Industrials
India's EV Components Industry ready for a Eightfold Growth by 2032
Explore the massive growth trajectory of India's Electric Vehicle (EV) components sector, poised for an eightfold expansion by 2032. This 'Insights' piece delves into how the Indian EV industry's component market is projected to skyrocket from approximately ₹41,000 crore to a staggering ₹3.55 lakh crore within the next decade. We examine the key drivers behind this anticipated 38% CAGR, including increased localisation efforts, significant investments in research and development (R&D), and the broader push in electric mobility across India. While batteries are expected to continue dominating the market share, anticipate accelerated production growth in critical areas like electric motors and power electronics. Lumic believes EV component manufacturers are on track to become significant manufacturing leaders in the country, contributing substantially to India's economic growth and its journey towards sustainable transportation. This analysis unpacks the potential within the EV ancillaries and the broader auto industry.
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