The Indian electric battery market is mainly driven by the increase in the adoption of the electric battery in electric vehicles. The rise in the demand for fuel-efficient, high-performance, & low-emission vehicles, and stringent government rules & regulations toward vehicle emission is a major factor propelling the Indian electric battery market.
According to a survey by the India Energy Storage Alliance, the EV industry in India is expected to grow at a CAGR of 36% until 2026. Additionally, the EV battery market is expected to grow at a CAGR of 30% during the same time period. The Indian electric commercial vehicles market is mainly driven by the increasing government initiatives to achieve zero carbon emissions.
The electric vehicle industry in India is growing at a faster rate. Electric mobility will contribute to balancing energy demand, energy storage, and environmental sustainability. Unlike internal combustion engines (ICE) vehicles which produce a high amount of greenhouse gases into the environment, EVs produce zero carbon emission.
India became the fourth largest auto market with sales increasing 8.3% year-on-year to 3.99 million units in 2018. It was the seventh-largest manufacturer of commercial vehicles in 2018. India is also a prominent auto exporter and has strong export growth opportunities for the near future.
The Aviation industry is among the major contributors to India’s GDP. In India, the GDP contribution of the aviation sector is nearly $72 billion. In terms of aircraft passengers, India is the fifth-largest market (Domestic and International).