This is the third article in our series from Hong Kong. Priyans and I had attended Battery Show Asia and are bringing you insights in the Indian context, based on our learnings.
The first two articles cover our experience of visiting Hong Kong and the EV ecosystem in ASEAN countries. Both are free reads!
Priyans and I are on our massive South India trip from New Delhi. We are covering multiple cities - Hyderabad, Bengaluru, Chennai, Coimbatore, Kochi, Trivandrum. The trip will likely be- around 6500 km and we are sharing live updates and experiences in our Whatsapp Community.
We are hosting our community meetup in Benglauru, on 9th Sep 2025, at
office. Do sign up if you are interested. We will chat about EVs, issues in the ecosystem and much more.If you are in these cities in the next few days, we would love to chat about the EV ecosystem with you :
Coimbatore - 11th Sep
Kochi - 12th Sep lunch
Trivandrum - 13th Sep
Chennai - 14th Sep evening (tentative)
Hyderabad - 16th Sep (tentative)
New Delhi - 19th Sep. We are attending the invite only event by Indian Charge Point Owners Association.
Acknowledgements
We greatly appreciate the insights from Adam Ragozzino from Omdia, Zoe Zhang from Benchmark Minerals, Jiadon Gong from CATL, Leo Ren from CAES, Nicholas Yiu from Voltaiq, Gary Yang from Dragon Rise, Dr Gerald Sammer from AVL, Clause Yi from Paragonage and Dr Xiaoxi He from IDTechEx.
P.S.: Nicholas has a substack too, do give it a read!
Disclosure - All insights here are shared based on what we’ve heard at the event by speaking and interacting with various attendees.
Index
Before we start, a meme
Market
The world’s largest supplier of cells - CATL has approximately 350 GWh or 38% market share of EVs around the world. In India, CATL hasn’t replicated its dominance. In e4W, we estimate under 10% market share for batteries, whereas in e2W, it is under 1% via Ampace, the ATL - CATL JV. In buses, it had a better market share, but it is not a dominant player as of today. We are waiting for CATL to assert their dominance in India soon.
Do let us know if you’d like us to do a deep dive on which cell manufacturers are leading in each vehicle category in India!
Chemistries
Globally, the battery market will grow with Li-ion (Lithium ion) chemistry batteries expecting to dominate. Chemistries like NiMH (Nickel Metal Hydride) and LiPo (Lithium polymer) are expected to remain flat.
Common applications of Li-ion include, but not limited to emobility, BESS. Whereas NiMH and LiPo are mainly used in consumer electronics.
The demand for Li-ion far outstrips the demand for other battery chemistries.
Cathode
NMC (Lithium Nickel Manganese Cobalt) / NCA (Lithium Nickel Cobolt Aluminium Oxide) ternary (three metal) batteries have dominated the market in most places, except China. They are expected to dominate till atleast 2030.
LFP (Lithium Iron Phosphate) and LMFP (Lithium Manganese Iron Phosphate) volumes are expected to
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