A report by Primus Partners forecasts a significant rise in demand for rare earth magnets (REMs) in the electric vehicle (EV) sector, estimating 712 tonnes for passenger vehicles and 903.2 tonnes for three-wheelers by 2030. By 2047, REM demand for passenger vehicles alone is expected to reach 2,640 tonnes. Each EV requires at least 2kg of REMs for essential functions, while internal combustion engine (ICE) vehicles also rely on REMs for components like power steering and electronic mirrors.