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India's EV Components Market Set for Eightfold Surge

This impact news from Lumic delves into the projected eightfold growth of India's electric vehicle (EV) components industry, poised to reach ₹3.55 lakh crore by 2032 from its current ₹41,000 crore. As the Indian EV industry matures, the ancillary sector is gearing up for significant expansion. While batteries will continue to dominate, substantial growth is also anticipated in motors and electronics. The sector is expected to clock a robust 38% CAGR, fueled by strategic localisation efforts, increased R&D investment, and the broader push for sustainable mobility solutions. This development underscores the potential for EV component manufacturers to emerge as key players in India's manufacturing landscape. Stay updated on these critical market trends with Lumic.

Insights

India's EV Components Industry ready for a Eightfold Growth by 2032

about 5 hours ago · Lumic

Illustration of electric vehicle components and Indian flag, symbolizing industry growth.
Lumic
about 5 hours ago
India's EV Components Industry ready for a Eightfold Growth by 2032
KEY POINTS
India's EV components market is projected to jump from ₹41,000 crore to ₹3.55 lakh crore by 2032.
Battery will remain the largest segment, while motors and electronics see faster production growth
The sector is expected to grow at a 38% CAGR, driven by localisation, R&D and mobility investment
business standard·about 5 hours ago

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India EV Components Market: Projected Growth & Trends | Lumi | Lumic