Market value of electric camper batteries in India will reach $295.4 million by 2030, says P&S Intelligence
New YorkAnd the 12 July 2022 /PRNewswire/ – According to the latest market research report published by P&S Intelligence, in 2021, India Electric trolley battery market size I stood in 141.3 million dollarswho is expected to hit $295.4 million By 2030, progressing at a compound annual growth rate of 8.5% from 2021 to 2030. This will be attributed to lower prices for these components, government initiatives for clean mobility, the advantageous operating price of electric vehicles, and their increasing average life.
In the country, the need for three-wheeled electric rickshaws is increasing because they are cost-effective and convenient for short distances. Currently, 83% of electric vehicle market India These vehicles consist of three wheels. Nearly 11,000 new electric wheelbarrows have been sold in India every month, bringing their total number to about 15 lakh. These numbers may be much higher because many of them have not yet been recorded.
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The India The electric cart battery market is led by batteries with a capacity of less than 101 hours, which generate more than 60% of revenue. Due to the consumer desire for affordable electronic wheelbarrows, the category will maintain its market dominance in the coming years. This could also be due to the market dominance of unregulated domestic companies, most of which produce inexpensive three-wheeled components.
With a compound annual growth rate of 10.6%, in value terms, the contribution of batteries offering a capacity of more than 101Ah is expected to see a stronger boost in the India Electric trolley battery market. This will be a result of the growing need for electronic rickshaws that go further without frequent charging.
The share of the lithium-ion battery category is about 52%, and it will contribute by 2030 196.1 million dollars in sales. This is mainly due to the availability of these variants in industrial standard sizes, which are 50-60% lighter, and with a higher storage capacity of 25-50%.
Strategic developments of key players to increase market share
There are many important India Electric trolley battery market players who have recently been involved in a number of strategic developments to remain competitive. For example, Exide Industries Ltd. and SVOLT Energy Technology in partnership to produce lithium-ion batteries in March 2022. Through this relationship, they want to establish themselves as pioneers in the sectors of fixed energy and electric mobility in the new era.
Browse detailed report on India Electric Vehicle Battery Market Analysis, Size, New Trends, Emerging Opportunities, and Top Key Players by 2030
Other important companies providing batteries for e-rickshaws in the country are Z-Power Impex Private Limited and Luminous Power Technologies Pvt. Ltd., Gem Batteries Pvt. Ltd. , Jay Ace Technologies Ltd. Okaya Power Pvt. Ltd., Eastman Auto & Power Limited, and Amara Raja Batteries Limited.
India Electric Vehicle Battery Market Report
According to the battery capacity
According to the end use
Depending on the type of battery
rest of India
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