Report predicts India will boast 123 million electric vehicles on its roads by 2032
Revved Up for EVs: India's Electric Vehicle Surge
India's roads could see a dramatic transformation in the coming years, with a potential 123 million electric vehicles (EVs) taking to the streets by 2032, according to a new report. Aiming for sustainable development and net-zero emissions by 2070, India is steering towards EVs - a move that could boost the economy and align with the ambitious target of 30% EV penetration by 2030.
This impressive growth has its roots in supportive government initiatives, like the FAME-II scheme, which offers incentives for electric two-wheelers, three-wheelers, and four-wheelers, as well as capital subsidies for public charging infrastructure.
The report reveals that India's on-road EV population has experienced a remarkable increase, multiplying almost twelvefold. In 2019, there were just 0.35 million EVs, but by 2024, that number swelled to 4.4 million.
Electric two- and three-wheelers make up a colossal 93% of India's on-road EV stock, while electric four-wheelers account for a mere 6%, and electric buses and trucks comprise less than 1%. However, cracks of change are appearing with the personal electric four-wheeler (E4W) sector emerging as a key driver of India's expanding private and home charging ecosystem.
To accommodate this soaring EV growth, India's cumulative EV charging points, both public and captive, will likely need to multiply dramatically, growing between 12 and 28 times. Installed charging capacity must scale more than 17 times, depending on adoption and utilization levels, to reach a range of 23 GW.
The IESA and Customized Energy Solutions (CES) anticipate that India's EV stock could reach anywhere between 49 million (worst-case scenario), 60 million (business-as-usual scenario), and 123 million (NEV scenario) by 2032. The NEV scenario assumes that by 2030, EV penetration crosses the 80% mark for electric two- and three-wheelers, 30% for private E4Ws, 70% for commercial cars, and 40% for electric buses. This aligns perfectly with NITI Aayog's vision for transport electrification.
In 2024 alone, there were around 220,000 E4Ws on the roads, with the majority relying on Type-2 AC chargers installed in residential areas. That same year, India had an estimated 320,000 private Type-2 AC chargers, with most being 3.3 kW units.
Delhi is also stepping up with the Delhi government pouring investments into charging infrastructure to improve accessibility, furthering the embrace of electric vehicles. Consistent with global trends, there is a pressing need for significant increases in charging points, with investments centered on boosting capacity and accessibility.
As the world moves towards net-zero commitments and incentives for green technology, the EV market is surging worldwide. Asia Pacific is at the forefront of this global trend, leading the electric vehicle charge, and India is set to play a significant role in this green revolution.
- The ambitious plan of India to have 123 million electric vehicles (EVs) on the streets by 2032 could significantly boost the economy.
- The personal electric four-wheeler (E4W) sector is emerging as a key driver of India's expanding private and home charging ecosystem, contributing to the overall electrification of the country's transportation.
- In line with the goal of net-zero emissions by 2070, India is anticipating that its EV stock could reach anywhere between 49 million and 123 million by 2032, with electric cars and buses making up a substantial portion.
- The Delhi government is investing in charging infrastructure to improve accessibility and further the adoption of electric vehicles, making the capital city a crucial part of India's transition towards a greener lifestyle.
- With the global shift towards net-zero commitments and green technology, India, as part of the Asia Pacific region, is poised to play a crucial role in the worldwide surge of electric vehicles, aligning with the global drive for sustainable development.
