Report Overview

India Electric Vehicle Battery Market- Industry Trends & Forecast Report 2028

India electric vehicle battery market is anticipated to grow at a CAGR of 28.5% during the forecast period (2022-2028). The country’s electric vehicle battery market is gaining significant traction because of the increasing demand and expanding production of electric vehicles in the country, along with various technological advancements in EV batteries to improve their efficiency and range. Additionally, favorable government policies and regulations for reducing pollution are expected to fuel the India electric vehicle battery market growth during the forecast period.

Electric Vehicle Battery- A Brief Overview

An electric vehicle battery is used to power electric motors of vehicles that run on battery or hybrid technology. The electric charge stored in batteries is measured in ampere-hours and its total energy is measured in kilowatt-hours. Electric vehicle batteries are usually rechargeable. Some of the most common battery types are lithium-ion and lithium-polymer, lead-acid, nickel-metal hydride, etc. As a result of the high cost of materials such as lithium, manganese, cobalt, etc., electric vehicle batteries are expensive to produce. Thus, electric vehicle batteries in India are considered expensive in a price-sensitive market like India.

India Electric Vehicle Battery Market Forecast and Trends

Growth Drivers

Increasing Demand for Electric Vehicles

India is emerging as a leading market for electric vehicles. The demand for electric vehicles for both private and commercial purposes is anticipated to surge during the forecast period due to the volatile price of fuel. According to a report by The Economic Times, the demand for electric vehicles for commercial use is projected to surge by 15 times in the coming months. Additionally, the flourishing e-commerce sector along with various initiatives by central and state governments is projected to propel the market demand for electric vehicles, contributing to the growth of the India electric vehicle battery market.

Expanding Electric Vehicle Battery Production

India is highly dependent on Chinese importers for the supply of lithium-ion batteries, which creates its shortage in the domestic market. Therefore, local electric vehicle battery manufacturers are increasingly investing in expanding their manufacturing capacities to make the country self-reliant. For instance, Exide Industries recently announced its plans to establish a lithium-ion assembly factory in Gujarat by 2022. Other companies, such as Tata Motors, Mahindra, etc., are also recycling batteries to boost the market supply of EV batteries, which is projected to drive its market growth.

Restraints

Electric Vehicle Batteries Face a Huge Demand and Supply Gap

The production of electric vehicles is surging at a high rate. However, the supply of electric vehicle batteries is proving to be insufficient with the electric vehicle manufacturing operations. This is creating a huge demand and supply gap in the market, sabotaging market growth. Furthermore, the shortage of lithium-ion batteries in China and restrictions on shipping routes hinder the supply of EV batteries, impairing the overall market growth.

Impact of COVID-19 on India Electric Vehicle Battery Market

India electric vehicle battery market was negatively impacted by the sudden COVID-19 pandemic outbreak in the country. With the surging number of COVID-19 cases and overwhelming healthcare system, the authorities had to impose complete lockdown to mitigate the virus spread. As a result, the manufacturing and production activities of both electric vehicles as well as EV batteries were temporarily halted, incurring huge losses to the market. The COVID-19 pandemic will, however, provide lucrative growth opportunities for India's electric vehicle battery market due to the growing awareness of environmental protection.

India Electric Vehicle Battery Market - By Battery Type

Based on battery types, India electric vehicle battery market is segmented into lithium-ion, lead-acid, nickel-metal hydride, solid-state, and others. The lithium-ion battery type accounts for the largest market share because of its higher power density as well as lower cost compared to its counterparts. Furthermore, lithium is the lightest of all metals and has great electrochemical potential, which helps in keeping the weight of the vehicle moderate. That is why, most electric vehicle manufacturers opt for lithium-ion battery type, which drives its market growth.

India Electric Vehicle Battery Market - By Propulsion Type

Based on propulsion types, India electric vehicle battery market is segmented into battery electric vehicles, hybrid electric vehicles, plug-hybrid electric vehicles, and fuel cell electric vehicles. The battery-electric vehicles segment holds the largest market share and is also projected to witness the highest CAGR during the forecast period. Moreover, the volatile prices of fuel in India act as a major driver for the demand for battery electric vehicles in the country. As a result, the manufacturers are also expanding their production capacities to meet the growing domestic demand, which is anticipated to propel market growth in the forecast period.

India Electric Vehicle Battery Market - Regional Insights

Geographically, India electric vehicle battery market is segmented into North India, South India, East India, and West India. North India dominated the India electric vehicle battery market in 2021 because of the increasing number of electric auto-rickshaws in this region. According to the Down To Earth Organization, the number of unregistered electric rickshaws is increasing at a high rate around the country. Delhi alone has more than 1 lakh e-rickshaws among which only 5,891 are registered. Moreover, the increasing penetration of e-rickshaws in small towns of North India as a mode of transportation is anticipated to drive the electric vehicle battery market growth during the forecast period.

India Electric Vehicle Battery Market-Competitive Landscape

The leading market players in the India electric vehicle battery market are Amara Raja Batteries Limited, Toshiba India Pvt. Ltd., Tata AutoComp GY Batteries Private Limited, Exide Industries Ltd, Samsung SDI Company Limited, Hero Electric Vehicles Pvt. Ltd., Panasonic India Private Limited, Okaya Power Pvt. Ltd., Exicom Tele-Systems Limited, Maruti Suzuki, and other prominent players.

