India could see up to 123 million electric vehicles (EVs) on its roads by 2032 under the most optimistic scenario, according to a report by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES).
The report emphasises the crucial role EV adoption plays in advancing India’s net-zero emissions target by 2070, and achieving the interim goal of 30% EV penetration by 2030. Transitioning to electric mobility not only supports environmental goals but also has the potential to boost India’s economy, it stated.
Government policies like the FAME-II scheme—which offers demand incentives for electric two-, three-, and four-wheelers, as well as capital subsidies for public charging infrastructure—have significantly contributed to the sector’s growth.
The projections align with the National EV Targets (NEV) scenario, built around the EV30@30 vision, which aims for the following EV penetration levels by 2030:
· 80% for two- and three-wheelers,
· 30% for private four-wheelers,
· 70% for commercial vehicles,
· 40% for electric buses.
Titled India Electric Vehicle Charging Infrastructure Market Overview, the report outlines how this shift will impact the nation’s infrastructure and energy systems. It reveals that in 2024, two- and three-wheelers accounted for over 93% of India’s on-road EVs, with electric four-wheelers at 6% and electric buses and trucks under 1%.
The personal electric four-wheeler (E4W) segment is emerging as a key force in the growth of home and private charging networks. In 2024, India had around 220,000 personal E4Ws, mostly relying on Type-2 AC chargers at residential locations. Approximately 320,000 private Type-2 AC chargers were installed, with 70% being 3.3 kW, 28% at 7.4 kW, and the rest high-capacity chargers (11–22 kW).
In terms of public infrastructure, India had around 76,000 public and captive charging points in 2024, with a total installed capacity of 1.3 GW.
India’s on-road EV stock could reach:
· 49 million (worst case),
· 60 million (business-as-usual),
· 123 million (NEV scenario) by 2032.
This includes 4.3 to 10 million electric four-wheelers and 450,000 to 1.1 million electric buses and trucks, depending on the scenario.
India’s EV charging points may need to grow 12 to 28 times, reaching 0.9 million to 2.1 million units, with installed capacity rising to 23 GW by 2032.
The report concludes that with the right investments and continued policy support, India is well-positioned to become a global leader in electric mobility, advancing both sustainability and economic development.
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