India's EV component market likely to surge eight-fold to Rs 3.55 lakh crore by 2032
New Delhi, July 10
India's electric vehicle components market is expected to expand eightfold from Rs 41,000 crore in 2025 to Rs 3.55 lakh crore by 2032, a report said on Friday.
The report from India Energy Storage Alliance and Customized Energy Solutions said battery packs, motors and power electronics will drive unprecedented growth in the domestic EV supply chain.
The report unveiled at India Energy Storage Week 2026 at Yashobhoomi (IICC), here, projected a compound annual growth rate of 38 per cent between 2025 and 2032, far outpacing global averages.
Battery packs will account for more than half of the component market in 2025, with motors, inverters and battery management systems rising as OEMs increase drivetrain integration.
The incremental opportunity of Rs 3.14 lakh crore over this period will disproportionately reward domestic firms that invest in R&D, manufacturing capability, and supply chain resilience, it noted.
The future of India's EV sector depends on building robust technology ownership, local supply chains, and intellectual property that can anchor the nation's mobility landscape for the next decade.
The summit drew over 200 exhibitors and more than 10,000 industry leaders for policy discussion, technical exchange, and major announcements set to define India's clean energy transition.
"Western Australia is ready to partner with India not just as a supplier of critical minerals, but as an innovation and investment ally in the EV revolution," said Dr. Ian Martinus, Investment and Trade Commissioner, India-Gulf, Government of Western Australia.
Avanthika Satheesh, Director, Consulting, CES, said that India's EV component market surge signals the country's readiness to lead in technology and manufacturing.
The report also flagged that battery packs and inverters remain the most import-dependent segments of the value chain, together representing nearly 60% of an EV's cost structure, while motors and BMS are localising faster due to their software-driven and lower capital intensity characteristics.
— IANS
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