India's EV Market still to trail worldwide EV adoption rate by 2040

Sales of EVs continue to rise globally, but some markets are experiencing a significant slowdown and many automakers have pushed back their EV targets.

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The latest Long-Term Electric Vehicle Outlook by Bloomberg NEF, the research arm of Bloomberg Finance, indicates that despite a mixed near-term outlook in some markets, EV adoption is poised for continued growth globally, but adoption in India will trail other major economies.

EV sales:

Electric vehicle markets around the world are not all travelling in the same direction or at the same speed in 2024. Sales of EVs continue to rise globally, but some markets are experiencing a significant slowdown and many automakers have pushed back their EV targets. Progress varies by segment, with electric commercial vehicles set for another blistering year and segments like buses and two- and three-wheelers already reaching very high levels of electrification.

Passenger EV sales:

China still dominates the global EV market, but sales are rising quickly elsewhere too. Electric vehicles are no longer only a wealthy country phenomenon. Developing economies like Thailand, India,Turkey, Brazil, and others are all experiencing record sales as more low-cost electric models are targeted at local buyers

Number of public charging stations

More and more charging points are being built, but each country will have its own optimal mix of home, workplace, and public chargers.

Oil displacement from EVs

EVs of all types are already displacing 1.7 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Lithium-ion battery demand

Battery demand is rising quickly. Growth in battery demand for EVs has slowed slightly in the last year, but demand for stationary storage applications is rising faster than ever. The manufacturing of battery cells and the production of key battery components – such as cathodes, anodes, separators, and electrolytes – is concentrated in China.

Reaching net zero by 2050

Reaching 2050 net-zero targets will require swift progress on renewable generation and on adoption of zero-emission vehicles. The report includes a “Net Zero” scenario which investigates what a potential route to carbon neutrality looks like across all segments of road transport by 2050.

However, despite this strong growth trajectory, India's EV adoption is expected to lag the global average in the coming decades. The report suggests that India, along with Southeast Asia and Brazil, will still trail the worldwide EV adoption rate by 2040, even as these markets experience rapid growth in EV sales.

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