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, 2027

India electric vehicle battery market is expected to grow at a significant CAGR during the forecast period, FY2023-FY2027. Implementation of BS VI norms which focuses on fuel-efficient vehicles and rising environment awareness are the major drivers for electric vehicle battery market growth. High-end investments by battery manufacturers to increase the production of battery from domestic market as well as efforts to increase the import from global players is aiding to significant growth of the electric vehicle market for the next five years. To promote battery storage, the Government of India approved the production linked incentive (PLI) scheme with an estimated outlay of Rs 18,100 crore. With the aim to boost the Make in India initiative, the said proposal is expected to attract investment of Rs 45,000 crore and the objective is to achieve manufacturing capacity of 50-Gigawatt Hour of Advanced Chemistry Cell (ACC) and 5 GWh of niche ACC. Most of original equipment manufacturers have welcomed the PLI scheme as it is the most beneficial time to set-up plants in India. Owing to high demand for automobiles in the country and the benefits offered by government of India to automotive industry, it is expected that there will a decline in the cost of automobiles including the electric vehicles which is likely to contribute to increased demand for electric vehicles in long run. Also, reduction in GST rates along with the increase in incentives on electric commercial vehicle is ultimately influencing the electric vehicle battery market.

India electric vehicle battery market is segmented into battery type, application, battery capacity, regional distribution, and company. Based on battery capacity, market is further divided into less than 5 kWh, between 5-15 kWh and greater than 15 kWh. Greater than 15 kWh segment is expected to dominate the electric vehicle battery market for the forecast period, 2022-2026. Support from the government in form of incentives and rising disposable income among the middle-class families is fostering the demand for electric vehicle which is indirectly influencing the electric vehicle battery market. Increasing demand for high range electric vehicles is accelerating the segment growth.

The major players operating in the India electric vehicle battery market are 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, and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

Years considered for this report:

Historical Years: FY2017-FY2020

Base Year: FY2021

Estimated Year: FY2022

Forecast Period: FY2023-FY2027

Objective of the Study:

• To analyze the historical growth in the market size of India electric vehicle battery market from FY2017 to FY2020.
• To estimate and forecast the market size of India electric vehicle battery market from FY2021 to FY2027 and growth rate until FY2027.
• To classify and forecast India electric vehicle battery market based on battery type, application, battery capacity, regional distribution, and company.
• To identify dominant region or segment in the India electric vehicle battery market
• To identify drivers and challenges for India electric vehicle battery market
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric vehicle battery market.
• To identify and analyze the profile of leading players operating in India electric vehicle battery market.
• To identify key sustainable strategies adopted by market players in India electric vehicle battery market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.

TechSci Research calculated the market size of India electric vehicle battery market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Electric vehicle battery manufacturing companies
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to electric vehicle battery market

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India electric vehicle battery market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         India Electric Vehicle Battery Market, By Battery Type:

• Lithium-ion
• Nickel Metal Hydride Battery
• Lead Acid
• India Electric Vehicle Battery Market, By Application:
• BEV
• PHEV
• FCEV
• India Electric Vehicle Battery Market, By Battery Capacity:
• Less than 5 kWh
• Between 5-15 kWh
• Greater than 15 kWh
• India Electric Vehicle Battery Market, By Region:
• North
• South
• East
• West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India electric vehicle battery market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).