According to the India EV & EV Component Market Outlook 2025-2034 study by IESA in association with Customised Energy Solutions (CES), India's electric vehicle battery demand is projected to grow 10 times from 20 GWh in 2025 to 200 GWh by 2032. As reported by IESA, this represents a significant transformation from the current policy-driven transition to a mature industrial ecosystem encompassing batteries, motors, power electronics, and advanced chemistries. The report, which will be launched during the 12th India Energy Storage Week (IESW) 2026 from July 8-10, 2026 at Yashobhoomi, comes at a crucial time as India's EV battery demand is projected to grow tenfold, highlighting the accelerating pace of electric mobility adoption across the country.
The report reveals that India's EV sales crossed 2.5 million units in 2025, including 1.5 million two-wheelers and 0.7 million three-wheelers, reflecting rapidly evolving adoption and manufacturing ecosystem. According to IESA, the EV industry is maturing into a sprawling industrial ecosystem with localised manufacturing and robust supply chain investments. The study will be released at the 12th India Energy Storage Week (IESW) from July 8 to 10 in the national capital, with the event expected to 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.
The report uncovers significant technology shifts already underway in battery chemistry, where NMC (Nickel Manganese Cobalt) currently dominates the electric two-wheeler segment at 70% market share, while LFP (Lithium Iron Phosphate) chemistry is rapidly gaining ground in other segments. The study 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. As reported by IESA, initial findings indicate the market is approaching an inflection point with electric two-wheelers leading volumes, while the next phase of growth is expected from passenger electric cars and light commercial fleets.
According to Debmalya Sen, President of India Energy Storage Alliance (IESA), "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." As reported by Vinayak Walimbe, Managing Director of Customised Energy Solutions, "The EV market's evolution from policy to industry is opening new frontiers for component manufacturing and supply chain innovation." The report suggests that India's EV opportunity is no longer confined to vehicle production alone, with the biggest strategic advantages emerging from component localisation, domestic manufacturing, and the development of a strong supply chain ecosystem as India positions itself as a global EV manufacturing hub.
