Dublin, Dec. 23, 2024 (GLOBE NEWSWIRE) -- The "EV Battery Pack Market in India" report has been added to ResearchAndMarkets.com's offering.
The market is expected to reach INR 10.78 trillion during the forecast period, expanding at a compound annual growth rate (CAGR) of ~41.02%
The EV battery pack market in India is set to expand significantly between 2024 and 2029, driven by government policies, private investments, and increased demand for electric mobility. Government initiatives like the Production-Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) batteries and state incentives are transforming India into a regional battery manufacturing hub. With electric two- and three-wheelers leading the market, the sector is ripe for growth, technological advancement, and innovation.
Market insights:
India's EV battery market benefits from a growing demand for two- and three-wheeled EVs, which constitute nearly 90-95% of all EV sales in the country. Companies like Ola Electric, Exide Industries, and Amara Raja have started scaling up operations to build gigafactories and increase output for LFP (Lithium-Iron-Phosphate) and NCM (Nickel-Cobalt-Manganese) batteries. The battery recycling sector is also gaining attention, supported by regulations under the Battery Waste Management Rules of 2022. However, supply chain issues, such as the availability of lithium and cobalt, remain a potential hurdle.
Market influencers:
Key influencers shaping the EV battery market include government incentives, supply chain shifts, and advancements in battery chemistry. Government schemes, such as the Electric Mobility Promotion Scheme, offer subsidies to promote the domestic assembly of battery packs, further encouraging two- and three-wheeled EVs.
Technological improvements in battery chemistries, especially with LFP batteries, are becoming critical for cost-effective EVs tailored to Indian consumers. Industry leaders like Log9 Materials and VoltUp are moving towards high-volume production of LFP and NCM cells, optimizing performance for India's climate and vehicle needs. However, India's limited reserves of critical minerals, such as lithium and nickel, require strategic imports and potentially new agreements to ensure consistent supply for manufacturing.
Market Opportunities:
India's EV battery pack market offers substantial opportunities for expansion in local manufacturing, battery recycling, and technology development. Government initiatives like the PLI Scheme and support from state governments, including interest-free loans and tax exemptions, provide favourable conditions for companies to invest in battery pack and cell production.
Battery recycling, a nascent segment in India, presents significant growth potential, with regulations encouraging circularity and efficient use of resources. The surging demand for electric two- and three-wheelers also opens avenues for companies to innovate in battery pack assembly and customization. With rising local demand and export potential, India is positioned to be a significant player in the global EV battery supply chain by 2029.
Key Topics Covered:
Chapter 1: Executive Summary
Chapter 2: Socio-Economic Indicators
Chapter 3: Introduction
3.1. Market Definition and Structure
Chapter 4: Market Overview
4.1. EV Battery Pack Market in India - An Overview
4.2. EV Battery Pack Market in India - Size and Growth Forecast (2023 - 2029e)
4.3. Growing Demand for Iron Phosphate Batteries over Traditional Lithium-Ion Batteries
4.4. State-wise Operational Public EV Charging Stations (as of February 2024)
4.5. Porter's Five Force Analysis
Chapter 5: Market Influencers
5.1. Market Drivers
5.2. Market Challenges
Chapter 6: Market Opportunities
6.1. Market Opportunities
Chapter 7: Government Initiatives
7.1. Key Initiatives by the Government Supporting the EV Battery Pack Market in India
Chapter 8: Competitive Landscape
8.1. Amara Raja Batteries Limited
- Company Information
- Business Description
- Products/Services
- Key People
- Financial Snapshot
- Key Ratios
- Key Financial Performance Indicators
- Key Business Segments
- Key Geographic Segments
8.2. Exide Industries Limited
8.3. HBL Power Systems Limited
8.4. The Tata Power Company Limited
8.5. Reliance Power Limited
8.6. Bharat Power Solutions Private Limited
8.7. Lohum Cleantech Private Limited
8.8. Luminous Power Technologies Private Limited
8.9. Okaya Power Group
8.10. Ola Electric Mobility Private Limited
Chapter 9: Major Start-ups
9.1 Key Start-ups in the EV Battery Pack Market in India
Chapter 10: Recent Developments
For more information about this report visit https://www.researchandmarkets.com/r/rivkzn
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