The latest report by IMARC Group, titled “India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the India electric vehicle battery market trends. The market is expected to exhibit a growth rate (CAGR) of 27% during 2023-2028.
An electric vehicle (EV) battery is a power storage device that supplies electricity to an electric engine that propels the vehicle. It offers various advantages, such as a high power-to-weight ratio, silent driving experience, zero carbon footprint, minimal maintenance, and cost-efficiency. As EV battery reduces dependence on fuel and delivers a high amount of energy per unit of mass, it is gaining immense traction in EVs across India.
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Presently, the growing population and rising disposable incomes are catalyzing the production of automobiles in India. This represents one of the key factors positively influencing the market. In line with this, the increasing adoption of EV batteries in vehicles used for construction, transportation, logistics, and mining industries is offering lucrative growth opportunities for key market players. Moreover, rising environmental concerns and increasing awareness about the harmful effects of fuel-based vehicles in the atmosphere are strengthening the market growth. Apart from this, the Government of India (GOI) is focusing on the electrification of public transport and promoting the adoption of EVs by providing subsidies, which is creating a positive market outlook. Furthermore, the growing number of car rental services is stimulating the growth of the market in the country.
Report Segmentation:
The report has segmented the market into the following categories:
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 Vehicles
- Two-Wheeler
Breakup by Region:
- North India
- West and Central India
- South India
- East India
- Amara Raja Batteries Limited
- Exicom Tele-Systems Limited
- Exide Industries Ltd.
- Okaya Power Pvt. Ltd.
- Panasonic India Private Limited (Panasonic Corporation)
- Samsung SDI Company Limited
- TataAutoComp GY Batteries Private Limited
- Toshiba India Pvt. Ltd.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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