Advanced battery technology and high demand for transportation sector is expected to drive the demand for India electric vehicle battery market during the forecast period.
According to TechSci Research report, “India Electric Vehicle Battery Market By Battery Type (Lithium-ion, Nickel Metal Hydride Battery, Lead Acid) By Application (BEV, PHEV & FCEV) By Battery Capacity (less than 5 kWh, between 5-15 kWh and greater than 15 kWh) By Company, By Region, Forecast & Opportunities, FY2027”, India electric vehicle battery market is expected to witness steady growth for the next five years. An electric vehicle is an electrically operated motor vehicle which uses battery as power source. Rising consumer awareness for lower carbon footprint contribution and increase in preference to low pollution emitting vehicles is aiding to increase in the market demand. Increasing concerns regarding the adverse effect of changing electric vehicles coupled with high levels of pollution due to presence of industries is increasing the demand for electric vehicles. Electric vehicles run without the need of conventional fuels and require low maintenance which lowers the extra expenses of consumer. Rapid urbanization in search of better job opportunities and to adopt quality living standards coupled with increase in expenditure capacity of consumers is leading to increased demand for electric vehicles and electric vehicles battery market in India. Manufacturers are investing heavily to reduce the size of battery and increase the efficiency and performance of batteries which are expected to bolster the demand for electric vehicle battery market.
Due to the ongoing pandemic COVID-19, lockdown was imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and following the precautionary guidelines. Due to imposition of strict regulations and policies by leading authorities, business had to suffer huge losses. Manufacturing units were shut down and loss of availability of skilled labors led to market decline. Disruption in supply chain led to lower number of units imported or exported and import of raw material also got affected. After the ban on lockdown revoked, electric vehicle battery market is expected to pick up the pace eventually.
However, declining availability of raw material and presence of charging infrastructure are expected to hamper the India electric vehicle battery market growth for the forecast period.
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India electric vehicle battery market is segmented into battery type, application, battery capacity, regional distribution, and company. Based on battery type, market is further divided into lithium-ion, nickel metal hydride battery and lead acid. Lithium-ion segment is expected to hold major market share for the forecast period, FY2023-FY2027. Lithium-ion battery performs efficiently in extreme temperature, high power to weight ratio, fast charging, longer life span are the advantages of using lithium-ion battery in electric vehicle. It is more efficient than its counterparts. Decline in cost of lithium is fueling the high demand for lithium-ion batteries. Increase in incentives and income tax rebates offered by the government to manufacture lithium-ion batteries under the Modified Special Incentive Package Scheme(M-SIPS). Based on application, the market is majorly categorized into BEV, PHEV & FCEV. Battery electric vehicle segment is expected to dominate the market for the next five years due to high demand and presence of wider portfolio than its other counterparts. Continuous launch of battery electric vehicle models to cater the growing demand of consumers is influencing the growth of the segment.
Denso Corporation, Hero Electric Vehicles Pvt. Ltd, Tata Motors Limited, Exide Industries Ltd, Toshiba India, Exicom Tele-Systems Limited, Samsung SDI Co, Amara Raja Group, Panasonic India Pvt Ltd, Minda Industries Limited are the leading players operating in India electric vehicle battery market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several electric vehicle battery manufacturers are coming up with their technologically advanced offerings.
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“Advanced Chemistry Cell (ACC) are new generation advanced technology which is capable to store electric energy either as chemical or electrochemical energy and change back to electric energy according to requirements. National Programme on Advanced Chemistry Cell (ACC) Battery Storage aims to reduce the dependance on import of batteries and promote the manufacturing of batteries in the country. This scheme is aimed to promote green energy along with use of local products such as bauxite and copper which is expected to propel the electric vehicle battery market until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Electric Vehicle Battery Market By Battery Type (Lithium-ion, Nickel Metal Hydride Battery, Lead Acid) By Application (BEV, PHEV & FCEV) By Battery Capacity (less than 5 kWh, between 5-15 kWh and greater than 15 kWh) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India electric vehicle battery market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India electric vehicle battery market.
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