India's EV growth is significantly lower than top 10 countries: Report

New Delhi [India] June 26 : India's electric vehicle (EV) growth is significantly slower than the top 10 global standouts, according to a recent report by Intelsense.

As per the FY24 figure, the EV growth in India was 27 per cent (YoY), significantly slower than the top 10 global standouts. India's EV Market Share was about 2-3 per cent of new car sales in 2024, well below the 5 per cent average of the top 10 nations.

However, the report adds, India although not in top 10 in terms of growth globally but it falls just outside the top 10, and is the fastest-growing major large market.

At current pace, India ranks 11-12th globally, trailing emerging leaders like Thailand, Vietnam, and Mexico.

Penetration of EV remains significantly lower compared to top 10 nations, a factor that could hinder the country's aspiration of achieving a 30 per cent EV market share by 2030.

However, the reports also mention about the India is making strides towards its 2030 goal, with a steady increase in EV registrations and charging infrastructure.

EV sales in India rose 27 per cent to reach 1.94 million units in 2024, mainly driven by two-wheelers and three-wheelers, which account for the bigger share of the market.

In the four-wheeler segment and passenger vehicle, Tata Motors, Hyundai, Mahindra and MG are the top players in the Indian market. However, they have not met the expectations in terms of increased market share of new 4-wheelers along with EV infrastructure like battery and charging stations.

Hero, Ola and TVS dominate the two-wheeler and three-wheeler segment in the EV sector.

The report suggests that, India's growth in the EV sector remains strong in absolute numbers, but there is a need to accelerate more to reach tipping points.

One of the major problems faced by India is that there is about 95-100 per cent reliance on China and other East Asian countries like South Korea and Japan for critical EV battery materials.

In order to deal with this, India is working towards the search of lithium Reserves. As of now, 5.9 million tonnes of lithium inferred in Reasi, J&K, which is one of the top 10 global reserves by quantity. There are Additional geological finds in Karnataka, Himachal Pradesh, Uttarakhand, Jharkhand, and Rajasthan as well.

Additionally, there are various home grown Refining Projects such Lohum commissioned India's first battery-grade lithium refinery (1,000 tpa) in March 2025. Along with, Vardhaan Lithium partnering with Maharashtra govt to build a 60,000 tpa refinery near Nagpur (Butibori).

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