Business EconomyPosted at: Dec 15 2025 1:41PM


KPMG report says EV sales in India could reach 22 million units by 2035

Kolkata, Dec 15 (UNI) India’s electric vehicle (EV) journey has evolved from cautious early adoption to rapid acceleration, driven by strong government support, favorable economics, rapid infrastructure development, technological progress, and changing consumer preferences.
This transition is not just essential; it is inevitable for India’s sustainability goals.
In this context, KPMG in India has released its report titled “Securing the Supply Chain: Preparing for the Electric Vehicle Raw Material Challenge,” highlighting how India can transform potential supply chain risks into opportunities for leadership in sustainable mobility.
With demand for critical raw materials such as lithium, nickel, cobalt, and rare earth elements set to rise sharply, the report outlines strategies for building resilience and competitiveness in India’s EV ecosystem.
The report projects that EV sales in India could reach 22 million units by 2035, with EV penetration crossing 50 percent across most vehicle segments. This growth will be supported by favorable demand dynamics, strengthening supply chains, and progressive regulatory drivers positioning India firmly on the path to a cleaner, more sustainable future.
EVs use 6x more minerals than conventional vehicles, and demand for Lithium, nickel, cobalt, and rare earths is surging as global EV adoption accelerates.
Over 70 percent of global refining capacity for critical minerals is concentrated in a few geographies, creating geopolitical and trade risks.
The report said India lacks proven reserves of these critical minerals and relies on imports, leaving the sector exposed to price volatility and supply shocks. Exploration of reserves in states such as J&K, coupled with domestic processing and recycling initiatives, can reduce import dependence.
Incentivising domestic refining, securing long-term supply contracts, and investing in R&D for alternative chemistries are critical steps, the report suggested.
Commenting on the report, Rohan Rao, partner, Automotive and Lead-Electric Mobility, KPMG in India, said: “India’s EV ambitions hinge not just on manufacturing capacity but on securing the raw material backbone. Without resilient supply chains, the transition risks being delayed or derailed.”
Adding to this, Raghavan Viswanathan, partner, Deal Advisory, KPMG in India, noted: “Strategic investments in exploration, refining, and recycling will be pivotal. India must act now to build partnerships and capabilities that ensure long-term competitiveness in the global EV ecosystem.”
The report concludes that India’s EV success story will depend on how effectively the nation addresses the raw material challenge. By combining domestic initiatives with global collaborations, India can secure its supply chain, reduce vulnerabilities, and position itself as a leader in sustainable mobility.
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