The Indian EV battery market will develop from $16.77 billion in 2023 to $27.70 billion by 2028, with a compound annual progress price (CAGR) of 10.56 per cent throughout the interval spanning 2023 to 2028, in line with GameChanger Law Advisors and Speciale Invest.

Moreover, the report factors to large potential for India in manufacturing EV battery packs because the nation is closely depending on importing 60–65 per cent of the entire part requirement for battery packs.

The Indian EV market was valued at $3.21 billion in 2022 and is predicted to develop to $113.99 billion by 2029 at a compound annual progress price of 66.52 per cent.

In 2022, 25 per cent of EVs bought in India have been bought by fleet operators, together with taxis. In current years, EV gross sales in India have considerably elevated as a result of they’re a cleaner and extra environment friendly various to gasoline-powered autos. With the expansion of gross sales of EVs in India, the federal government has set a goal to attain 30 per cent electrification of India’s car fleet by 2030.

The Economic Survey of 2023 predicts that India’s home EV market will endure substantial progress, with a projected 49 per cent CAGR between 2022 and 2030, resulting in an annual gross sales determine of 10 million EV items by 2030.

While the vast majority of EV Original Equipment Manufacturers (OEMs) have established in-house battery pack meeting services, utilising both imported lithium-ion cells or bought battery packs, enterprise capital-funded start-ups similar to Ather, Ola Electric, Cosbike, and Pure EV proceed to produce their battery packs to the vast majority of two- and three-wheeler OEMs, representing present market traits.

 “We have examined the current legal landscape for EV battery packs in India and provided a comparative reference point for Indian policymakers by drawing their attention to regulations in California, the European Union, and the UK,” mentioned Amrut Joshi, Founder, GameChanger Law Advisors (GLA). GLA usually represents a number of purchasers within the electrical mobility trade and traders who’ve invested in varied EV startups.

“As we embark on this journey with GameChanger Law Advisors, ‘Charging Ahead’ aims to empower founders, investors, and policymakers alike with the knowledge and guidance needed to accelerate India’s transition towards a sustainable, electric future,” says Vishesh Rajaram, Managing Partner, Speciale Invest.