September 10th, 2021
India Electric Vehicle Battery Market
The GMI Research speculates that the India Electric Vehicle Battery Market will perceive an expansion in demand over the forecast period. This is because of the elevating apprehension towards the hazardous effect of fuel-based vehicles on environment and the evolution of several government initiatives.
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Introduction of the India Electric Vehicle Battery Market
An electric vehicle consists of an electric traction motor and employs a battery as a power source as an alternative for the internal combustion engine used in gasoline-powered vehicles. In addition, there are two types of battery applied in an electric vehicle Lithium-Ion and Lead Acid batteries. In which lithium-ion batteries use a high power-to-weight ratio, exorbitant energy effectiveness, and performance effectively even during high temperatures. In comparison, lead-acid batteries are extensively used in electric vehicles to increase other battery loads.
Key Players of Market:
· Exide Industries Ltd
· Hero Electric Vehicles Pvt. Ltd.
· Suzuki Corporation.
· Amara Raja Group
· Toshiba Corporation
· Samsung SDI, Panasonic.
· Exicom Power Solutions
· Denso Corporation
· Tata Motors
India Electric Vehicle Battery Market Dynamics
The augmenting apprehension towards the environment and the accelerating number of government initiatives to decrease carbon emission by inciting electric vehicles are the notable factors responsible for the growth of the India Electric Vehicle Battery Market. Also, the increasing investment in technological innovation by key manufacturers to cater to the accelerating market demand is further strengthening the India Electric Vehicle Battery market size. Moreover, the rising raw materials supply, as well as the ongoing reduction in the price of batteries, will pave the way for market growth. Besides this, the cutback in GST rates and the surging subsidies on commercial electric vehicles executed by the Indian government has supplemented the market growth.
Vehicle Segment Drivers
Based on the vehicle, Four-Wheeler, mainly electric cars, is projected to capture the largest market portion over the coming years. The robust demand for electric cars in India as a result of the rising population has fuelled the market growth. Moreover, the government of India is offering subsidies to states to install 5,000 charging stations in cities and on highways across the country which will bolster the India Electric Vehicle Battery market share.
Battery Type Segment Drivers
As per the battery type, Li-ion is expected to dominate the market due to the aggravating number of subsidies introduced by the government and tax benefits offered to produce them under the Modified Special Incentive Package Scheme(M-SIPS). Furthermore, according to the India Electric Vehicle Battery market analysis, the extensive reduction in the price of Li-ion batteries and their remarkable advantages, such as quick charging, insubstantial, small size, and enlarged life span, will allure end-users to choose for vehicles using these batteries instead of other types of batteries. Further, the Li-ion segment is bifurcated into Lithium Nickel, Manganese Cobalt Oxide, Manganese Oxide, and Manganese Oxide.
India Electric Vehicle Battery Market Segmentation:
Segmentation by Battery Type
o Lithium Nickel Manganese Cobalt Oxide
o Lithium Manganese Oxide
o Lithium Iron Phosphate
· Lead Acid
Segmentation by Vehicle Type
· Electric Two-Wheeler
· Electric Three-Wheeler
· Electric Four-Wheeler
Segmentation by Application
· Battery Electric Vehicle
· Plug-in Electric Vehicle
· Hybrid Electric Vehicle
Segmentation by Battery Capacity
· Less than 5 kWh
· Between 5-15 kWh
· Greater than 15 kWh
About GMI Research
The main emphasis of GMI, a market research and consulting enterprise is to offer a complete guidance to the clients to attain an actionable decision. The research organisation offers reports on business acumen to various enterprises. Our team help enterprises to comprehend the approaching opportunities and hindrances. The team of research experts assembles all the material information about different industries by employing internal and external databases in order to understand the effect of share, drivers, size, and other aspects of the market.
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