India lags behind top 10 in EV growth: Report
India's electric vehicle scene is picking up speed, with sales jumping 27% in FY24.
But even with this growth, EVs make up just 2-3% of new car sales here—less than half the average in leading countries.
India now sits at 11th place globally for EV adoption, trailing behind places like Thailand and Vietnam, though it's still the fastest-growing major large market out there.
Most action in 2- and 3-wheelers; local production on cards
Most of India's EV action comes from two- and three-wheelers made by brands like Hero and Ola.
The country sold nearly 2 million EVs last year and aims to hit a bold 30% market share by 2030.
Four-wheeler makers like Tata Motors are facing tougher challenges with both sales and charging infrastructure.
To boost local production, India is turning to its own lithium reserves—especially after finding a massive deposit in Jammu & Kashmir—which could help power more homegrown EVs in the future.