According to the latest report by IMARC Group, titled “India Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the india electric vehicle battery market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 30% during 2021-2026.
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.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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.
Breakup by Battery Type:
- Lithium-Ion Battery
- Nickel-Metal Hydride Battery
- Lead-Acid Battery
- Others
Breakup by Propulsion Type:
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
Breakup by Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Two-Wheeler
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis on region, battery type, propulsion type, vehicle type.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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