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India EV Battery Pack Market Size

The India EV Battery Pack Market is projected to experience significant growth, driven by the increasing adoption of electric vehicles aimed at enhancing energy efficiency and reducing emissions. Government initiatives, heightened awareness, and the advantages of electric vehicles over traditional ones are propelling consumer investment in this sector. This surge in demand is particularly notable for lithium-ion batteries used in battery electric vehicles, which are favored over plug-in hybrids due to the broader range of electric vehicle options available. Despite the higher costs associated with plug-in hybrid technology, companies are actively introducing new products in this category, which is anticipated to further stimulate the electric vehicle and battery markets in India.

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Market Size of india ev battery pack Industry

India EV Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 0.3 Billion
svg icon Market Size (2029) USD 4.06 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 68.21 %
svg icon Fastest Growing by Propulsion Type BEV
svg icon Market Concentration Medium

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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India EV Battery Pack Market Analysis

The India EV Battery Pack Market size is estimated at 0.3 billion USD in 2024, and is expected to reach 4.06 billion USD by 2029, growing at a CAGR of 68.21% during the forecast period (2024-2029).

0.3 Billion

Market Size in 2024 (USD)

4.06 Billion

Market Size in 2029 (USD)

128.52 %

CAGR (2022-2023)

68.21 %

CAGR (2024-2029)

Largest Segment by Body Type

88.81 %

value share, Passenger Car, 2023

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Electric cars is the largest by body type, due to the lauch of affordable EVs, incentives like tax breaks, the benefit of EVs over old vehicles, and stringent norms.

Largest Segment by Propulsion Type

99.89 %

value share, BEV, 2023

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BEVs have the strongest global EV sales growth due to their affordability, low maintenance, zero emissions, and no fuel costs compared to PHEV's

Largest Segment by Battery Chemistry

86.13 %

value share, LFP, 2023

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LFP batteries are the most popular because to their low cost, extended range, durability, and Chinese manufacturing (majority of the batteries are imported).

Largest Segment by Battery Form

99.05 %

value share, Prismatic, 2023

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Due to their low cost, great safety, and high density per volume, prismatic cells are the most common battery form in EVs across India.

Leading Market Player

82.57 %

market share, Tata Autocomp Systems Ltd., 2022

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Tata AutoComp Systems Ltd. dominates India's electric vehicle battery pack industry due to its domestic battery manufacture, affordable EVs, and extensive sales network.

Government policies, environmental awareness, and cost advantages over plug-in hybrids are expected to boost the electric vehicle battery industry in India

  • Electric vehicles have become an essential part of the automotive industry, as they aim to improve energy efficiency and decrease emissions of pollutants and other greenhouse gases. Stringent emission norms by the government, awareness regarding electric vehicles, the benefits of EVs over conventional vehicles, and government subsidies further encourage customers to invest in electric vehicles. As a result, the demand for lithium-ion batteries is also increasing for various types of batteries, such as battery electric vehicles and plug-in hybrid electric vehicles in India.
  • The demand for battery electric vehicles is higher compared to plug-in hybrid electric vehicles due to more options available for electric vehicles. As a result, the demand for large batteries used in pure electric vehicles is high compared to those used in plug-in electric vehicles. Plug-in hybrid technology is costly and is not easily affordable for everyone in the country. As a result, lithium-ion batteries used in pure electric vehicles have grown in India.
  • The rising demand for battery electric vehicles is also growing, along with the need for lithium-ion batteries. However, various companies are launching new products in the plug-in hybrid category. In January 2023, at the auto expo, MG unveiled its plug-in hybrid electric car, eHS, which will be launched in India in the near future. Launching new products is expected to boost the electric vehicle and battery industry in India between 2024 and 2029.
India EV Battery Pack Market

India EV Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type.

