India Electric Vehicle Battery Market 2022: Size, Share, Trends, Growth, Analysis and Forecast 2027
According to the latest report by IMARC Group, titled “Electric Vehicle Battery Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India electric vehicle battery market is expected to exhibit a CAGR of 27.12% during 2022-2027.
An electric vehicle (EV) battery represents an energy storage device that is generally installed in plug-in hybrid electric vehicles, battery electric vehicles (BEV), and hybrid electric vehicles (HEV). Some of the common product variants include lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries, etc. EV batteries offer various benefits, such as a high power-to-weight ratio, noise-free travel experience, zero carbon emissions, low maintenance expenses, cost-effectiveness, etc. In line with this, they also assist in producing high energy per unit mass and mitigating fuel dependency. Consequently, electric vehicles are gaining traction over conventional gasoline-powered automobiles across India.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing consumer concerns towards the harmful impact of fuel-based vehicles on the environment are primarily driving the India electric vehicle battery market. Additionally, the development of numerous customizable options for EV batteries that are used in trucks, busses, loaders, excavators, vans, etc., is propelling the product demand across several sectors, such as logistics, construction, transportation, mining, etc. Besides this, the launch of various favorable policies by government bodies for encouraging the adoption of electric vehicles to reduce carbon emissions is further augmenting the market growth. Moreover, the inflating need for electrification of public transport fleets in this country is acting as another significant growth-inducing factor. Apart from this, the rising number of car rental services, such as Ola, Uber, Meru, etc., is anticipated to fuel the India electric vehicle battery market over the forecasted period.
Breakup by Battery Type:
Lithium-Ion Battery
Nickel-Metal Hydride Battery
Lead-Acid Battery
Others
Breakup by Propulsion Type:
Battery Electric Vehicles
Plug-in Hybrid Electric Vehicles
Hybrid Electric Vehicles
Breakup by Vehicle Type:
Passenger Car
Commercial Vehicle
Two-Wheeler
Breakup by Region:
North India
West and Central India
South India
East India
Competitive Landscape with Key Player:
Amar Raja Batteries Limited
Exicom Tele-Systems Limited
Exide Industries Ltd
Hero Electric Vehicles Pvt. Ltd
Okaya Power Pvt. Ltd
Panasonic India Private Limited (Panasonic Corporation)
Samsung SDI Company Limited (Samsung SDI Co., Ltd.)
Tata AutoComp GY Batteries Private Limited
Tata Motors Limited
Toshiba India Pvt. Ltd
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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