The India Electric Vehicle Battery market is primarily driven by rising environmental concern and government initiative to reduce carbon emission by incentivizing electric vehicles. In addition, increasing innovation in battery technology, rising raw material supply coupled with the reduction in battery prices every year growing is driving the electric vehicles battery market growth. Reduction in GST rate and government subsidy for commercial electric vehicle purchases are also propelling the growth of the electric vehicle battery market.
Based on battery type, Li-ion segment is expected to lead the market during 2019-2026
Li-ion segment dominated the market in 2018 and is projected to witness significant growth rate during the forecast period owing to government subsidy and tax benefits for manufacturing li-ion battery in India under government’s Modified Special Incentive Package Scheme(M-SIPS) along with the continuous reduction in Li-ion battery prices. Moreover, due to features such as fast charging, lightweight, compact size, and longer life span, the li-ion battery is more suitable in an electric two-wheeler, and four-wheeler will further drive the electric vehicle battery market in India.
Based on Vehicle, Four-Wheeler segment will lead the market during 2019-2026.
Four-wheeler segment is expected to grow at the highest CAGR during the forecast period owing to the growth of electric cars in the coming years. The government is planning to provide subsidy to states to set up 5,000 charging stations in cities and on highways across the country will further boost the demand of Electric four-wheelers, which will drive the demand for electric vehicle battery packs.
In terms of Application, Battery Electric Vehicle (BEV) segment is expected to grow at the fastest CAGR during the forecast period 2019-2026
Battery Electric Vehicle (BEV) segment holds the largest market share in 2018 and is expected to grow at the fastest CAGR during the forecast period as a share of BEV is expected to increase owing to a rise in the number of BEV models launches.
Based on Battery Capacity, Greater than 15 kWh segment is expected to grow at the fastest CAGR during the forecast period 2019-2026
Greater than 15 kWh battery capacity segment is expected to grow at the fastest CAGR during the forecast period due to the growing demand for high range electric vehicles along with demand for high speed.
The India Electric Vehicle Battery market has been segmented based on battery type, vehicle type, battery capacity, and application. Based on the battery type, the India Electric Vehicle Battery market has been segmented into Lithium-Ion and lead-acid. Based on the vehicle type, the market has been segmented into two-wheeler, three-wheeler, and four-wheeler. Based on the application, the market has been segmented into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Based on Battery Capacity, the market is segmented into less than 5 kWh, between 5 and 15 kWh and greater than 15 kWh.
Key Market Development:
* In Aug 2019, Amara Raja launched an electric vehicle (EV) charging stations and battery swapping stations in Tirupati, Andhra Pradesh, in collaboration with Tirupati Municipal Corporation (TMC) as part of the Smart Cities program.
* In Jun 2018, Exide Industries announced a joint Venture with Leclanché SA to manufacture Li-ion batteries and energy storage solutions in India. Leclanché will provide its expertise and intellectual property for lithium-ion cells, modules, and battery management systems, and Exide Industries will leverage its extensive sales network and brand.
Market Segmentation
* By Battery Type
Lithium-ion Battery Market
Lead Acid Battery Market
* By Vehicle Type
Electric Two-Wheeler Battery Market
Electric Three-Wheeler Battery Market
Electric Four-Wheeler Battery Market
* By Application
Battery Electric Vehicle
Plug-in Electric Vehicle
Hybrid Electric Vehicle
* By Battery Capacity
Less than 5 kWh Battery Market
Between 5-15 kWh Battery Market
Greater than 15 kWh Battery Market
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