Press Release: April 11, 2020
The India Electric Vehicle Battery market is projected to reach USD 963 million by the end of 2026, growing at a high CAGR of 25.3% during 2019-2026.
The key factors bolstering the growth of the India Electric Vehicle Battery market are 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.
Li-ion segment is further segmented into Lithium Nickel Manganese Cobalt Oxide, Lithium Manganese Oxide, Lithium Manganese Oxide, and others. Lithium Nickel Manganese Cobalt Oxide (NMC) holds the largest market share and expected to grow at the fastest CAGR during the forecast period as it provides higher energy and density, long life cycle, safety, and less charging time at low cost.
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Based on Vehicle, Four-Wheeler segment will lead the market during 2019-2026.
The 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 li-on and lead-acid. Li-ion battery is further segmented into Lithium Nickel Manganese Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, and others. 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.
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Key questions answered in this research report:
• At what pace is the India Electric Vehicle Battery market growing? What will be the growth trend in the future?
• What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
• What are the various application areas, and how they are poised to grow?
• How the penetration of four-wheeler is changing the market and what is driving this change?
• What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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