India's Ev Market: Fast-Growing but Falling Behind Global Leaders
India's electric vehicle market growth, though substantial, lags behind the top global players, reveals an Intelsense report. Despite a 27% YoY increase in 2024, India remains outside the top 10 globally. With significant reliance on Chinese battery materials, India seeks to bolster its own lithium reserves.
- Country:
- India
India's ambition to become a major player in the electric vehicle (EV) market is facing stern competition globally. According to a recent report by Intelsense, India's EV growth, marked at 27% year-on-year in 2024, is notably slower compared to the top 10 global standouts.
The country's EV Market Share, comprising just 2-3% of new car sales, significantly lags behind the 5% average reported by global leaders. However, despite not making it to the top 10, India ranks 11th or 12th globally and is the fastest-growing major large market.
Key challenges like a nearly complete dependence on China and East Asian countries for critical EV battery materials persist. India is actively exploring domestic lithium reserves with significant findings in Reasi, J&K, and plans for lithium refining projects indicate steps towards reducing reliance on imports.
(With inputs from agencies.)
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