India's EV Components Market to Hit ₹3.55 Lakh Crore by 2032: Report

India's electric vehicle (EV) components market is projected to grow more than eightfold over the next seven years, reaching around ₹3.55 lakh crore by 2032 from an estimated ₹41,000 crore in 2025, according to a new industry report.

According to the report, the country's EV component ecosystem is emerging as a significant growth opportunity, with the domestic value chain expected to play an increasingly important role in supporting India's manufacturing ambitions and transition towards clean mobility.

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The projections are part of the India Electric Vehicle & Components Market Overview Report, jointly released by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES) during India Energy Storage Week (IESW) 2026 in New Delhi, as reported by PTI.

The event brought together more than 200 exhibitors and over 10,000 industry stakeholders, providing a platform for discussions on policy, technology and investment, alongside a series of announcements focused on advancing India's clean energy and electric mobility ecosystem.