Press release
India Electric Vehicle Battery Market: Key Trends & Industry Forecast by 2034
What is the India Electric Vehicle Battery Market Size, Share, Trends, and Growth Forecast (2026-2034)?
According to the latest analysis by IMARC Group, the India electric vehicle battery market size was valued at USD 2,715.59 Million in 2025. Looking forward, the market is projected to reach USD 15,898.30 Million by 2034, exhibiting a robust compound annual growth rate (CAGR) of 21.70% during the forecast period (2026-2034).
Key Market Statistics (2025-2034): Here are the essential figures from the IMARC Group report:
✤ Market Size (2025): USD 2,715.59 Million
✤ Projected Market Value (2034): USD 15,898.30 Million
✤ Growth Momentum: 21.70% CAGR
✤ Regional Scope: India
✤ Study Period: 2026-2034
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What is driving the growth of the India Electric Vehicle Battery Market?
The rapid expansion of the India electric vehicle battery market is propelled by a combination of strong policy support, accelerating EV adoption, and strategic focus on domestic manufacturing and supply chain resilience.
Key Growth Drivers:
Government Initiatives & Policy Support: Strong government backing is reshaping the market landscape. India's EV sales jumped 16.9% to reach 1.97 million units, including 1.15 million electric two-wheelers, nearly 700,000 electric three-wheelers, and over 100,000 electric passenger vehicles. The Government of India reportedly planned a ₹9,000-crore initiative to boost domestic production of EV battery components, including electrodes, anodes, cathodes, electrolytes, and copper foil, under the leadership of the Ministry of Heavy Industries. Additionally, supportive policies including production-linked incentive schemes for advanced chemistry cells and dedicated EV promotion programs are bolstering market growth.
Rising Electric Vehicle Adoption: Urban transport needs, higher fuel prices, and wider charging access are steadily shifting buyer preference toward electric options. Commercial fleet operators, focused on operating cost savings, are driving bulk battery procurement, while public transport electrification programs add consistent demand, strengthening the domestic battery market.
Localization of Manufacturing Capacity: India is strengthening its battery market by scaling domestic manufacturing to reduce import dependence and improve supply reliability. Localization levels reached up to 92%, with Hyundai Motor India beginning assembly of EV battery packs at its Chennai facility for use in the Creta Electric. Production-linked incentives are supporting investments in gigafactories and localized cell and pack assembly, helping lower logistics costs and stabilize pricing.
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What are the Key Trends Shaping the India Electric Vehicle Battery Market (2026-2034)?
The India electric vehicle battery landscape is undergoing a massive transformation, shifting from basic battery systems to advanced, high-efficiency, precision-engineered solutions.
Emerging Market Trends:
Dominance of Lithium-Ion Technology: Lithium-ion batteries are leading the charge with their high energy density, extended driving range, and steadily declining lifecycle costs. This technology supports faster charging, consistent power delivery, and improved thermal performance across diverse operating conditions. Ola Electric announced a $100 million investment in the initial phase of its gigafactory in Tamil Nadu to manufacture indigenous lithium-ion battery cells, aiming to power Ola's EVs with in-house batteries and reduce reliance on imports.
Battery Electric Vehicles Taking Center Stage: Zero tailpipe emissions, lower operating and maintenance costs, and eligibility for central and state-level incentives make battery electric vehicles more attractive than hybrid alternatives. According to the Federation of Automobile Dealers Associations (FADA), India's passenger EV retail sales rose 77.04% year-on-year, reinforcing the leadership of this segment.
Strategic Industry Partnerships & Investment: Automotive manufacturers, energy companies, and technology firms are forming partnerships to secure long-term battery supply while accelerating technology development. Suzuki Motor Corporation partnered with Tata Gotion, TDS Lithium-ion Battery Gujarat, FinDreams Battery, and ELIIY Power to support battery supply, R&D, and local manufacturing for electric motorcycles, hybrids, and BEVs.
The following leading companies are profiled in the IMARC Group report for their significant market presence:
✤ Aqueouss
✤ Batteryinc
✤ Battrixx
✤ Bharatcell
✤ EV Battery Solutions
✤ Exicom Energy Systems Pvt. Ltd
✤ Exide Industries Limited
✤ Grinntech Motors & Services Pvt. Ltd.
✤ Ipower batteries
✤ Yuki Electric India Pvt Ltd.
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How is the India Electric Vehicle Battery Market Segmented?
The market segmentation of the India electric vehicle battery market is characterized by diverse battery technologies, propulsion systems, and vehicle categories, driving specialized growth across various mobility sectors.
The following section provides a detailed breakdown of the market categories analyzed in the IMARC Group report:
Analysis by Battery Type:
The market is categorized based on battery chemistry and technology, focusing on energy density and performance characteristics.
✤ Lithium-Ion Battery (Dominates with a 58% market share in 2025)
✤ Nickel-Metal Hydride Battery
✤ Lead-Acid Battery
✤ Others
Analysis by Propulsion Type:
The versatility of electric propulsion allows diverse configurations serving multiple mobility requirements.
✤ Battery Electric Vehicles (Leading segment with a 55% market share in 2025)
✤ Plug-In Hybrid Electric Vehicles
✤ Hybrid Electric Vehicles
Analysis by Vehicle Type:
Vehicle category defines battery specifications, ranging from compact two-wheeler solutions to high-capacity commercial applications.
✤ Passenger Car (Exhibits clear dominance with a 40% market share in 2025)
✤ Commercial Vehicles
✤ Two-Wheeler
Analysis by Region:
Regional distribution highlights the key industrial hubs in India that are spearheading EV battery adoption and manufacturing.
✤ North India (Dominates with a 29% market share in 2025)
✤ West and Central India
✤ South India
✤ East India
What are the Recent Developments in the India Electric Vehicle Battery Market?
The India electric vehicle battery market is witnessing a wave of strategic expansions, technological upgrades, and localization initiatives as companies align with the national vision of clean mobility and electronics self-reliance.
The following are the latest developments and news highlights as noted in the IMARC Group report:
✤ December 2025: Maruti Suzuki announced plans to gradually localize EV battery production and key components ahead of the domestic launch of its first electric car, the e-Vitara. The company aimed to strengthen India's EV ecosystem, improve buyer confidence, and reduce dependence on imported batteries through phased localization.
✤ June 2025: Neuron Energy launched its Gen 2 lithium-ion battery packs for electric two-wheelers, three-wheelers, and LCVs, with commercial availability from July 2025. The new packs featured improved structural design, better heat dissipation, vibration resistance, and a smart battery management system for Indian operating conditions.
✤ Suzuki Partnership Expansion: Suzuki Motor Corporation formed strategic partnerships with multiple battery manufacturers including Tata Gotion, TDS Lithium-ion Battery Gujarat, FinDreams Battery, and ELIIY Power to support battery supply, research and development, and local manufacturing capabilities for electric motorcycles, hybrid vehicles, and battery electric vehicles.
✤ Technology Advancement in Battery Performance: Hyundai Motor India announced breakthrough next-generation EV batteries offering over 90% capacity retention after 400,000 kilometers, alongside 15% higher energy density and faster charging capabilities, with projections indicating potential 30% cost reduction.
✤ Domestic Cell Manufacturing Initiative: Ola Electric committed a $100 million investment in the initial phase of its gigafactory facility in Tamil Nadu dedicated to manufacturing indigenous lithium-ion battery cells, representing a significant move toward reducing import dependency and building domestic battery production capabilities.
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About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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