India’s electric vehicle components market is projected to grow significantly, increasing from Rs 41,000 crore in 2025 to Rs 3.55 lakh crore by 2032, as per a report by India Energy Storage Alliance and Customized Energy Solutions. The growth will be primarily driven by battery packs, motors, and power electronics, leading to a compound annual growth rate of 38% between 2025 and 2032, surpassing global averages. Battery packs are expected to dominate the market in 2025, with motors, inverters, and battery management systems gaining importance as original equipment manufacturers enhance drivetrain integration.
The report highlights an incremental opportunity of Rs 3.14 lakh crore during this period, favoring domestic companies that focus on research and development, manufacturing capabilities, and supply chain resilience. The future success of India’s electric vehicle sector hinges on establishing robust technology ownership, local supply chains, and intellectual property to shape the country’s mobility landscape for the next decade. The India Energy Storage Week 2026, held at Yashobhoomi (IICC), attracted over 200 exhibitors and 10,000 industry leaders for discussions on policies, technical advancements, and significant announcements shaping India’s transition towards clean energy.
Dr. Ian Martinus, Investment and Trade Commissioner, India-Gulf, Government of Western Australia, expressed readiness for Western Australia to collaborate with India in the electric vehicle revolution beyond supplying critical minerals, aiming to be an innovation and investment partner. Avanthika Satheesh, Director of Consulting at CES, emphasized that the surge in India’s EV component market signifies the country’s preparedness to lead in technology and manufacturing. The report also points out that battery packs and inverters, constituting nearly 60% of an EV’s cost structure, are heavily reliant on imports, while motors and battery management systems are progressing towards localization due to their software-driven nature and lower capital requirements.
