electric vehicles. For instance, for faster adoption of electric vehicles, the government of India plans to lower the goods & service tax (GST) on e-vehicles from 5% to 12%. Similarly, The Indian government started the FAME India project on April, 2015, to reduce the use of gasoline and diesel vehicles. This project was a critical component of India's electric mobility. The FAME India Program intends to encourage using all types of automobiles. FAME II plan was launched in April 2019 with a Rs. 10,000 crores budget to support 500,000 e-three-wheelers, 7,000 e-buses, 55,000 e-passenger vehicles, and a million e-two-wheelers. The goal was to increase EV adoption in India.

Thus, the increase in government support for development and purchase of electric vehicles, in terms of tax credits, subsidies and incentives, is one of the major factors that propel the demand for electric vehicles, which is in turn predicted to create lucrative growth opportunity for India battery packs for electric 2W and 3W vehicles market share in the forecast period.

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Market Restraints and Challenges

As the India accelerates its transition to electric vehicles, demand for batteries has skyrocketed in major automotive markets. To address shortages of supplies, automotive and battery manufacturers are building their own battery gigafactories or forming joint ventures. According to the AFP report, India's lithium-ion (Li-ion) battery demand is currently 3 GWh and is expected to grow to 20 GWh by 2026 and 70 GWh by 2030. By 2030, just to serve the local demand of Li-ion batteries, India would need upwards of an estimated $10 billion investments in cell manufacturing capacity, with additional investments in raw material refining capacities.

This rapid adoption of new technology creates significant challenges, including labour and material shortages, delays in the construction of gigafactories to make batteries at scale, and competition for resources in the supply chain, among others. In reality, the battery supply chain risks resembling the current semiconductor chip shortage, in which demand growth has outpaced capital investment in new supply. Furthermore, environmental, social, and governance (ESG) factors will become more important, raising a new set of problems for businesses to address. Additionally, environmental, social, and governance (ESG) variables will have a bigger impact, posing a new set of problems for companies to deal with.

Major Players in the India Battery Packs for Electric 2W and 3W Vehicles Market

The key players studied in the India Battery Packs for Electric 2W and 3W Vehicles market are Amara Raja, Group, Technology Limited (TDK Corporation), Contemporary, Exide Industries, Inverted Energy Private Limited, iPower Batteries Pvt. Ltd., Lucas TVS, Okaya Power Group, Toshiba Corporation, Telemax India Industries Pvt. Ltd., and Vision Mechatronics Pvt. Ltd.

India Battery Packs for Electric 2W and 3W Vehicles Market Segmentation

By Battery Type

Lithium-ion Battery
Lead Acid Battery
Solid State Battery

By Vehicle Type

Electric 2-Wheelers
Electric 3-Wheelers

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This release was published on openPR.