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India Batteries Market Trends

  • 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.