Indian EV Battery Market to Hit USD 27.70 Billion by 2028

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

“In comparison, India’s passenger EV market, which closed at around 99,000 units in 2024, is expected to reach 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 stated that this growth is supported by “supply chain localization, cross-sector collaborations and rapid technological advancements”, with Tata Motors and Mahindra & Mahindra leading the battery electric segment, while new players such as Tesla and VinFast are strengthening the premium segment.

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

“India’s FAME and PLI programs have catalyzed EV adoption and domestic cell manufacturing, but the next priority should be to promote recycling, especially for LFP batteries, to ensure sustainability and economic viability,” Singh said.

Apoorva Bedekar, COO, Cordwood Technologies LLP, called for greater focus on development of ‘India first’ products. “Battery Management Systems (BMS) are vital in electric vehicles and energy storage systems. Although large-scale ESS units are still being imported from China in semi-circuit formats, India is rapidly building its own technology base. Local innovation suited to Indian conditions will be key to self-reliance in the long run,” he said.

Rajneesh Khattar, Senior Group Director of India Informa Markets, emphasized that India’s battery management system market, worth US$ 278 million in 2024, is expected to grow at a CAGR of 17.9% and reach US$ 1.22 billion by 2033.

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

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

The three-day event will feature more than 350 exhibitors, more than 400 brands and participants from Japan, the USA, Korea, Taiwan and China, showcasing the latest technologies in the battery and storage value chain, from raw materials and components to complete solutions.