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Battery electric vehicles (BEV), plug-in hybrid electric cars (PHEV), and hybrid electric vehicles are the main applications for electric vehicle (EV) batteries (HEV). Lead-acid battery, lithium-ion battery, and nickel-metal hydride battery are a few of the often occurring product variations.
Electric vehicle batteries provide several advantages, like lowering carbon emissions, reducing reliance on fuel, managing maintenance costs, providing high energy per unit mass, etc. The popularity of electric vehicles over traditional gasoline-powered cars in India is encouraging the use of EV batteries.
The demand for electric car batteries is largely increasing due to the growing environmental issues around fuel-based vehicles. In addition, the automotive industry’s rapid expansion has prompted the creation of a wide range of adaptable solutions for the installation of EV batteries in trucks, buses, loaders, excavators, vans, etc.
As a result, demand for products is increasing across a variety of industries, including construction, logistics, transportation, mining, etc.
The India Electric truck battery market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
A Memorandum of Understanding (MoU) was signed between the two businesses to explore the production of battery cells in India for Energy Storage Systems and electric vehicles in the Heavy Vehicle segment for the needs of customers in the USA, India, and other countries.
As part of this agreement, the Pune Unit of Navratna Defence PSU Bharat Electronics Limited (BEL) will manufacture Li-ion battery packs for the electric trucks of Triton, US.
With a willingness to invest, Triton has inked an MoU with the Gujarat State Government to establish an iconic EV truck manufacturing plant. Five companies will invest in this Triton EV manufacturing cluster in Bhuj, Gujarat, including BEL.
As part of its diversification efforts, BEL, a pioneer in the field of defense electronics, has been actively looking at prospects in related non-defence sectors in recent years. Energy storage devices for electric vehicles, including Li-ion and Fuel Cell batteries, charging stations, etc., are among BEL’s diverse range of economic activities outside the defense sector.
