New Delhi: India's electric vehicle (EV) battery demand is set to multiply tenfold, from 20 GWh in 2025 to 200 GWh by 2032, according to a new study cited by the Indian Energy Storage Alliance (IESA) on Thursday. The projection signals a dramatic acceleration in the country's clean mobility transition.
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The industry body, in partnership with Customised Energy Solutions (CES), will formally release the findings in a report titled India EV & EV Component Market Outlook 2025–2034 at the 12th India Energy Storage Week (IESW), scheduled for July 8–10 in New Delhi.
The study argues that India's EV opportunity has moved well past vehicle manufacturing. The biggest strategic gains, it contends, are now to be found in component localisation and supply chain development, as India presses its case as a global manufacturing hub.
"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," said Debmalya Sen, President of IESA.
The IESA described the sector as standing "on the cusp of a significant transformation." What began as a policy-led shift is now maturing into a broad industrial ecosystem spanning batteries, motors, power electronics, advanced chemistries, localised manufacturing, and supply chain investment.
India's EV sales crossed 2.5 million units in 2025, the report noted, comprising 1.5 million two-wheelers and 0.7 million three-wheelers. The figures reflect the pace at which both adoption and manufacturing infrastructure are evolving.
The report itself covers a comprehensive range of topics: EV market outlook, battery demand forecasts, chemistry evolution, component manufacturing trends, supply chain developments, and a strategic outlook through 2034.
Vinayak Walimbe, Managing Director of Customized Energy Solutions, said, "This report aims to give all stakeholders, from OEMs to investors, the strategic direction required to capitalise on these emerging opportunities."
Initial findings point to the market nearing an inflection point. Electric two-wheelers have led volumes so far, but the next wave of growth is expected to come from passenger electric cars and light commercial fleets.
The report also tracks significant technology transitions already underway. In battery chemistry, NMC (Nickel Manganese Cobalt) currently holds a 70 percent market share in electric two-wheelers, while LFP (Lithium Iron Phosphate) is gaining ground rapidly in other segments. The report also examines the trajectory of LMFP, solid-state, sodium-ion, and other emerging cell technologies through 2032.
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On the motor side, BLDC motors account for 71 percent of the two-wheeler market, while PMSM motors have become the dominant choice in electric passenger vehicles, commanding over 90 percent market share.