Automotive industry expansion, growing research and technological advancement in electrical vehicles further aid the growth of the India battery market in the upcoming five years. India has one of the largest automobile markets in the world. The rising population of the country and growing demands for the ownership of vehicles is also expected to add the growth of the India battery market.
Total electric vehicle (EV) retails reached 4,29,217 units in 2021-22, a rise of three-fold from 1,34,821 units in the financial year 2020-21 according to the industrial records. Total EV sales stood at 1,68,300 units in 2019-20. Consistent increasing sales of electric vehicle is anticipated to further support the growth of the India battery market in the forecast years.
Electric vehicles are often battery-powered and are eco-friendly & economical. Growing construction of electric vehicle battery charging infrastructure, and investments from the government toward the sector also facilitate the growth of the Indian battery market in the next five years.
Growing Demand For EV Facilitates Market Growth
Growth in the demand for batteries are highly dependent on the growing demand for electric vehicles in the country. Rising pollution due to use of combustible fuels in traditional automotive along with the exhaust of the toxic gases in the environment has influenced the promotion of electric vehicles (EV) among the population. In fact, the government is actively supporting the productions of electric vehicle and hybrid vehicles.
In India, more than 3 million fossil fuel-powered passenger vehicles are sold annually, and a few automakers, including Mahindra & Mahindra Ltd, Tata Motors Ltd, and Ashok Leyland Ltd are the domestic market leaders in the industry. Increasing demands for the battery powered e-rikshaw and commercial vehicles also facilitates the growth of the India battery market in the future five years. Small commercial vehicles and passenger carrying e-rikshaws have established their industrial demands.
Competitive Landscape
- Exide Industries Ltd
- Luminous Power Technologies Pvt. Ltd.
- HBL Power Systems Ltd
- TATA AutoComp GY Batteries Pvt. Ltd.
- Okaya Power Pvt. Ltd.
- Amara Raja Batteries Ltd.
- Su-Kam Power Systems Ltd.
- Base Corporation Ltd.
- Southern Batteries Pvt Ltd.
- Evolute Solutions Pvt. Ltd.
