India Electric Battery Market: Size, Share, Trends, Growth, and Forecast

India electric battery statistics:

• The India electric vehicle market size was USD 1.45 billion in 2021 and is projected to grow from USD 3.21 billion in 2022 to USD 113.99 billion in 2029, growing at a CAGR of 66.52% during the 2022-2029 forecast period.
• The India lithium-ion battery market size is estimated at USD 2.48 billion in 2023 and is expected to reach USD 5.49 billion by 2028, growing at a CAGR of 17.21% during the forecast period (2023-2028).
• The India battery cell market is projected to register a CAGR of over 9% during the forecast period (2022-2027).
• In 2020, 1,19,648 new electric vehicles were registered as per data provided by the Ministry of Heavy Industries in India.
• India’s electric car stock grew from 7,000 vehicles in 2017 to 12.74,000 vehicles in 2020, with the market showing a 82% growth rate.
• The market for supplying batteries to e-rickshaws and small privately-owned three-wheeler taxis is expected to grow by about 20% over the next five years.

These statistics show India’s electric vehicle and battery market is growing rapidly. The government of India is also providing incentives to promote the adoption of electric vehicles, which is expected to drive the market’s growth further.

Here are some of the benefits of electric batteries in India:

• Reduced reliance on imported oil: Electric vehicles are more energy-efficient than traditional vehicles, which can help to reduce India’s reliance on imported oil. In 2022, India imported 227 million barrels of crude oil, which cost the country $120 billion. By reducing the number of vehicles that rely on gasoline or diesel, electric vehicles can help to save India money and reduce its environmental impact.
• Improved air quality: Electric vehicles produce zero emissions, which can help to improve air quality in India. According to the World Health Organization, air pollution is responsible for 1.67 million deaths in India each year. By reducing the number of vehicles that emit pollutants, electric vehicles can help to improve the health of millions of Indians.
• Job creation: The production of electric batteries creates jobs and contributes to developing the country’s manufacturing sector. In 2022, the electric battery market in India employed over 100,000 people. As the market grows, it is expected to create even more jobs in the coming years.
• Economic growth: Adopting electric vehicles can boost economic growth in India. The government of India has set a target of having 30% of all new vehicles sold in India to be electric by 2030. If this target is met, it could create over 1 million new jobs and add $150 billion to the Indian economy.

These are just some of the benefits of electric batteries in India. As the market continues to grow, it is expected to bring even more benefits to the country.

Some statistics support these benefits:

• The government of India estimates electric vehicles could save the country $60 billion per year in fuel costs.
• A study by the Rocky Mountain Institute found that electric vehicles could reduce air pollution in India by up to 30%.
• The International Energy Agency estimates that the electric battery market in India could create over 1 million new jobs by 2030.

Here are some of the key drivers of the growth of the electric battery market in India:

• Rising demand for electric vehicles
• Favourable government policies
• Increasing investment in the battery manufacturing sector
• Growing awareness about the environmental benefits of electric vehicles

Below are few companies that make electric batteries in India:

• Exide Industries: Exide Industries is one of the largest battery manufacturers in India. Exide is in the battery business for over 100 years and has a wide range of products, including lead-acid batteries, lithium-ion batteries, and nickel-metal hydride batteries.
   
• Amara Raja Batteries: Amara Raja Batteries is another leading manufacturer in India. The company strongly focuses on the electric vehicle market and has developed a range of lithium-ion batteries for electric cars, buses, and scooters.
   
• Luminous Power Technologies: Luminous Power Technologies is a significant player in India’s solar power and UPS (uninterruptible power supply) markets. The company is expanding their presence in the electric vehicle market and has developed a range of lithium-ion batteries for electric vehicles.
   
• Mahindra Electric Mobility: Mahindra Electric Mobility is a subsidiary of Mahindra & Mahindra, one of India’s largest automotive companies. Mahindra is India’s leading electric vehicle manufacturer and has an in-house battery manufacturing facility.
   
• Olectra Greentech: Olectra Greentech is a leading manufacturer of electric buses in India. They strongly focus on developing lithium-ion batteries for electric buses and have partnered with some of the leading battery manufacturers in the world.
   
• Tata AutoComp Systems: Tata AutoComp Systems is a subsidiary of Tata Motors, one of India’s largest automotive companies. They are a leading manufacturer of automotive components in India and have been developing lithium-ion batteries for electric vehicles.

Conclusion

The electric battery market in India is expected to continue to grow in the coming years. The increasing demand for electric vehicles, favourable government policies, and growing investment in battery manufacturing will drive the market’s growth.

Fortunebusinessinsights and Mordonrintelligence Insightaceanalytic