The market is highly consolidated and competitive due to the presence of leading electric vehicle battery manufacturers. Moreover, the companies launch a wide range of products to cater to the needs of various vehicle types to diversify their consumer base. They also significantly invest in research and development activities to improve their battery efficiency and bring technological advancements into their products to gain a competitive edge. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Developments

• In April 2021, Epsilon Advanced Materials Pvt., set up by Vikram Handa, became India’s first manufacturer of lithium-ion battery parts in Karnataka with the investment of Rs. 60 billion (USD 807 million). This initiative aims to decreased dependence on China.

Scope of the Report:

By Battery Type

• Lithium-Ion

• Lead-Acid

• Nickel-Metal Hydride

• Solid-State

• Others

By Propulsion Type

• Battery Electric Vehicles

• Hybrid Electric Vehicles

• Plug-Hybrid Electric Vehicles

• Fuel Cell Electric Vehicles

By Vehicle Type

• Passenger Cars

• Auto-Rickshaws

• Vans/Light Trucks

• Medium & Heavy Trucks

• Buses

• Off-Highway Vehicles

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Increasing Demand for Electric Vehicles
         2. High Concentration of EV Manufacturers
      2. Market Restraints
         1. Huge Demand and Supply Gap for Electric Vehicle Batteries
      3. Market Challenges
         1. Negative Impact of the COVID-19 Pandemic
      4. Market Opportunity
         1. Development of Public Transport
         2. Expanding Electric Vehicle Battery Production
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. India Electric Vehicle Battery Market Overview
   1. Market Size & Forecast by Value, 2018-2028
   2. Market Size and Forecast, By Segment
      1. By Battery Type
         1. Lithium-Ion
         2. Lead-Acid
         3. Nickel-Metal Hydride
         4. Solid-State
         5. Others
      2. By Propulsion Type
         1. Battery Electric Vehicles
         2. Hybrid Electric Vehicles
         3. Plug-Hybrid Electric Vehicles
         4. Fuel Cell Electric Vehicles
      3. By Vehicle Type
         1. Passenger Cars
         2. Auto-Rickshaws
         3. Vans/Light Trucks
         4. Medium & Heavy Trucks
         5. Buses
         6. Off-Highway Vehicles
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis (2021)
   3. Competitive Benchmarking by Operating Parameters
7. Impact of COVID-19 on India Electric Vehicle Battery Market
8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Amar Raja Batteries Limited
   2. Toshiba India Pvt. Ltd.
   3. Tata AutoComp GY Batteries Private Limited
   4. Exide Industries Ltd
   5. Samsung SDI Company Limited
   6. Hero Electric Vehicles Pvt. Ltd.
   7. Panasonic India Private Limited
   8. Okaya Power Pvt. Ltd.
   9. Exicom Tele-Systems Limited
   10. Maruti Suzuki
   11. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1: India Electric Vehicle Battery Market Segmentation

Figure 2: India Electric Vehicle Battery Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2021

Figure 4: India Electric Vehicle Battery Market Size, By Value (USD Million), 2018-2028

Figure 5: India Electric Vehicle Battery Market Share (%), By Battery Type, By Value, 2018-2028

Figure 6: India Electric Vehicle Battery Market Share (%), By Propulsion Type, By Value, 2018-2028

Figure 7: India Electric Vehicle Battery Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 8: India Electric Vehicle Battery Market Share (%), By Region, By Value, 2018-2028

List of Tables

Table 1: India Electric Vehicle Battery Market Size, By Battery Type, By Value, (USD Million), 2018-2028

Table 2: India Electric Vehicle Battery Market Size, By Propulsion Type, By Value, (USD Million), 2018-2028

Table 3: India Electric Vehicle Battery Market Size, By Vehicle Type, By Value, (USD Million), 2018-2028

Table 4: India Electric Vehicle Battery Market Size, By Region, By Value (USD Million), 2018-2028

Table 5: Amar Raja Batteries Limited Financial Analysis

Table 6: Amar Raja Batteries Limited Business Overview

Table 7: Panasonic India Private Limited Financial Analysis

Table 8: Panasonic India Private Limited Business Overview

Table 9: Tata AutoComp GY Batteries Private Limited Financial Analysis

Table 10: Tata AutoComp GY Batteries Private Limited Business Overview

Table 11: Exide Industries Ltd Financial Analysis

Table 12: Exide Industries Ltd Business Overview

Table 13: Samsung SDI Company Limited Financial Analysis

Table 14: Samsung SDI Company Limited Business Overview

Table 15: Hero Electric Vehicles Pvt. Ltd. Financial Analysis

Table 16: Hero Electric Vehicles Pvt. Ltd. Business Overview

Table 17: Toshiba India Pvt. Ltd. Financial Analysis

Table 18: Toshiba India Pvt. Ltd. Business Overview

Table 19: Okaya Power Pvt. Ltd. Financial Analysis

Table 20: Okaya Power Pvt. Ltd. Business Overview

Table 21: Exicom Tele-Systems Limited Financial Analysis

Table 22: Exicom Tele-Systems Limited Business Overview

Table 23: Maruti Suzuki Financial Analysis

Table 24: Maruti Suzuki Business Overview