India Electric Vehicle Battery Market Share, Growth Rate, Upcoming Trends and Forecast to 2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "India Electric Vehicle Battery Market" industry. Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

The India electric vehicle battery market is experiencing significant growth, projected to grow at a high CAGR of 28.5% during the forecast period of 2022-2028. The market is being driven by the increasing penetration of electric vehicles on Indian roads due to the volatile prices of non-renewable fuels and growing concerns over carbon emissions and their environmental impact.

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The development of public transport is anticipated to be a key driver for the India electric vehicle battery market. Various state governments are investing significantly in the development of public transport infrastructure and launching electric buses. These initiatives, such as the recent delivery of 90 electric buses to Bangalore Metropolitan Transport Corporation (BMTC) by Karnataka, are expected to increase the adoption of EVs and drive the demand for battery packs.

The high concentration of electric vehicle manufacturers in India is another factor propelling market growth. Leading manufacturers such as Mahindra Electric, Tata Motors, Ashok Leyland, and Hero Electric are investing heavily in expanding their production capacities to meet the growing demand for electric vehicles. These investments are expected to boost the demand for electric vehicle batteries in the coming years.

In terms of vehicle types, the electric auto-rickshaws segment holds the largest market share in the India electric vehicle battery market. E-rickshaws have provided new business opportunities for rickshaw drivers in India, leading to their widespread adoption. The passenger cars segment is projected to witness the highest growth rate during the forecast period due to the increasing production of electric passenger cars.

Geographically, North India dominates the India electric vehicle battery market, driven by the significant number of electric vehicles registered in states like Uttar Pradesh and Delhi. The demand for electric vehicles is prominent in North India, contributing to the growth of the market in the region.

Key players in the India electric vehicle battery market include Amara Raja Batteries Limited, Toshiba India Pvt. Ltd., Tata AutoComp GY Batteries Private Limited, Exide Industries Ltd, Samsung SDI Company Limited, Hero Electric Vehicles Pvt. Ltd., Panasonic India Private Limited, Okaya Power Pvt. Ltd., Exicom Tele-Systems Limited, Maruti Suzuki, and other prominent players. These companies offer a wide range of products to cater to different vehicle types, invest in research and development to improve battery efficiency, and employ competitive strategies such as partnerships and acquisitions to gain a competitive edge.

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Market Overview
Market Size & Forecast by Value, 2018-2028
Market Size and Forecast, By Segment

By Battery Type
Lithium-Ion
Lead-Acid
Nickel-Metal Hydride
Solid-State
Others

By Propulsion Type
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-Hybrid Electric Vehicles
Fuel Cell Electric Vehicles

By Vehicle Type
Passenger Cars
Auto-Rickshaws
Vans/Light Trucks
Medium & Heavy Trucks
Buses
Off-Highway Vehicles

By Region
North India
South India
East India
West India

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This release was published on openPR.