India's EV Revolution: A Roadmap to 123 Million Electric Vehicles by 2032
A report from IESA and CES predicts that by 2032, India will host 123 million electric vehicles, driven by government incentives and growing infrastructure. In 2024, electric two and three-wheelers dominated over 93% of the EV market. The expansion of charging facilities, from public to residential, is crucial for sustainable growth.
- Country:
- India
India is set to witness an electric vehicle (EV) boom, with projections indicating that 123 million EVs will be on its roads by 2032. This surge is largely attributed to incentives from the National EV Targets (NEV), as detailed in a report by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES).
The report highlights that India's cumulative on-road lithium-ion electric vehicle population has already seen a significant rise from 0.35 million in 2019 to an expected 4.4 million by 2024. Supportive government policies, such as the FAME-II scheme, play a pivotal role in this growth by extending demand incentives and capital subsidies for public charging infrastructure.
While electric two and three-wheelers represent over 93% of the market in 2024, the segment of personal electric four-wheelers (E4W) is gaining momentum, further accelerating the expansion of home charging solutions. The country had approximately 76,000 public and captive charging points in 2024, but by 2032, this will need to expand exponentially to between 0.9 million and 2.1 million to accommodate the anticipated growth.
(With inputs from agencies.)
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