The Indian EV battery manufacturing market witnessed an enormous growth from 2015 to 2020, and the current trend estimates the market to grow at a CAGR of 20% from 2021 to 2026. Taking into account the recent pandemic and the rising negative impact fuel-based vehicles have on the health and the environment, the nation’s leading battery makers are doing all that it takes under the sun to cater to the demands of the automotive industry.
India has also witnessed a significant growth in the automotive domain, leading to the development of several customizable options for installing EV batteries in buses, trucks, excavators, vans, and other commercial and passenger vehicles.
Several government initiatives provide opportunities for battery manufacturing companies like Exide Industries Limited, Luminous Power Technologies Private Limited, HBL Power Systems Limited, and others to design and develop batteries for EVs to help curb air pollution, enhance performance, and increase the lifespan of vehicles.
Exide Industries has a worldwide presence, and has the widest variety of lead-acid storage batteries globally. The company produces batteries from 2.5Ah to 20,600Ah limit, and has distributorship across 46 nations. The company also cares for the environment and recycles and reuses nearly 100% of lead delivered from its production process.
Exide is currently venturing into Lithium-Ion battery production keeping the rising and future demands in mind. It has a current capacity of 1.5 GWh, and battery packs and modules are supplied to various clients across several sectors.
Likewise, Luminous Power Technologies currently has a turnover of about INR 3.500 crore in 2019-2020. Being a subsidiary of the French company Schneider Electric, the company plans to cross the INR 6,000 crore-mark by 2025. It currently leads the operations of EV battery manufacturing in India to enhance its manufacturing capacity and boost logistics.
Luminous has currently installed over 30 lakh batteries by operating seven plants across the nation.