India EV and Components Market Overview Report 2021-30

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The EV Market in India has been witnessing one of the fastest recoveries in 2021 from the pandemic induced slowdown in 2020. In 2021 the annual sales of EVs in India reached 4,67,000+ units.
While 2 wheelers have been leading the sales quantum in India, with 50% of the total market share. Besides, promising growth has been observed in the other segments of EVs. The EV policy in the country is supportive to drive EV demand; the Financial Budget 2022 focuses on the creation of special EV mobility zones, creation of EV Battery swapping policy. From the supply side, the Government of India has been taking active steps to domesticate supply and reduce reliance on imports. As such 3 Production Linked Incentive schemes were announced- for automobiles and auto components, for Advanced Chemistry Cell battery manufacturing, and for semi-conductors for a total outlay of INR 76,000 Crores.

Protecting Domestic Manufacturers: In order to protect domestic manufacturers and make them cost competitive, along with PLIs the Government has also increased Basic customs duty on battery packs being imported. At present a BCD of 10% is applicable on battery packs and a 5% BCD is applicable on battery cells.

Key Points covered in the report:

Sales trend and market overview by segments
Battery demand analysis by segments
Market share analysis of OEMs across segments
Battery Technology share analysis across segments
Model wise-battery pack size and chemistry across segments
Lithium-ion battery supply chain in India for EVs
Battery pack price trend forecast
Central and State EV policies
Auto Ancillary Market Overview
Developing Motor and Controller Supply Chain in India
Key players across BMS, Motor, Controllers in India
Industry readiness in terms of localization
EV Market Forecast in terms of Unit sales across segments between 2022-2030
Battery Demand Forecast in terms of MWh across segments between 2022-2030
Battery Market Opportunity in terms of INR Crore and Million $

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India Stationary BTM ES & Railway Battery Market 2023-2032

India's Behind-The-Meter (BTM) energy storage market, currently at 33 GWh in 2023, is poised for significant expansion, with projections indicating growth to over 44 GWh by 2032. This upsurge is primarily driven by the demand in the telecom and UPS sectors. Central to this growth narrative is the rising adoption of lithium-ion technology, marking a pivotal shift from traditional lead-acid batteries. Key Trends in the market: BTM Storage market is driven by the power reliability issues faced by the electricity consumers in the country. The majority of the battery applications here are for power backup e.g.: inverters, UPS, Telecom towers, and off-grid solar. Lead acid batteries dominate all the key market segments of BTM. LiB penetration is highest in the telecom sector (up to 60%) presently, it is expected to be the largest contributor till 2032. Other technologies likely to enter this market are Sodium –ion, Vanadium flow, Zinc Bromide and Aluminum Air batteries. The UPS segment is poised for increased demand in Li-ion chemistry driven by the booming data center market. Pushed by a need for low footprint, longer operational life solutions, LiB demand in UPS sector stood at 1500 MW in 2023, with a projected 10% CAGR from 2023 to 2032. The rooftop solar battery market, with 2 GWh of installations, is steadily growing at 7%. There was a trend towards li-ion batteries in 2023, primarily in the C&I segment for niche and tailored applications. Several players are planning to enter lithium battery manufacturing in the country namely Exide Industries, Reliance New Energy, Amararaja, Livguard and others, with capacities ranging from 1 GWh to 20 GWh. This contains both EV and stationary pack suppliers. There are over 30+ notable pack assemblers for li-ion batteries across Gurgaon, Noida, Gujarat, Maharashtra, Delhi, Himachal Pradesh, Tamil Nadu, and Telangana. As the market matures, the adoption of lithium-ion batteries is expected to increase beyond niche applications to more widespread use in commercial, and industrial energy storage systems. This transition is facilitated by the declining cost curve of lithium-ion technology, making it increasingly competitive against traditional storage solutions. Key Battery Suppliers to BTM Applications What is covered in the report? Annual energy storage market demand (GWh) in BTM, railway segment, rural and de-centralised installations and how it has changed from 2022 to 2023. Market forecast (GWh) by applications till 2032 – rooftop solar + storage, telecom tower back up, inverter battery backup, UPS battery backup, energy storage for decentralised and rural electrification, and railway application. Key players and their market shares in lead-acid battery market for BTM application Key players in the lithium-ion and other advanced chemistry battery market for BTM applications. Price -trend of Lithium-ion battery packs till 2032.

