According to the latest report by IMARC Group, titled “India Electric Vehicle Battery Market Size: Industry Share, Growth Analysis, Research Report, Opportunity and Forecast 2022-2027” the india electric vehicle battery market expected to grow at a CAGR of around 27.12% during (2022-2027).
Electric vehicle (EV) battery is usually installed in battery electric vehicles (BEV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles. Some of the common product variants are nickel-metal hydride battery, lithium-ion battery and lead-acid battery. EV batteries offer several advantages in minimizing carbon emissions, controlling maintenance costs, mitigating fuel dependency, producing high energy per unit mass, etc. In India, electric vehicles have gained more traction over traditional gasoline-powered automobiles, thereby driving the adoption of EV batteries.
India Electric Vehicle Battery Market Trends:
The growing concerns towards the harmful impact of fuel-based vehicles on the environment are primarily driving the demand for electric vehicle batteries. Additionally, a significant increase in the automotive industry has resulted in the development of several custom-made options for EV batteries to be employed in buses, loaders, trucks, excavators, vans, etc. This is further augmenting the product demand across diverse industries, such as transportation, construction, mining, logistics, transportation, etc. Besides this, the introduction of various government initiatives for encouraging the adoption of electric vehicles to curb air pollution, especially across the metropolitan cities, is also providing a thrust to the market. In the coming years, the decreasing costs of high-capacity Li-ion batteries, along with the increasing domestic production of EV batteries rather than depending upon the exports will continue to bolster the market growth in India.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India electric vehicle battery market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on battery type, propulsion type and vehicle type.
Breakup by Battery Type:
- Lithium-Ion Battery
- Nickel-Metal Hydride Battery
- Lead-Acid Battery
Breakup by Propulsion Type:
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
Breakup by Vehicle Type:
- Passenger Car
- Commercial Vehicles
Breakup by Region:
- North India
- West and Central India
- South India
- East India
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Toshiba India Pvt. Ltd.
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