New Delhi, May 6
India is set to see a notable surge in electric vehicles (EVs), with an estimated 123 million EVs projected to be on the roads by 2032, a report showed on Tuesday.
In a significant move towards sustainable development and to achieve net zero emissions by 2070, there is a need to adopt EVs which can bolster India’s economy while supporting the ambitious target set for 2030 — EV penetration of 30 per cent, according to the report by the India Energy Storage Alliance (IESA) and Customised Energy Solutions (CES).
The report estimates that India's cumulative on-road lithium-ion electric vehicle (EV) population increased nearly twelvefold, rising from 0.35 million in 2019 to 4.4 million in 2024.
This rapid growth has been 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 further highlighted that electric two and three-wheelers together accounted for over 93 per cent of India's on-road EV stock in 2024.
In contrast, electric four-wheelers represented around 6 per cent, while electric buses and trucks comprised less than 1 per cent.
Notably, the personal electric four-wheeler (E4W) segment has emerged as a key driver of the country's expanding private and home charging ecosystem.