India's EV Battery Demand Set to Hit Record Levels by 2032 as Electric Vehicle Adoption Surges

Demand for electric vehicle (EV) batteries in India is projected to rise sharply from 17.7 GWh in 2025 to 256.3 GWh by 2032, according to a new report released by Customized Energy Solutions (CES) on Friday. The report attributes this exponential growth to the accelerating shift toward electric mobility, rising petrol and diesel prices, strong consumer interest, rapid model launches, and supportive government policies. Together, these factors are creating an unprecedented expansion environment for the sector.

CES estimates that India’s battery market will grow at a compound annual growth rate (CAGR) of 35 percent over the next seven years, marking a major transformation in the country’s automotive landscape. With global EV adoption rising, battery performance, technology enhancements, and large-scale manufacturing strategies are evolving rapidly.

Advancements in Battery Technology

Vinayak Valimbe, Managing Director of CES, highlighted the crucial role of breakthroughs in battery chemistry. “Innovations such as LFP Gen 4 and emerging sodium-ion technology are not just incremental upgrades—they represent major shifts that will make EVs more affordable, safer, and capable of delivering longer ranges,” he said.
He added that global advancements continue to strengthen lithium-ion technology, especially next-generation LFP (lithium iron phosphate) and NCM (nickel cobalt manganese) chemistries, improving energy density, safety, and cost efficiency.

Potential Reduction in EV Prices

According to the report, LFP Gen 4 cells now exceed energy densities of 300 Wh/kg, which could significantly extend vehicle range and help lower EV prices in the coming years. Additionally, sodium-ion and solid-state batteries are beginning to enter the market, offering tailored solutions for different segments, including two-wheelers, three-wheelers, premium passenger vehicles, and commercial fleets.