EV Car Price: The rapidly increasing popularity of electric vehicles in India is leading to an unprecedented boom in the battery market. According to a new report by Customized Energy Solutions (CES), the demand for EV batteries in the country is estimated to increase from 17.7 GWh in 2025 to 256.3 GWh by 2032. This surge not only reflects changing consumer preferences but is also a result of government policies promoting electric mobility.
Why is the demand for EV increasing?
According to the report, the sharp increase in demand for batteries in the coming years is due to several factors.
- Constantly increasing prices of petrol and diesel
- Consumers’ increasing interest in electric vehicles
- Rapid launch of new EV models
- Subsidies and policy support received from the government
All these reasons have created a strong growth environment for the electric vehicle industry in the country.
35% annual growth possible in battery market
The CES report states that the battery market will see a CAGR of approximately 35% in the next 7 years. This figure indicates a major change in India’s automobile sector. As electric mobility grows globally, battery technology and manufacturing are also improving rapidly.
Big change in battery technology: New generation batteries will become game changers
According to Vinayak Valimbe, Managing Director of CES, ‘Major breakthroughs in battery chemistry are a key part of India’s EV revolution. LFP Gen 4 and sodium-ion technology are not just innovations, but big changes that will make electric vehicles more affordable, safer and with longer range.” With the advent of new technologies, huge improvements are being seen in the performance, safety and capacity of batteries. Especially the new generation LFP (Lithium Iron Phosphate) and NCM (Nickel Cobalt Manganese) batteries are proving to be more effective in terms of energy capacity and cost.
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Prices of EV cars may reduce
The report also states that LFP Gen 4 cells are now delivering over 300 Wh/kg of energy capacity. With this increasing the range of vehicles, there is a possibility of the prices of cars also decreasing. Apart from this, sodium-ion and solid-state batteries are also coming to the market soon, which can prove to be affordable options for two-wheelers, three-wheelers, premium cars and commercial vehicles.
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