The localization levels in the Indian EV sector are currently as low as 20% due to foreign suppliers' ability to compete on price, their extensive technological know-how, and the difficulty in obtaining raw materials like lithium and rare earth magnets. India's Electric Vehicle (EV) Market is expected to reach a $7.09 billion opportunity by 2025, according to recent industry reports. To achieve 100% EV mobility by 2030, the Indian government is also changing its policies. A CAGR of 42.38% is predicted for the Indian EV market. While growth is predicted, several issues raise concerns, such as a fragile supply chain, specific government policies, consumer behavior, infrastructure, etc. The concern is also raised about possible grid problems that could develop as EV use rises in India. By 2030, increased EV use will increase power consumption by up to 100TWh, predicts industry research. Due to the market penetration of renewable energy sources, there will be a greater need than ever for a high-quality power supply. Due to a shortage of lithium, India continues to rely heavily on imports to produce EV batteries, which presents a significant barrier for businesses looking to enter the country's EV market. There is very little synergy because the capacity for battery manufacturing still requires adequate planning. Thanks to the recently announced Advance Cell Chemistry (ACC) Manufacturing PLI Scheme, major Indian companies are now entering the market with locally manufactured cells. Thank you.
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