EV Battery Market Will Grow Annually at 30 Per Cent Till 2026: Report

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  • Total charger sales was less than a thousand units in 2018 and is expected to grow to 50,000 units by 2026
  • The total MWh addition in 2018 reached 4.75 GWh and is expected to grow to 28.0 GWh by 2026

According to a report by Globe Newswire, the total EV battery market is estimated to be of $ 520 million valuation in 2018 and is expected to grow at a CAGR of 30 per cent till 2026 as per a report titled, ‘India Electric Vehicle Market Overview’ by India Energy Storage Alliance (IESA). The report also said that the total EV sales in 2018 hit 365,920 units and is expected to grow at a CAGR of 36 per cen till 2026.

As per the report, the total MWh addition in 2018 reached 4.75 GWh and is expected to grow to 28.0 GWh by 2026. In the public charging infrastructure space, the market is estimated to be at 520 billion valuation in 2018 and expected to grow at a CAGR of 60 per cent till 2026.

FAME-II and NEMP to boost growth

The report also said the total charger sales was less than a thousand units in 2018 and is expected to grow to 50,000 units by 2026. According to the report, the market will grow rapidly with support from the government to achieve the targets defined under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II ) scheme and National Electric Mobility Mission Plan (NEMP) 2020.

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