India's Electric Future: 123 Million EVs on the Road by 2032

India is poised for a substantial leap toward sustainable transportation, with projections indicating up to 123 million electric vehicles (EVs) on its roads by 2032, according to a recent report from the India Energy Storage Alliance (IESA) and Customised Energy Solutions. This ambitious target aligns with the nation's broader goal of achieving net-zero emissions by 2070.

The report outlines the significant impact of governmental policies, such as the FAME-II scheme, which has propelled the adoption of EVs through demand incentives and capital subsidies for charging infrastructure. Under the National EV Targets scenario, aggressive penetration rates are expected for electric two and three-wheelers, private four-wheelers, and commercial vehicles by 2030.

Current data from 2024 shows electric two and three-wheelers dominate India's EV market, accounting for over 93% of the stock. Notably, the expansion of home and private charging ecosystems supports the growing number of personal electric four-wheelers. By 2032, India's charging infrastructure, which includes both public and captive chargers, will need substantial growth to accommodate expected EV increases. The report foresees India emerging as a leader in electric mobility, promoting environmental and economic progress.

(With inputs from agencies.)