Emerging Technology Review(ETR) for E-mobility Edition 2

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India Electric Vehicle Market Overview Report 2023

India Electric Vehicle Market Overview 2022 & 2023 EV sales in India were recorded at 1.3 million for 2022, and are expected to touch 1.7 million units by the end of 2023 according to IESA’s projection as per business-as-usual scenario. EV market in India is expected to witness CAGR of 35% from 2023 to 2032 under business-as-usual scenario. The report covers market estimates and forecasts for India EV market by vehicle segments i.e. E-2 wheeler, E-3 wheeler, E-4 wheeler, E-bus and E-truck in terms of annual unit sales and annual battery demand (GWh). Factors driving EV market in India include: FAME-II subsidy Entry of large number of OEMs Auto components production liked incentive scheme Major push to replace ICE fleet with EVs However, EV market in India is currently facing challenges such as: High cost of EV Lack of public charging infrastructure Requirement of investment for power grid upgradation Absence of subsidy in some segments State governments in India are taking active steps through their respective EV policies to increase EV adoption, providing demand incentives such as subsidy on new EV purchase, road tax exemption, registration fee exemption, and scrapping and retrofit incentives. Incentives and support under state EV policies are centered around manufacturing, charging infrastructure, R&D, battery recycling, employment generation and skill development. For instance, states such as Tamil Nadu, Haryana, Andhra Pradesh and Uttar Pradesh are providing incentives to encourage investment both, EV manufacturing and component manufacturing, while also looking to aid local EV ecosystem in the state. EV Market Overview, 2022 E-2 wheeler segment witnessed EV sales of around 0.8 million in 2022, owing to low cost and increase in subsidy for this segment from June 2021 to May 2023. Under E-3 wheeler category, low-speed E-rickshaws held a dominant share over high-speed E-3 wheelers. However, new players have entered the high-speed E-3 wheeler category, providing more options to end users. E-4 wheeler adoption in India is driven by requirement of personal mobility and taxi fleet operators. In 2022, personal mobility dominated with around 87% market share, against 13% for fleet operators. However, sales for fleet operators have jumped four-fold in 2022 over 2021 numbers as attractive total cost of ownership prompted players such as Ola and Uber to begin replacing ICE vehicles with EVs. E-bus segment sales have been driven by subsidy available for the category, specifically for government end-use. Convergence Energy Services Ltd acts as the major tendering agency, and is working to deploy 50,000 E-buses under the National Electric Bus Program. E-truck is one of the newer segments in India, and therefore, sales are lowest compared with other EV segments in 2022, owing to limited product offerings by players and absence of subsidy. In terms of battery chemistries, lead acid is utilized for low-speed E-2 wheelers and low-speed E-rickshaws, while lithium-ion battery chemistries such as LFP and NMC are widely utilized in all other EV segments. Other lithium-ion chemistries such as NCA, LTO and LMO have witnessed limited application, with utilization only by certain specific players. Source: CES Analysis Additional Key Points Covered: India EV Market Drivers EV Market Developments by Segments, 2022-32 EV Battery Demand Forecast by Segment Competitive Landscape Total Cost of Ownership Analysis by EV Segments Central Level Policy & Regulations State EV Policies Who Should Buy the Report: Global EV OEMs EV Commercial Fleet Owner Government Agencies State Transport Utilities Financial Institution & Investors

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Published: 19th Apr 2022

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