In 2019, India registered a sale of 447.7 thousand electric three-wheelers, 32.4 thousand two-wheelers, and 2,000 passenger cars. The rising adoption of electric vehicles (EVs) in India is a result of the increasing levels of air pollution, to which the automotive & transportation sector makes a 40% contribution. Alarmed, the Indian government has formed stringent emission control policies, such as banning the sale of non-Bharat-Stage-VI (BS-VI)-compliant internal combustion engine (ICE) vehicles; BS-VI-compliant vehicles are additionally somewhat dearer to the masses.

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As a countermeasure, the government launched the first phase of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) in India scheme in April 2015 with an investment of INR 895 crore and phase II of the FAME India scheme in April 2019 with an investment of INR 10,000 crore, to make EVs more affordable. P&S Intelligence says that the combined effect of these two factors will propel the Indian electric vehicle component market from $536.1 million in 2019 at a high 22.1% CAGR between 2020 and 2030.

With the increase in the production of EVs, the demand for their various components, including the battery, motor, charging kit, high-voltage cables, DC–DC converter, controller, power distribution module (PDM), vehicle interface control module (VCIM), and thermal management system, is rising as well. Moreover, with advancements in the manufacturing technology and producers achieving economies of scale due to mass production, the price of these components is coming down as well. To make EVs cost-competitive with ICE vehicles, decreasing the EV component cost is important, which is why this slump will only make EVs more popular.

Among electric three-wheelers, two-wheelers, commercial vehicles, and passenger cars, the demand for three-wheeler components has been the highest in India. This is because of the burgeoning sales of e-rickshaws in the tier-1 and -2 cities of the country. These vehicles run for more than a hundred kilometers a day, as they are extremely popular among the masses for first- and last-mile transportation. Thus, the components are not only required for manufacturing new e-rickshaws but also as replacements for worn-out parts.

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Major Indian electric vehicle component market players include Exide Industries Ltd., Okaya Power Pvt. Ltd., Amara Raja Batteries Ltd., Panasonic Corp., Sparco Batteries Pvt. Ltd., Eastman Auto & Power Ltd., Robert Bosch GmbH, DENSO CORP., Contemporary Amperex Technology Co. Ltd., and CY International.