TL;DR
India's EV battery market demand is set to skyrocket from 17.7 GWh in 2025 to 256.3 GWh by 2032, driven by electrification, consumer demand, new models, and policy support.
India's electric vehicle (EV) battery market is poised for exponential growth, with demand forecasted to surge from 17.7 GWh in 2025 to a remarkable 256.3 GWh by 2032, according to a recent report by Customized Energy Solutions (CES). This explosive growth signifies a compound annual growth rate (CAGR) of 35 percent over the next seven years.
The surge is primarily fueled by India's aggressive push towards electrification, driven by factors such as rising fuel prices, robust consumer demand for EVs, the rapid introduction of new EV models, and strong supportive government policies. Breakthroughs in battery chemistry, including advancements in next-generation LFP (lithium iron phosphate) and NCM (nickel cobalt manganese) technologies, are central to this revolution, making EVs more affordable, safer, and capable of longer ranges.
The report also highlights the emergence of new technologies like sodium-ion and solid-state batteries, which are expected to cater to diverse vehicle segments, from two-wheelers and three-wheelers to premium passenger cars and commercial fleets. Indian battery manufacturers are actively expanding capacities and diversifying their technological portfolios to meet this escalating demand.
