An industry report forecasts that India’s electric vehicle (EV) components market will expand eightfold by 2032, reaching about ₹3.55 lakh crore (reported as ₹3.55 trillion in one outlet), up from roughly ₹41,000 crore in 2025. The projection is included in the newly released “India Electric Vehicle & Components Market Overview Report,” prepared by the India Energy Storage Alliance and Customized Energy Solutions (CES). The report is released around the India Energy Storage Week 2026 event in New Delhi, according to one outlet.
Both sources describe the outlook as reflecting the growth of a domestic EV component value chain, framed as a key pillar for India’s industrial development and clean mobility ambitions. One outlet attributes a quote to Vinayak Walimbe, Managing Director of Customized Energy Solutions, saying that India’s EV momentum is strong and that strengthening domestic supply chains is central to clean mobility progress.
Overall, the articles focus on the scale of expected market growth and the industry’s emphasis on developing local supply chains for EV components by the early 2030s.
