India Electric Vehicle Battery Market Booming Trends and Forecast Assessment for
Posted by Nikita Manwar on September 29th, 2019
GMI Research has published a new study titled “India Electric Vehicle Battery Market by Battery Type (Lithium-ion, Lead Acid, Nickel-metal Based), , by Vehicle Type (Electric Two-Wheeler, Electric Four-Wheeler, Others), by Application (Battery Electric Vehicle (BEV), Plug-in Electric Vehicle and Hybrid Electric Vehicle (HEV)) – Opportunities and Forecast, 2019-2026”, which orates the future prospects set to strike the India Electric Vehicle Battery Market during the forecast period.
Electric vehicle battery is also called secondary battery or rechargeable battery in automobile industry as rechargeable battery is comply with the aim to reduce carbon emission and meet sustainability due to which they have gained massive popularity. The battery is a container or group of containers which holds electrodes (anode and cathode) and electrolyte to produce electric current using chemical reaction and store that energy to drive the electric vehicle. Various type of batteries is used in electric vehicle such as lithium-ion, lead-acid and nickel-metal based used in an electric vehicle. The lithium-ion battery is widely accepted in electric vehicle due to its unique characteristics such as fast charging, long lifespan, lightweight etc.
Major factors driving the market growth are initiative taken by government to reduce pollution and growing transformation in automotive industry coupled with growing concern of environment and energy security leads the demand of electric vehicle which result increases the demand of electric vehicle battery. For instance, government of India is intended to shift to 100% electric car by 2030. In addition, reduced cost of battery and improved battery performance in electric vehicle such as fast charging, reduced battery degradation etc are propelling the market growth. Additional, growing charging infrastructure and tax exemption for electric vehicle will lead the demand of electric vehicle battery. However, low penetration of electric vehicle in India and availability of alternative fuels like gasoline and biofuel are restraining the market growth.
Various notable players in the market includes Hero Electric Vehicles Pvt. Ltd, Exide Industries Ltd, Amara Raja Group, Suzuki Corporation, Toshiba Corporation, Exicom Power Solutions, Samsung SDI, Panasonic, LG Chem., Tata Motors, Mahindra and Mahindra and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive. For instance, in Apr 2017, Hero Electric signed a partnership with Bosch Electric to achieve better technology and high-speed electric vehicle.
The India electric vehicle battery market has been segmented by battery type, by vehicle type, by application and key geographies. Based on battery type, the market is segmented into Li-on, lead acid and nickel-metal based. Based on vehicle type, the market comprises of electric two-wheeler, electric four-wheeler and others. On the basis of application, market is segment into BEV, plug-n EV and HEV.
The research report “India Electric Vehicle Battery Market” provides in-depth analysis of the India electric scooter and motorcycle market based on battery type, vehicle type, application and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the India electric vehicle battery market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
• By Battery Type
• By Vehicle Type
• By Application
• By Geography
Leading Market Players
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About the AuthorNikita Manwar
Joined: September 10th, 2019
Articles Posted: 80
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