TL;DR
India's EV component market is forecast to grow eightfold from ₹41,000 crore in 2025 to ₹3.55 lakh crore by 2032, driven by battery packs, motors, and power electronics.
India's electric vehicle (EV) components market is projected to experience an eightfold expansion, growing from ₹41,000 crore in 2025 to an estimated ₹3.55 lakh crore by 2032. This substantial growth, representing a compound annual growth rate (CAGR) of 38% between 2025 and 2032, is significantly higher than global averages.
A report from the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES) indicates that battery packs, motors, and power electronics will be the primary drivers of this unprecedented growth in the domestic EV supply chain. While battery packs and inverters currently remain the most import-dependent segments, there's a trend towards faster localization for motors and battery management systems (BMS) due to their software-driven nature and lower capital intensity.
