AGENCIES
NEW DELHI, May 6: India will have 123 million electric vehicles on road by 2032 under the best case scenario, said a report by India Energy Storage Alliance and Customised Energy Solutions released on Tuesday. In a significant move towards sustainable development and to achieve net zero emissions by 2070, there is a need to adopt electric vehicles (EVs). This can bolster India's economy while supporting the ambitious target set for 2030-EV penetration of 30 per cent, the report said. 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.
This aligns with the National EV Targets (NEV) scenario, highlighting the nation's commitment to boosting sustainable transportation and reducing carbon emissions, it stated. The NEV scenario is based on the EV30@30 ambition, assuming that by 2030, EV penetration reaches 80 per cent for electric two and three-wheelers, 30 per cent for private electric four-wheelers, 70 per cent for commercial cars, and 40 per cent for electric buses-fully aligning with NITI Aayog's vision for transport electrification.
The report, titled "India Electric Vehicle Charging Infrastructure Market Overview," outlines the potential impact of this transition on the country's infrastructure and energy landscape. 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.
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