India’s battery market is attracting significant investment due to supportive government policies encouraging the manufacturing sector.
The country’s automotive market is one of the largest globally, with 2022 passenger vehicle production reaching 25,931,867 units and commercial vehicle production at 1,035,626 units.
The two-wheeler segment dominates the automotive market, driven by a growing middle class and a youthful population.
Branded batteries with warranties are offered by organized companies, while unorganized companies sell recycled batteries without warranties at a discounted rate of 30-35% compared to branded ones.
Maruti Suzuki India, the largest automaker in the country, achieved record wholesales of 1,966,164 units in 2022-23, representing a 19% increase from the previous year.
The automotive sector is expected to experience significant growth due to a rising population and accessible financing options.
Electric vehicle (EV) sales are set to support the automotive segment’s growth.
The positive outlook for the automotive sector is expected to drive the growth of the battery market in India during the forecast period.