Indian EV Battery Market to Hit USD 27.70 Billion by 2028

“The global electric passenger car market is expected to reach about 21 million units by the end of 2025,” said Prajyot Sathe, Research Director, Mobility – Electric Vehicles, Frost & Sullivan.

“In comparison, India’s passenger EV market, which closed at nearly 99,000 units in 2024, is projected to grow to around 140,000 units in 2025—almost entirely battery electric. By 2030, this number could reach 700,000 units, representing 7–8% of total passenger vehicle sales.”

Sathe noted that this growth is being fuelled by "supply chain localization, cross-industry collaborations, and rapid technological advancements," with Tata Motors and Mahindra & Mahindra leading the battery-electric segment, while new entrants like Tesla and VinFast strengthening the premium segment.

Ramnik Singh, Director – India & ASEAN, Gamma Technologies, noted a shift toward technology-agnostic powertrain strategies globally. “While electrification remains central, the future will see a balanced mix of electric, hybrid, and range-extended vehicles,” he said.

“India’s FAME and PLI programs have catalyzed EV adoption and local cell production, but the next priority should be incentivizing recycling—particularly for LFP batteries—to ensure sustainability and economic viability,” Singh said.

Apoorva Bedekar, COO, Cordwood Technologies LLP, called for a stronger focus on developing ‘India-first’ products. “Battery Management Systems (BMS) are becoming crucial across electric vehicles and energy storage systems. Although large-scale ESS units are still being imported in semi-knocked-down formats from China, India is rapidly building its own technology base. Local innovation suited to Indian conditions will be key to long-term self-reliance,” she said.

Rajneesh Khattar, Senior Group Director, Informa Markets in India, highlighted that India’s battery management system market, valued at USD 278 million in 2024, is projected to reach USD 1.22 billion by 2033, growing at a CAGR of 17.9%.

“Through The Battery Show India, we aim to create a powerful platform that connects innovators, policymakers, and global industry leaders to accelerate India’s clean energy and battery ecosystem,” he said.

Informa Markets in India, India’s leading exhibition organizer, will host the 3rd edition of The Battery Show India (TBSI) 2025 alongside Renewable Energy India (REI) from October 30 to November 1, at the India Expo Centre & Mart (IEML), Greater Noida.

The three-day event will feature 350+ exhibitors, 400+ brands, and participation from Japan, USA, Korea, Taiwan, and China, showcasing cutting-edge technologies across the battery and storage value chain from raw materials and components to complete solutions.