With India’s presence in the electric vehicles market growing steadily, the country can have 123 million Electric Vehicles (EVs) India on road by 2032 under the best case scenario, says a report released by India Energy Storage Alliance and Customised Energy Solutions on Tuesday.
Stressing on the need to adopt EVs to support the country’s aim to achieve net zero emissions by 2070, the report said that the move – which translates into EV penetration of almost 30 per cent – will encourage sustainable development and bolster India’s economy that is fuelled by supportive government policies such as the FAME-II scheme which offers demand incentives for electric two-wheelers, three-wheelers, and four-wheelers, along with capital subsidies for public charging infrastructure.
It will also align with the government’s National EV Targets (NEV) scenario which commits to boosting sustainable transportation and reducing carbon emissions, the report added. The NEV scenario is in tandem with NITI Aayog’s vision for transport electrification that assumes EV penetration of up to 80 per cent by 2030 for electric two and three-wheelers; 30 per cent for private electric four-wheelers; 70 per cent for commercial cars; and 40 per cent for electric buses.
The report, titled, ‘India Electric Vehicle Charging Infrastructure Market Overview’, outlines the potential impact of the transition of the country to EVs on India’s energy landscape. Highlighting the current EV trends in the country, the report further highlighted that electric two and three-wheelers accounted for the majority 93 per cent of on-road EVs in 2024 (approximately 220,000 personal electric four-wheelers that depended on Type-2 AC chargers) while electric four-wheelers, buses, and trucks lagged behind with six and less than one per cent respectively. Interestingly, the personal electric four-wheeler (E4W) segment has emerged as a top-runner expanding the country’s private and home charging ecosystem.
Vinayak Walimbe, Managing Director of CES said: “By 2032, IESA and CES projects that India’s on-road EV stock could reach approximately 49 million (worst case), 60 million (business-as-usual), or 123 million (NEV scenario).” India had roughly 76,000 cumulative public and captive charging points in 2024, with a combined installed capacity of 1.3 GW.
Debmalya Sen, President of IESA, said: “To support the projected EV growth, we can anticipate that India’s cumulative installed EV charging points — public and captive — will need to grow nearly 12 to 28 times, from around 76,000 in 2024 to between 0.9 million and 2.1 million by 2032. Installed charging capacity must also scale more than 17 times, rising from 1.3 GW to 23 GW, depending on EV adoption and infrastructure utilization levels.”
By 2032, the projected stock is expected to reach approximately 4.3 million, 5.8 million and 10 million electric four-wheelers under the worst case, business as usual (BAU), and NEV scenarios, respectively. These two segments are crucial drivers of demand for both captive and public charging infrastructure, particularly for high-power DC fast charging.
With strategic investments and policy support, India is set to emerge as a leader in electric mobility, fostering both environmental sustainability and economic growth, it stated.
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