India’s electric vehicle industry is entering a new phase of rapid expansion, evolving from a policy-led transition to a large-scale industrial ecosystem spanning batteries, motors, power electronics, advanced chemistry, local manufacturing and supply chain investments.
Reflecting this shift, India Energy Storage Alliance, in collaboration with Customized Energy Solutions, will launch the report “India EV and EV Component Market Outlook 2025-2034” during the 12th India Energy Storage Week 2026, scheduled from July 8-10, 2026, at Yashobhoomi.
The report comes at a critical time for the industry, with India’s EV battery demand projected to grow tenfold – from 20 GW in 2025 to 200 GW by 2032 – highlighting the accelerating pace of electric mobility adoption across the country.
According to the study, India’s EV opportunity is no longer limited to vehicle production alone. The report suggests that the biggest strategic benefits can emerge from component localisation, domestic manufacturing and development of a strong supply chain ecosystem as India positions itself as a global EV manufacturing hub.
The findings are expected to provide important insights into emerging trends, investment opportunities, localization strategies and the future trajectory of India’s rapidly growing EV and battery ecosystem.
Debamaly Sen, President, India Energy Storage Alliance (IESA), said, “With India’s EV market entering an era of unprecedented growth and battery demand projected to grow tenfold by 2032, the industry’s next leap will be driven by localisation, advanced chemistries and flexible 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 projects that India’s EV sales are expected to cross 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 assessment of India’s rapidly growing EV and component manufacturing ecosystem. The report covers a wide spectrum: EV market outlook across all segments, battery demand forecast, battery chemistry developments, EV component manufacturing trends, supply chain developments, localization opportunities, competitive benchmarking and strategic outlook for the industry till 2034.
“The evolution of the EV market 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 needed to capitalize on these emerging opportunities,” said Vinayak Valimbe, Managing Director, Customized Energy Solutions.
Initial findings indicate that the market is approaching an inflection point. While electric two-wheelers remain the leader in sales, the next phase of growth is expected to come from passenger electric cars and light commercial fleets. India’s electric four-wheeler market is poised for one of the fastest global growth rates, boosted by improved battery economics, expansion of charging infrastructure, wider OEM participation and growing consumer acceptance. The electrification of commercial mobility is also growing rapidly, particularly in urban logistics, public transportation and fleet operations, where total cost of ownership (TCO) benefits are becoming increasingly attractive.
The report highlights important technology shifts already underway. In battery chemistries, NMC (Nickel Manganese Cobalt) currently dominates the electric two-wheeler segment with 70% market share, while LFP (Lithium Iron Phosphate) chemistry is rapidly gaining ground in other segments. It 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, especially in electric three-wheelers for commercial use. The study is designed to equip automakers, battery manufacturers, component suppliers, investors, policy makers, utilities and technology providers with actionable intelligence across India’s growing 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 10,000 industry leaders from India and abroad who will showcase cutting-edge advancements in e-mobility, battery manufacturing, recycling, stationary storage and green hydrogen. IESW 2026 will foster new partnerships and highlight India’s ambition to become a global leader in clean transportation and advanced manufacturing.
