Indian Electric Vehicle Battery Market worth USD 34.3 billion by 2027
The Market Statsville Group (MSG) publishes the new report on the "Indian Electric Vehicle Battery Market by Vehicle Type (Commercial Vehicle, Two-Wheeler, nd Passenger Car), By Battery Type, (Lithium-Ion Battery, Nickel-Metal Hydride Battery, Lead-Acid Battery, and Others), By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Hybrid Electric Vehicles), Market Share, and Forecast to 2027". The Indian Electric Vehicle Battery market is estimated to grow from USD 4.1 billion in 2020 to USD 34.3 billion by 2027, at a CAGR of 42.5% from 2021 to 2027. Battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV) all use EV batteries. Lithium-ion battery, nickel-metal hydride battery, and lead-acid battery are some of the most common product variants. EV batteries have several advantages, including reduced carbon emissions, reduced fuel dependency, lower maintenance costs, and high energy per unit mass. Electric vehicles have become more prevalent in India than traditional gasoline-powered vehicles, which has accelerated the adoption of EV batteries.
Further, concerns about the negative impact of gasoline-powered vehicles on the environment are driving up demand for electric vehicle batteries. Furthermore, the automotive industry's rapid expansion has resulted in the development of numerous customizable options for EV batteries to be installed in trucks, buses, loaders, excavators, vans, and other vehicles. This is driving up product demand in various industries, including construction, logistics, transportation, mining, etc.
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Apart from that, the introduction of several government initiatives to encourage the adoption of electric vehicles to reduce air pollution, particularly in urban areas, boosts demand for the product. In addition, the Indian government has introduced plenty of subsidies and financial aids for the purchase of electric vehicles, increasing the demand for EV batteries. The growing focus on electrification of public transportation fleets is fueling market expansion. Aside from that, several car rental services in the country, such as OLA, Uber, Meru, and others, are shifting their focus to electric two-wheelers and hybrid electric vehicles to promote environmental sustainability. The falling costs of high-capacity Li-ion batteries, combined with the growing domestic production of EV batteries rather than relying on exports, will continue to drive market growth in India in the coming years.
Indian Electric Vehicle Battery Market Segmentation
The Indian Electric Vehicle Battery market has been segmented into vehicle type, battery type, propulsion type, and region.
- By Vehicle Type (Commercial Vehicle, Two-Wheeler, and Passenger Car)
- By Battery Type (Lithium-Ion Battery, Nickel-Metal Hydride Battery, Lead-Acid Battery, and Others)
- By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Hybrid Electric Vehicles)
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Li-Ion, by battery type, is estimated to hold the largest market share during the forecast period
The Indian electric vehicle battery market is segmented into lithium-ion battery, nickel-metal hydride battery, lead-acid battery, and others. The Li-ion segment generated the highest revenue in 2020, and it is expected to register a significant CAGR from 2020 to 2027. The rapid adoption of electric vehicles will result in a rise in the use of lithium-ion batteries, which are rechargeable batteries used in a variety of industries, including automotive and consumer electronics. The remaining is used in the telecommunications industry, data centers, streetlights, and other consumer electronics. By 2030, electric vehicle lithium-ion batteries will account for 80% of the EV battery market. The cost of lithium-based products is steadily decreasing, making them more affordable to EV manufacturers.
This research report includes a study on the development and marketing strategies, product portfolios, and winning design of the leading companies operating in the Indian Electric Vehicle Battery market. It also consists of the profiles of leading companies such as 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, and Toshiba India Pvt. Ltd, among others. These market players have focused on acquisitions and expansion to gain a larger market share in the Indian Electric Vehicle Battery market.
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