  • Electric vehicles have become an essential part of the automotive industry, as they aim to improve energy efficiency and decrease emissions of pollutants and other greenhouse gases. Stringent emission norms by the government, awareness regarding electric vehicles, the benefits of EVs over conventional vehicles, and government subsidies further encourage customers to invest in electric vehicles. As a result, the demand for lithium-ion batteries is also increasing for various types of batteries, such as battery electric vehicles and plug-in hybrid electric vehicles in India.
  • The demand for battery electric vehicles is higher compared to plug-in hybrid electric vehicles due to more options available for electric vehicles. As a result, the demand for large batteries used in pure electric vehicles is high compared to those used in plug-in electric vehicles. Plug-in hybrid technology is costly and is not easily affordable for everyone in the country. As a result, lithium-ion batteries used in pure electric vehicles have grown in India.
  • The rising demand for battery electric vehicles is also growing, along with the need for lithium-ion batteries. However, various companies are launching new products in the plug-in hybrid category. In January 2023, at the auto expo, MG unveiled its plug-in hybrid electric car, eHS, which will be launched in India in the near future. Launching new products is expected to boost the electric vehicle and battery industry in India between 2024 and 2029.
Body Type
Bus
LCV
M&HDT
Passenger Car
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCM
NMC
Others
Capacity
15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form
Cylindrical
Pouch
Prismatic
Method
Laser
Wire
Component
Anode
Cathode
Electrolyte
Separator
Material Type
Cobalt
Lithium
Manganese
Natural Graphite
Nickel
Other Materials
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India EV Battery Pack Market Size Summary

The Indian EV battery pack market is experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs) as part of the broader automotive industry's shift towards improved energy efficiency and reduced emissions. Government initiatives, such as stringent emission norms and subsidies, are encouraging consumers to invest in EVs, thereby boosting the demand for lithium-ion batteries. The market is predominantly focused on battery electric vehicles, which are preferred over plug-in hybrid electric vehicles due to the availability of more options and cost considerations. The introduction of new products, such as MG's plug-in hybrid electric car, is expected to further stimulate the market. The Indian EV market is still in its nascent stages, with a few major players like Tata Motors, Toyota Group, MG, Hyundai, and BYD dominating the landscape.

The demand for electric compact SUVs is on the rise, as consumers seek economical and adventurous options in the EV segment. Tata Nexon EV and Toyota's Urban Cruiser Hyryder are examples of popular models that have seen good sales, reflecting the growing consumer interest in electric SUVs. The market is moderately consolidated, with key players like Contemporary Amperex Technology Co. Ltd. (CATL), Denso Corporation, LG Energy Solution Ltd., Panasonic Holdings Corporation, and Tata Autocomp Systems Ltd. playing significant roles in the battery pack sector. Recent developments, such as CATL's strategic partnerships and product launches, indicate ongoing innovation and expansion in the market, which is poised for substantial growth in the coming years.

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India EV Battery Pack Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Body Type

      1. 1.1.1 Bus

      2. 1.1.2 LCV

      3. 1.1.3 M&HDT

      4. 1.1.4 Passenger Car

    2. 1.2 Propulsion Type

      1. 1.2.1 BEV

      2. 1.2.2 PHEV

    3. 1.3 Battery Chemistry

      1. 1.3.1 LFP

      2. 1.3.2 NCM

      3. 1.3.3 NMC

      4. 1.3.4 Others

    4. 1.4 Capacity

      1. 1.4.1 15 kWh to 40 kWh

      2. 1.4.2 40 kWh to 80 kWh

      3. 1.4.3 Above 80 kWh

      4. 1.4.4 Less than 15 kWh

    5. 1.5 Battery Form

      1. 1.5.1 Cylindrical

      2. 1.5.2 Pouch

      3. 1.5.3 Prismatic

    6. 1.6 Method

      1. 1.6.1 Laser

      2. 1.6.2 Wire

    7. 1.7 Component

      1. 1.7.1 Anode

      2. 1.7.2 Cathode

      3. 1.7.3 Electrolyte

      4. 1.7.4 Separator

    8. 1.8 Material Type

      1. 1.8.1 Cobalt

      2. 1.8.2 Lithium

      3. 1.8.3 Manganese

      4. 1.8.4 Natural Graphite

      5. 1.8.5 Nickel

      6. 1.8.6 Other Materials

India EV Battery Pack Market Size FAQs

The India EV Battery Pack Market size is expected to reach USD 301.44 million in 2024 and grow at a CAGR of 68.21% to reach USD 4.06 billion by 2029.

In 2024, the India EV Battery Pack Market size is expected to reach USD 301.44 million.

India EV Battery Pack Market Report Snapshots

India EV Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029