India's electric automobile (EV) boom is drastically slower than the pinnacle 10 worldwide standouts, consistent with a latest report by using Intelsense.
As per the FY24 determine, the EV growth in india changed into 27 per cent (yoy), considerably slower than the top 10 international standouts. India's EV market share was about 2-3 per cent of recent car sales in 2024, properly below the five according to cent common of the top 10 international locations.
However, the document provides, india despite the fact that now not in pinnacle 10 in phrases of growth globally however it falls simply outside the pinnacle 10, and is the quickest-developing major big market.
At present day pace, india ranks 11-twelfth globally, trailing emerging leaders like Thailand, Vietnam, and Mexico.
Penetration of EV remains notably decrease as compared to top 10 nations, a component that could avoid the country's aspiration of accomplishing a 30 in line with cent EV marketplace percentage through 2030.
However, the reviews additionally mention about the india is making strides in the direction of its 2030 aim, with a constant growth in EV registrations and charging infrastructure.
EV sales in india rose 27 per cent to attain 1.ninety four million units in 2024, especially pushed by using two-wheelers and 3-wheelers, which account for the bigger proportion of the marketplace.
Inside the 4-wheeler section and passenger automobile, Tata automobiles, Hyundai, mahindra and MG are the top gamers in the indian marketplace. But, they have got no longer met the expectancies in terms of elevated marketplace share of latest 4-wheelers along with EV infrastructure like battery and charging stations.
Hero, ola and TVS dominate the 2-wheeler and three-wheeler segment within the EV sector.
The report suggests that, India's increase inside the EV sector stays robust in absolute numbers, but there is a need to accelerate more to reach tipping points.
One of the major troubles faced by using india is that there is approximately ninety five-one hundred according to cent reliance on china and other east Asian international locations like south korea and japan for vital EV battery materials.
Which will address this, india is working closer to the quest of lithium Reserves. As of now, 5.9 million tonnes of lithium inferred in Reasi, J&k, which is one of the pinnacle 10 global reserves through quantity. There are extra geological unearths in Karnataka, Himachal Pradesh, Uttarakhand, Jharkhand, and rajasthan as properly.
Moreover, there are numerous domestic grown Refining tasks such Lohum commissioned India's first battery-grade lithium refinery (1,000 tpa) in march 2025. In conjunction with, Vardhaan Lithium partnering with maharashtra govt to construct a 60,000 tpa refinery close to nagpur (Butibori).
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