Market Definition
A battery pack is a device that stores electrical energy to provide power to an electrical system, such as an electric vehicle (EV) or an energy storage system (ESS). The energy is stored in cells that are all connected to one another in the battery pack. Battery pack is a rechargeable battery pack used to power e-vehicles. Batteries vary according to the voltage, total charge capacity (amp hours), weight, the number of charging cycles before performance degrades, and ability to handle over-voltage charging conditions.
An electric vehicle battery pack is a set of rechargeable batteries that are used to power an electric automobile. It consists of two or more large battery modules, sub-assembled into what are known as “modules”. These modules are then put together using various connectors and hardware to form the assembled battery pack.
Market Outlook
Indian Governments are supporting purchase of electric vehicles, in terms of tax credits and incentives. Moreover, central governments are providing exemption from highway toll tax for electric vehicles. For instance, for faster adoption of electric vehicles, the government of India plans to lower the goods & service tax (GST) on e-vehicles from 5% to 12%. Similarly, The Indian government started the FAME India project on April, 2015, to reduce the use of gasoline and diesel vehicles. This project was a critical component of India’s electric mobility. The FAME India Program intends to encourage using all types of automobiles. FAME II plan was launched in April 2019 with a Rs. 10,000 crores budget to support 500,000 e-three-wheelers, 7,000 e-buses, 55,000 e-passenger vehicles, and a million e-two-wheelers. The goal was to increase EV adoption in India. Thus, the increase in government support for development and purchase of electric vehicles, in terms of tax credits, subsidies and incentives, is one of the major factors that propel the demand for electric vehicles, which is in turn predicted to create lucrative growth opportunity for India battery packs for electric 2W and 3W vehicles market share in the forecast period.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on battery type, it is segmented into lithium-ion battery, lead acid battery, and solid state battery. The lithium-ion battery segment is expected to have the largest India Battery Packs for Electric 2W and 3W Vehicles market share in 2022.
Lithium-ion Battery is the most common battery storage system in e-two-wheelers. Lithium-ion batteries have a high power-to-weight ratio, improved high-temperature performance, and a reduced self-rate, among other advantages. Factors such as increased adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), as well as an increase in industry preference for the use of lithium-ion batteries, drive the development of the electric two-wheeler lithium-ion battery management system market. Furthermore, increased adoption of rechargeable batteries propels market development. Additional growth prospects for market participants are provided by the rise in cloud-connected battery management system adoption, rising demand for renewable energy sources, and rising popularity of e-bikes and e-scooters.
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Major Players
The key players studied in the India Battery Packs for Electric 2W and 3W Vehicles market are Amara Raja Group, Amperex Technology Limited (TDK Corporation), Contemporary Amperex Technology Limited, Exide Industries, Inverted Energy Private Limited, iPower Batteries Pvt. Ltd., Lucas TVS, Okaya Power Group, Toshiba Corporation, Telemax India Industries Pvt. Ltd., and Vision Mechatronics Pvt. Ltd.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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