ANI New Delhi

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% (YoY), significantly slower than the top 10 global standouts.

India's EV market share was about 2-3% of new car sales in 2024, well below the 5% 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% 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% to reach 1.94 million units in 2024, mainly driven by two-wheelers and three-wheelers. 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.