India electric vehicle battery market is estimated to grow at a CAGR of over 8.0% during the forecast period. The rising sales of electric vehicles in the country is a major factor that is driving the growth of electric vehicles battery market in the country. The rise in initiatives taken by the various government organization such as ISRO and Indian Oil Corp. Ltd. are further augmenting the growth of electric vehicles batteries industry in the country. For instance, in August 2019, state-run oil refiner Indian Oil Corp. Ltd. announced to set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles in partnership with an overseas start-up using a non-lithium ion raw material.
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The India electric vehicle market is segmented on the basis of battery type vehicle type, and propulsion technology. Based on the Battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type Li-ion is anticipated to hold a considerable market share during the forecast period. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle.
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India Electric Vehicle Battery Market Segmentation
By Battery Type
By Vehicle Type
• Commercial Vehicles
• Passenger Cars
By Propulsion Technology
• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicle
• Amara Raja Group
• EON Electric Ltd.
• Exide Industries Ltd
• HBL Power Systems Ltd.
• Hitachi, Ltd.
• Indian Oil Corp. Ltd.
• NEC Corp.
• Panasonic Corp.
• Samsung SDI Co., Ltd.
• Tata Group
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