India electric vehicle (EV) battery market is anticipated to grow at a significant CAGR during the forecast period (2019-2025). The existence cohesive government programs and initiatives are driving the sale and manufacturing of EVs in India. It is a major factor that is generating the demand for EV batteries in the country. To meet the growing demand for batteries in EVs, the key battery manufacturers including Tata Group, Inverted Energy, and AEPLE among others are investing in the expansion of EV battery manufacturing plants in the country.
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A major announcement was from Inverted Energy in November 2020 to open its new lithium-ion battery manufacturing facility in the Okhla Industrial Area in New Delhi. With a production capacity of 100 MWh (megawatt hour) annually, the company is aimed at reducing its dependence on imports including from China for EV batteries. Further, in January 2020, Automotive Electronics Power Private Ltd. (AEPPL), a joint venture between Japanese majors Toshiba, Denso, and Suzuki announced to invest $510 million in the second phase of its lithium-ion battery production facility at Hansalpur, Gujarat. As the battery holds a large portion of the overall cost of the vehicle the development of electric vehicle batteries in the country reduces the prices of one of the expensive electric vehicles which in turn will drive the India electric vehicle battery market.
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- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Type
- Competitive Landscape- Hitachi, Ltd., Tata Group, Exide Industries Ltd., Panasonic Corp., Sony Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
India Electric Vehicle Battery Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
By Battery Type
By Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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- Amara Raja Group
- EON Electric Ltd.
- Exide Industries Ltd
- HBL Power Systems Ltd.
- Hitachi, Ltd.
- Indian Oil Corp. Ltd.
- NEC Corp.
- Panasonic Corp.
- Samsung SDI Co., Ltd.
- Tata Group
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