TL;DR
A new IESA report predicts India's EV battery demand will increase tenfold to 200 GWh by 2032, highlighting growth in component localization and diversified battery chemistries.
The India Energy Storage Alliance (IESA), in collaboration with Customised Energy Solutions (CES), is set to release its 'India EV and EV Component Market Outlook 2025-2034' report. This comprehensive study projects India's electric vehicle (EV) battery demand to escalate tenfold, from 20 GWh in 2025 to a staggering 200 GWh by 2032.
The report underscores that the EV opportunity in India extends far beyond just vehicle manufacturing. Significant strategic gains are expected in component localization and the development of robust supply chains, positioning India as a global manufacturing hub for EV components. While electric two-wheelers continue to dominate sales volumes, the next wave of growth is anticipated from passenger electric cars and light commercial fleets.
Key technological shifts are already underway in battery chemistry, with NMC (Nickel Manganese Cobalt) currently holding a 70 percent market share in the electric two-wheeler segment. However, LFP (Lithium Iron Phosphate) chemistry is rapidly gaining traction in other segments, and the report delves into the future potential of LMFP, solid-state, and sodium-ion technologies through 2032.
