India EV Batteries Market Trends India Electric Vehicle (EV) Market Growing
Growing demand for electric vehicles (EVs) in India is set to drive the battery market.
The Indian government aims to achieve 30% EV adoption by 2030, focusing on electrifying two-wheelers, three-wheelers, and commercial vehicles.
Domestic automakers like Mahindra & Mahindra, Tata Motors, and Ashok Leyland are producing EVs, while international companies like Hyundai and Suzuki are also entering the Indian market.
The market is expected to be dominated by electric passenger vehicles, particularly e-rickshaws and privately-owned three-wheeler taxis, with a projected growth of over 20% in the forecast period.
As of December 2022, India had over 1.8 million EVs, with three-wheelers accounting for more than half of the market.
The Indian EV market is rapidly evolving, and it is anticipated that by 2035, the entire automobile market will be electric.
Renault and Nissan have unveiled plans to increase production and R&D activities in India, including the introduction of electric vehicles and transitioning to carbon-neutral manufacturing.
The projected investment of approximately USD 600 million by Renault and Nissan signifies the industry’s commitment to the EV sector in India.
The increasing adoption of EVs and the initiatives undertaken by automakers are expected to drive the growth of the battery market in India during the forecast period.
