India Electric Vehicle Component Market Outlook: Growth, Trends and Statistics 2025–2033

According to IMARC Group’s report titled "India Electric Vehicle Component Market Size, Share, Trends and Forecast by Component, Distribution, and Region, 2026-2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

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India Electric Vehicle Component Market Overview

The India electric vehicle component market size reached USD 4.7 Billion in 2025 and is expected to reach USD 18.6 Billion by 2034, exhibiting a CAGR of 16.43% during the forecast period 2026-2034. The market growth is primarily driven by advancements in high-performance batteries, efficient electric motors, and smart power electronics, essential for the transition towards cleaner transportation powered by electric vehicles. The report presents a thorough review featuring the India electric vehicle component market outlook, growth, share, trends, and research of the industry.

India Electric Vehicle Component Market Key Takeaways

• Current Market Size: USD 4.7 Billion in 2025

• CAGR: 16.43%

• Forecast Period: 2026-2034

• Development of high-performance batteries and efficient electric motors is a major growth driver.

• Technological advancements in power electronics and control systems support market expansion.

• Increasing government initiatives promoting electric mobility boost market demand.

• Rising environmental concerns and air quality issues are accelerating the adoption of EVs.

• Collaborations between automotive manufacturers and component suppliers are gaining momentum.

• The market includes key components such as battery packs, motors, controllers, EV supply equipment, and DC-DC converters.

India Electric Vehicle Component Market Growth Factors

• Strong government initiatives and policies supporting electric mobility boost market growth.

• Increasing environmental concerns and focus on sustainable transportation drive demand.

• Development and innovation in high-performance batteries enhance vehicle efficiency.

• Advancements in efficient electric motors improve vehicle performance.

• Adoption of smart power electronics optimizes energy management.

• Rising consumer awareness regarding emission reduction benefits adoption.

• Collaborations and partnerships between manufacturers and suppliers accelerate development.

• Growing focus on reducing carbon emissions aligns with global sustainability goals.

• Expansion of EV infrastructure supports component market growth.

India Electric Vehicle Component Market Trends

• The India electric vehicle component market is experiencing a dynamic growth phase.

• Government policies and incentives promote sustainable transportation adoption.

• Environmental sustainability concerns and air quality issues are key market drivers.

• Technological innovations in EV components are shaping market trajectory.

• Collaborations between automotive manufacturers and component suppliers enhance product development.

• Emphasis on cleaner, greener transportation fosters industry growth.

• Consumer awareness on the environmental impact of conventional vehicles is increasing.

• Industry focus on reducing carbon footprints is accelerating demand.

• Integration of advanced control systems optimizes vehicle energy efficiency.

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India Electric Vehicle Component Market Segmentation

Component Insights:

• Battery Pack: Key component storing and supplying electrical energy to power EVs.

• Motor: Drives vehicle wheels using electrical energy.

• Controller: Manages and controls power flow to motor and battery systems.

• Electric Vehicle Supply Equipment: Infrastructure facilitating vehicle charging.

• DC-DC Convertor: Converts voltage levels to appropriate values within the vehicle.

• Others: Additional components supporting vehicle operation.

Distribution Insights:

• OEMs: Original equipment manufacturers assembling EV components into vehicles.

• Aftermarket: Market for replacement and upgrade EV components.

Regional Insights

• North India

• West and Central India

• South India

• East and Northeast India

The market is dominated by North India with significant market share supported by widespread adoption and infrastructure development. The overall India electric vehicle component market is projected to grow at a CAGR of 16.43% during 2026-2034.

India Electric Vehicle Component Market Key Players

The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

India Electric Vehicle Component Market Key Highlights of the Report

• Comprehensive analysis of historical trends and future outlook from 2020 to 2034.

• Detailed segmentation by component, distribution, and region.

• Evaluation of key market drivers, challenges, and opportunities.

• Competitive landscape analysis including market structure and key players.

• Porter’s five forces analysis for assessing industry attractiveness.

• Inclusion of regional market performance and forecasts.

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