India Electric Vehicle (EV) Component Market Size Zooming 3.2X at Robust CAGR of 18.5% to Cross USD 13.6 Billion by 2029

Published | 07 November 2023

India electric vehicle (EV) component market is flourishing because of the rapid adoption EVs across the country and the government’s growing focus on reducing harmful emissions from automotives.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India electric vehicle (EV) component market size at USD 4.3 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India electric vehicle component market size to grow at a significant CAGR of 18.49% reaching a value of USD 13.64 billion by 2029. Major growth drivers for the India electric vehicle (EV) component market include an increasing consumer demand for cleaner mobility. This shift toward sustainability is reshaping the automotive industry, with two-wheelers and passenger vehicles leading the transition to electric mobility. The government's initiatives, such as 'Make in India,' FAME India, and PLI schemes, have laid the foundation for significant growth in EV component production, aligning with the goal of achieving 30% electrification by 2030. With substantial incentives and a focus on expanding charging infrastructure and renewable energy sources, India is committed to reducing carbon emissions and promoting cleaner energy for a thriving electric vehicle (EV) ecosystem. However, infrastructure challenges and quality standards are anticipated to restrain the overall market growth during the period in analysis.

India Electric Vehicle (EV) Component Market – Overview

The India electric vehicle (EV) component market refers to the sector within the Indian automotive industry that encompasses the production, distribution, and supply of various components specifically designed for electric vehicles (EVs). These components include but are not limited to batteries, drivetrains, electronics, charging infrastructure, and other essential elements that constitute the core operational and functional aspects of EVs. The market is characterized by the growing demand for EV components, driven by factors such as consumer preferences for cleaner and more environmentally responsible mobility, government initiatives to support EV adoption, and the commitment to reducing carbon emissions. As India accelerates its transition towards electric mobility, the electric vehicle (EV) component market plays a pivotal role in providing the essential building blocks for the country's EV ecosystem, contributing to the broader goal of sustainable and cleaner transportation.

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Impact of COVID-19 on India Electric Vehicle (EV) Component Market

COVID-19 pandemic adversely affected the India electric vehicle (EV) component market. The nationwide lockdowns and disruptions in supply chains initially hampered production and caused delays. Consumer demand for electric vehicles (EVs) declined as economic uncertainties grew. However, the pandemic also highlighted the importance of cleaner and sustainable mobility, leading to increased interest in EVs. To stimulate the industry, the Indian government introduced various incentives and initiatives. While there were short-term setbacks, the long-term outlook for the EV component market remains positive as the nation focuses on electric mobility and recovery from the pandemic's effects.

India Electric Vehicle (EV) Component Market – By Vehicle Type

By vehicle type, the India electric vehicle (EV) component market is divided into Two-Wheelers, Three-Wheelers, Passenger Cars, and Commercial Vehicles segments. The three-wheelers segment holds the highest share in the India electric vehicle (EV) component market by vehicle type. It is primarily driven by the extensive adoption of electric three-wheelers in urban and semi-urban areas. The rise of electric rickshaws and cargo carriers as sustainable transportation solutions, along with government incentives and supportive policies, has significantly boosted the demand for electric three-wheelers. Their affordability, efficiency, and eco-friendliness make them a preferred choice for last-mile connectivity, contributing to the segment's robust growth and leading position in the Indian electric vehicle (EV) component market. The three-wheeler segment includes e-rickshaw, e-auto, and retrofitted rickshaw. The e-rickshaw subsegment is expected to witness the fastest growth rate during the forecast period. It can be attributed to the eco-friendly and cost-effective nature, making it a preferred choice for urban transportation, especially in densely populated areas. Government incentives further boost its dominance. Notably, Tripura is expected to experience the most rapid growth in the electric vehicle (EV) component market for three-wheelers due to the increasing number of e-rickshaws in operation, resulting in heightened demand for components from both OEMs and aftermarket companies.

Competitive Landscape

Major players operating in the India electric vehicle (EV) component market include Exide Industries Ltd, Amara Raja Batteries Ltd, Eastman Auto & Power Ltd, Okaya Power Pvt Ltd, Panasonic Corp., Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd (CATL), CY International, and DENSO CORP. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the India Electric Vehicle (EV) Component Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Electric Vehicle (EV) Component Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Electric Vehicle (EV) Component Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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