Growth Opportunities in the India electric vehicle battery market look promising over the next six years. The growing number of government initiatives to decrease carbon emission by incentivizing electric vehicles, along with the increasing environmental concerns are key factors driving the growth of the India electric vehicle battery market.
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India Electric Vehicle Battery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major factors propelling the growth of the India electric vehicle battery market include the growing number of government initiatives to decrease carbon emission by incentivizing electric vehicles, along with the increasing environmental concerns. The major top players are investing in technological development to cater to the growing demand for the market during the forecast period. Moreover, the continuous reduction in the cost of batteries, coupled with the significant surge in the supply of raw materials, will further stimulate the growth of the electric vehicle battery market share in terms of revenue in India. The decrease in GST rate, followed by growing subsidies on commercial electric vehicles imposed by the Indian government will further upsurge the demand of the market.
Battery Type Segment Drivers
Based on the battery type, the Li-ion segment is projected to dominate the market over the forecast period due to the rising number of subsidies introduced by the government and numerous tax benefits offered to the Li-ion batteries manufacturers under the Modified Special Incentive Package Scheme(M-SIPS). In addition to this, the decrease in the cost of li-ion batteries and the several benefits provided by the li-lion batteries, including it is light in weight, fast charging, longer life span, and compact size, will attract a large number of end-users to opt for vehicles using these batteries instead of other types of batteries. The Li-ion segment is further bifurcated into Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Manganese Oxide, and others. The Lithium Nickel Manganese Cobalt Oxide (NMC) is expected to increase at a faster CAGR in the market owing to its remarkable benefits like increased density and energy, safety, long life cycle, and reduced charging time at low cost.
India Electric Vehicle Battery Market’s leading Manufacturers:
- Hero Electric Vehicles Pvt. Ltd.
- Exide Industries Ltd
- Amara Raja Group
- Suzuki Corporation.
- Toshiba Corporation
- Exicom Power Solutions
- Samsung SDI, Panasonic.
- Denso Corporation
- Tata Motors
India Electric Vehicle Battery Market Segmentation:
Segmentation by Battery Type:
- Lithium-ion
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Iron Phosphate
- Others
- 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
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