India Electric Vehicle Battery Market

According to the GMI Research forecasts, the India Electric Vehicle Battery Market is estimated to touch USD 963 million by the end of 2026, growing at a CAGR of 25.3% during 2019-2026.

An electric vehicle has an electric traction motor and uses battery as a power source, in place of the internal combustion engine which used in the gasoline-powered vehicles. Majorly there are two types of battery used in an electric vehicle: Lithium-Ion battery and Lead Acid battery. The lithium-ion batteries have a high power-to-weight ratio, higher energy efficiency, and perform effectively even in high-temperatures. The lead-acid batteries are widely used in electric vehicles to supplement other battery loads.

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The rising environmental concerns, followed by the increasing number of government initiatives to reduce carbon emission by incentivizing electric vehicles, are the significant factors contributing to the growth of the India Electric Vehicle Battery Market. In parallel, the leading manufacturers are heavily investing in technological development to capture the growing demand of the market in the coming years. Additionally, the increasing supply of raw materials, along with the continued deduction in the price of batteries, will have a positive impact on the growing demand of the market. The reduction in GST rates and increasing subsidies on commercial electric vehicles implemented by the Indian government will further energize the demand of the market.

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Based on the battery type, the Li-ion segment is expected to lead the market during the forecast period. This is attributed to the increasing number of subsidies launched by the government and tax benefits for manufacturing li-ion batteries under the Modified Special Incentive Package Scheme(M-SIPS). Furthermore, the sharp fall in the price of li-ion batteries and the exceptional benefits offered by the li-ion batteries, such as fast charging, lightweight, compact size, and longer life span, will attract many end-users to opt for vehicles using these batteries rather than other types of batteries. The Li-ion segment is further segmented into Lithium Nickel Manganese Cobalt Oxide, Lithium Manganese Oxide, Lithium Manganese Oxide, and others. The Lithium Nickel Manganese Cobalt Oxide (NMC) is expected to grow at a higher CAGR over the forecast period due to its remarkable advantages, including higher energy and density, long life cycle, safety, and less charging time at low cost.

Based on the vehicle, the Four-Wheeler segment especially electric car is predicted to dominate the market during the forecast period. This is due to the strong demand for electric cars in India, driven by the rising population rate. Moreover, India’s government is providing subsidy to states to set up 5,000 charging stations in cities and on highways across the country, which will boost the demand for four-wheeler electric vehicles.

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On the basis of application, the Battery Electric Vehicle (BEV) segment is expected to grow at a higher CAGR during the forecast period. The Battery Electric Vehicle (BEV) is drastically increasing, driven by the continuous launch of various BEV models to capture the growing demand of the customers.

Based on Battery Capacity, the Greater than 15 kWh segment is projected to grow at a higher CAGR over the forecast period. This is attributed to the increasing demand for high range electric vehicles across the country.

Various notable players operating in the market, include Suzuki Corporation, Exide Industries Ltd, Toshiba Corporation., Hero Electric Vehicles Pvt. Ltd Exicom Power Solutions, Samsung SDI, Amara Raja Group, Panasonic, Denso Corporation, and Tata Motors, among others.

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• • Key questions answered in this research report:
  • At what pace is the India Electric Vehicle Battery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
  • What are the various application areas, and how they are poised to grow?
  • How the penetration of four-wheeler is changing the market and what is driving this change?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

India Electric Vehicle Battery Market By Battery Type

• • Lithium-ion
    • Lithium Nickel Manganese Cobalt Oxide
    • Lithium Manganese Oxide
    • Lithium Iron Phosphate
    • Others
  • Lead Acid

India Electric Vehicle Battery Market By Vehicle Type

• • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Four-Wheeler

India Electric Vehicle Battery Market By Application

• • Battery Electric Vehicle
  • Plug-in Electric Vehicle
  • Hybrid Electric Vehicle

India Electric Vehicle Battery Market By Battery Capacity

• • Less than 5 kWh
  • Between 5-15 kWh
  • Greater than 15 kWh

Leading Market Players (Option: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hero Electric Vehicles Pvt. Ltd.
  • Exide Industries Ltd
  • Amara Raja Group
  • Suzuki Corporation.
  • Toshiba Corporation
  • Exicom Power Solutions
  • Samsung SDI, Panasonic.
  • Denso Corporation
  • Tata Motors