India Electric Vehicle Components Market Opportunities & Forecast, 2019-2026

According to the latest report by GMI Research, India Electric Vehicle Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2027. The India Electric Vehicle Battery Market examines the impact of the COVID-19 pandemic and represents that the market will experience a sharp fall in 2020 and then accelerate at a significant growth rate from 2021 onwards. An electric vehicle consists of an electric traction motor and uses the battery as a power source in place of the internal combustion engine used in gasoline-powered vehicles. There are generally two types of battery, including Lithium-Ion battery and Lead Acid battery. The lithium-ion batteries have a high power-to-weight ratio, better energy efficiency, and provide effective performance even at high-temperatures. The lead-acid batteries are widely used in electric vehicles to supplement other battery loads.

Competitive Landscape: The India Electric Vehicle Battery Market report also scans the competitive landscape and profiles the major players operating in the market, including Hero Electric Vehicles Pvt. Ltd, Toshiba Corporation., Suzuki Corporation, Denso Corporation, Exide Industries Ltd, Exicom Power Solutions, Samsung SDI, Amara Raja Group, Panasonic, and Tata Motors.

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The increasing environmental concerns, followed by the increasing number of government initiatives to reduce carbon emission by incentivizing electric vehicles, are the significant factors boosting the growth of the India Electric Vehicle Battery Market. In parallel, the leading manufacturers are heavily investing in technological development to capture the growing demand of the market in the coming years. The growing supply of raw materials and the continued deduction in the price of batteries will have a positive impact on the growing demand of the Electric Vehicle Battery Market in India. The reduction in GST rates and increasing subsidies on commercial electric vehicles implemented by the Indian government will further energize the demand of the India Electric Vehicle Battery Market.

On the basis of the vehicle, the Four-Wheeler segment is projected to dominate the Electric Vehicle Battery Market in India over the forecast period attributed to the increasing demand for electric cars in India, owing to the rising population rate. Moreover, India’s government is providing subsidy to states to set up 5,000 charging stations in cities and on highways across the country, which will further energize the demand for four-wheeler electric vehicles.

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Market Segments:

Breakup by Battery Type:

  • Lithium-ion
  • Lead Acid
    • Lithium Nickel Manganese Cobalt Oxide
    • Lithium Manganese Oxide
    • Lithium Iron Phosphate
    • Other

Breakup by Vehicle Type:

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Four-Wheeler

Breakup by Application:

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Four-Wheeler

Breakup by Battery Capacity:

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Four-Wheeler

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Written by Sophia Jonson

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