With the augment of Electric Vehicles, Tata Autocomp entered a joint venture with Chinese company Guoxuan High-Tech to manufacture battery packs for electric cars drives the new growth opportunities in the electric vehicle and infrastructure market.
India: Tata Group’s automotive component manufacturing arm Tata AutoComp Systems signs a joint venture with Guoxuan High-Tech to manufacture battery packs for electric cars. The joint-venture company has started a prototype manufacturing operation in Pune. This comes barely a month after the government announced the second phase of the Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme to promote clean-mobility solutions in the country. With the augment of Electric Vehicles, the need for battery packs would be significant and Tata motors see a huge opportunity in this market. Last month, the Tata Group had tied up with Australian company Tritium to manufacture DC fast chargers for EVs. Tata AutoComp’s products for the EV segment now include battery packs, battery cooling systems, battery management system, radiators, and DC chargers.
According to BlueWeave Consulting, The demand for electric vehicles is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles. Declining crude oil reserves and issues concerning deprivation of the environment are the main factors fuelling the expansion of electric vehicle battery industry. Electric vehicles (EVs) are the inevitable future of the automotive industry. The electric vehicle market in India is anticipated to create lucrative opportunities for electric vehicle manufacturers as well as for vehicle component manufacturers in the near future. The market for electric vehicles depends heavily upon the development of its primary component, i.e. the EV battery. Owing to the high demand for electric vehicles, the market for EV batteries has developed significantly over the past decade, with manufacturers focusing research on introducing cost-effective solutions to be used in automobiles. However, incentives and subsidies on the utilization of such a vehicle is a new factor propelling expansion for electric power drive vehicles. In the current market scenario, policy support is among the major factors driving the electric vehicle battery market, as policies have been lowering the barriers for electric vehicles adaptation. Moreover, technological advancements in electric vehicles and infrastructure with proactive government initiatives are expected to unfold various opportunities for the growth of the electric vehicle and infrastructure market in the future.
According to the recently published report by BlueWeave Consulting on “Global Electric Vehicle Battery Market, by Battery Type (Lithium-ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, and Others), by Vehicle Technology (BEV, PHEV and HEV), by Vehicle Type (Passenger Car, Commercial Car and Two Wheeler), by Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa); Size and Forecast, 2014-2025,” Global Electric Vehicle Battery market is expected to grow with a CAGR over 19% during the forecast period 2018-2025, owing to increasing demand for environment-friendly vehicles. Diseases caused by air and water pollution are epidemic among minorities. Environmental pollution causes more than three times of death than malaria, tuberculosis, and AIDs, countries such as India and China records the maximum death caused by environmental pollution. Pollution causes 7% of the medical expenses among middle-income group people across the world. According to World Bank air pollution cost in India was approximately 8% of its GDP or USD 560 billion in 2013. Hence, raising public awareness of air quality and the burden of disease caused by air pollution is an essential step in reducing air pollution and improving public health which is accelerating market demand for electric vehicles battery market.
According to the recently published report by BlueWeave Consulting on “India Lithium-ion Battery Market, By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate and Others), By Components (Cathode, Anode, Electrolytic Solution, Others) By Application (Consumer Electronics, Industrial and Automotive), by Region; Size and Forecast, 2014-2025,” India Lithium-ion Battery market is expected to grow with a CAGR over 23% during the forecast period 2018-2025. Increasing pollution concerns, rising adoption of electric vehicles, increasing income-levels and surging demand for quality and uninterrupted power are some of the key factors driving the growth of Lithium-ion batteries market in India. The growing consumer electronics market is complimenting the growth of Lithium-ion batteries market in India owing to its light-weight, high energy, and power capacity features. Moreover, increasing awareness towards portable and stationary energy storage coupled with the government’s push towards solar and wind projects are expected to contribute to the growth of the lithium-ion battery market over the projected period.