Li-ion Battery to Dominate India Electric Vehicle Battery Market through FY2027
Advanced battery technology and high demand for transportation sector is expected to drive the demand for India electric vehicle battery market during the forecast period.
According to TechSci Research report, “India
Electric Vehicle Battery Market By Battery Type (Lithium-ion, Nickel Metal
Hydride Battery, Lead Acid) By Application (BEV, PHEV & FCEV) By Battery
Capacity (less than 5 kWh, between 5-15 kWh and greater than 15 kWh) By
Company, By Region, Forecast & Opportunities, FY2027”, India electric
vehicle battery market is expected to witness steady growth for the next five
years. An electric vehicle is an electrically operated motor vehicle which uses
battery as power source. Rising consumer awareness for lower carbon footprint
contribution and increase in preference to low pollution emitting vehicles is
aiding to increase in the market demand. Increasing concerns regarding the
adverse effect of changing electric vehicles coupled with high levels of
pollution due to presence of industries is increasing the demand for electric
vehicles. Electric vehicles run without the need of conventional fuels and
require low maintenance which lowers the extra expenses of consumer. Rapid
urbanization in search of better job opportunities and to adopt quality living
standards coupled with increase in expenditure capacity of consumers is leading
to increased demand for electric vehicles and electric vehicles battery market
in India. Manufacturers are investing heavily to reduce the size of battery and
increase the efficiency and performance of batteries which are expected to
bolster the demand for electric vehicle battery market.
Due to the ongoing pandemic COVID-19, lockdown was
imposed all over the country. Complete shutdown was observed, and people
started practicing social distancing and following the precautionary
guidelines. Due to imposition of strict regulations and policies by leading
authorities, business had to suffer huge losses. Manufacturing units were shut
down and loss of availability of skilled labors led to market decline. Disruption
in supply chain led to lower number of units imported or exported and import of
raw material also got affected. After the ban on lockdown revoked, electric
vehicle battery market is expected to pick up the pace eventually.
However, declining availability of raw material and
presence of charging infrastructure are expected to hamper the India electric
vehicle battery market growth for the forecast period.
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India electric vehicle battery market is
segmented into battery type, application, battery capacity, regional
distribution, and company. Based on battery type, market is further divided
into lithium-ion, nickel metal hydride battery and lead acid. Lithium-ion
segment is expected to hold major market share for the forecast period, FY2023-FY2027.
Lithium-ion battery performs efficiently in extreme temperature, high power to
weight ratio, fast charging, longer life span are the advantages of using
lithium-ion battery in electric vehicle. It is more efficient than its
counterparts. Decline in cost of lithium is fueling the high demand for
lithium-ion batteries. Increase in incentives and income tax rebates offered by
the government to manufacture lithium-ion batteries under the Modified Special
Incentive Package Scheme(M-SIPS). Based on application, the market is majorly
categorized into BEV, PHEV & FCEV. Battery electric vehicle segment is
expected to dominate the market for the next five years due to high demand and
presence of wider portfolio than its other counterparts. Continuous launch of
battery electric vehicle models to cater the growing demand of consumers is
influencing the growth of the segment.
Denso
Corporation, Hero Electric Vehicles Pvt. Ltd, Tata Motors Limited, Exide Industries
Ltd, Toshiba India, Exicom Tele-Systems Limited, Samsung SDI Co, Amara Raja
Group, Panasonic India Pvt Ltd, Minda Industries Limited are the leading
players operating in India electric vehicle battery market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several electric vehicle battery manufacturers are
coming up with their technologically advanced offerings.
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“Advanced
Chemistry Cell (ACC) are new generation advanced technology which is capable to
store electric energy either as chemical or electrochemical energy and change
back to electric energy according to requirements. National Programme on
Advanced Chemistry Cell (ACC) Battery Storage aims to reduce the dependance on
import of batteries and promote the manufacturing of batteries in the country.
This scheme is aimed to promote green energy along with use of local products
such as bauxite and copper which is expected to propel the electric vehicle
battery market until FY2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Electric Vehicle
Battery Market By Battery Type (Lithium-ion, Nickel Metal Hydride Battery, Lead
Acid) By Application (BEV, PHEV & FCEV) By Battery Capacity (less than 5
kWh, between 5-15 kWh and greater than 15 kWh) By Company, By Region, Forecast
& Opportunities, FY2027” has evaluated
the future growth potential of India electric vehicle battery market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of India electric
vehicle battery market.
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