India’s electric vehicle industry is entering a new phase of rapid expansion, evolving from a policy-led transition into a large-scale industrial ecosystem spanning batteries, motors, power electronics, advanced chemistries, localised manufacturing, and supply chain investments.
Reflecting this shift, India Energy Storage Alliance, in collaboration with Customized Energy Solutions, will launch the “India EV & EV Component Market Outlook 2025–2034” report during the 12th India Energy Storage Week 2026, scheduled from July 8–10, 2026, at Yashobhoomi.
The report comes at a crucial time for the industry, with India’s EV battery demand projected to grow tenfold — from 20 GWh in 2025 to 200 GWh by 2032 — highlighting the accelerating pace of electric mobility adoption across the country.
According to the study, India’s EV opportunity is no longer confined to vehicle production alone. The report suggests that the biggest strategic advantages may emerge from component localisation, domestic manufacturing, and the development of a strong supply chain ecosystem as India positions itself as a global EV manufacturing hub.
The findings are expected to provide key insights into emerging trends, investment opportunities, localisation strategies, and the future trajectory of India’s rapidly expanding EV and battery ecosystem.
Debmalya Sen, President of India Energy Storage Alliance (IESA), said, “With India’s EV market entering an era of unprecedented growth and battery demand projected to rise tenfold by 2032, the industry’s next leap will be driven by localisation, advanced chemistry, and resilient supply chains. The insights we present at IESW 2026 will help set the agenda for India’s leadership in global e-mobility.”
The report further highlights that India’s EV sales crossed 2.5 million units in 2025, including 1.5 million electric two-wheelers and 0.7 million electric three-wheelers. This comprehensive study moves beyond traditional adoption analysis, providing a detailed evaluation of India’s rapidly evolving EV and component manufacturing ecosystem. The report covers a wide spectrum: EV market outlook across segments, battery demand forecasts, battery chemistry evolution, EV component manufacturing trends, supply chain developments, localisation opportunities, competitive benchmarking, and strategic outlook for the industry through 2034.
Vinayak Walimbe, Managing Director of Customized Energy Solutions, added, “The EV market’s evolution from policy to industry is opening new frontiers for component manufacturing and supply chain innovation. This report aims to give all stakeholders, from OEMs to investors, the strategic direction required to capitalise on these emerging opportunities.”
Initial findings indicate the market is approaching an inflexion point. While electric two-wheelers continue to lead volumes, the next phase of growth is expected from passenger electric cars and light commercial fleets. India’s electric four-wheeler market is set for one of the fastest global growth rates, buoyed by improved battery economics, expanding charging infrastructure, wider OEM participation, and growing consumer acceptance. Electrification of commercial mobility is also accelerating, particularly in urban logistics, public transport, and fleet operations, where total cost of ownership (TCO) advantages are increasingly compelling.
The report uncovers significant technology shifts already underway. In battery chemistry, NMC (Nickel Manganese Cobalt) currently dominates the electric two-wheeler segment at a 70% market share, while LFP (Lithium Iron Phosphate) chemistry is rapidly gaining ground in other segments. It further explores the future of LMFP, solid-state, sodium-ion, and other evolving cell technologies through 2032. In motor technology, BLDC motors account for 71% of the two-wheeler market, while PMSM motors have emerged as the preferred technology in electric passenger vehicles with over 90% market share. AC induction motors remain relevant, particularly in electric three-wheelers for commercial use. The study is designed to equip automakers, battery manufacturers, component suppliers, investors, policymakers, utilities, and technology providers with actionable intelligence into India’s evolving EV ecosystem.
India Energy Storage Week 2026 will serve as the industry’s definitive platform for innovation, collaboration, and market intelligence. The event will welcome over 200 exhibitors and more than 10,000 industry leaders from India and abroad, showcasing cutting-edge advances in e-mobility, battery manufacturing, recycling, stationary storage, and green hydrogen. IESW 2026 will foster new partnerships and highlight India’s ambition to be a global leader in clean transport and advanced manufacturing.
