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India Electric Vehicle Battery Market Expanding at a CAGR of 30% during 2021-2026

According to the latest report by IMARC Group, titled India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the india electric vehicle battery market expected to grow at a CAGR of around 30% during (2021-2026).

An electric vehicle (EV) battery represents an energy storage device that is generally installed in plug-in hybrid electric vehicles, battery electric vehicles (BEV), and hybrid electric vehicles (HEV). Some of the common product variants include lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries, etc. EV batteries offer various benefits, such as a high power-to-weight ratio, noise-free travel experience, zero carbon emissions, low maintenance expenses, cost-effectiveness, etc. In line with this, they also assist in producing high energy per unit mass and mitigating fuel dependency. Consequently, electric vehicles are gaining traction over conventional gasoline-powered automobiles across India.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Market Trends:

The increasing consumer concerns towards the harmful impact of fuel-based vehicles on the environment are primarily driving the India electric vehicle battery market. Additionally, the development of numerous customizable options for EV batteries that are used in trucks, busses, loaders, excavators, vans, etc., is propelling the product demand across several sectors, such as logistics, construction, transportation, mining, etc. Besides this, the launch of various favorable policies by government bodies for encouraging the adoption of electric vehicles to reduce carbon emissions is further augmenting the market growth. Moreover, the inflating need for electrification of public transport fleets in this country is acting as another significant growth-inducing factor. Apart from this, the rising number of car rental services, such as Ola, Uber, Meru, etc., is anticipated to fuel the India electric vehicle battery market over the forecasted period.

Also read: India E-Bike Market Driven By Rising Environmental Concerns

India Electric Vehicle Battery Market 2021-2026 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

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
Toshiba India Pvt. Ltd.

The report has segmented the market on the basis on region, battery type, propulsion type, vehicle type.

Breakup by Battery Type:

  • Lithium-Ion Battery
  • Nickel-Metal Hydride Battery
  • Lead-Acid Battery
  • Others

Breakup by Propulsion Type:

  • Battery Electric Vehicles
  • Plug-in Hybrid Electric Vehicles
  • Hybrid Electric Vehicles

Breakup by Vehicle Type:

  • Passenger Car
  • Commercial Vehicle
  • Two-Wheeler

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

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Key highlights of the report:

  • Market Performance (2015-2020)
  • Market Outlook (2021- 2026)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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