India will have 123 million electric vehicles on its roads by 2032: Study

India will have 123 million electric vehicles on the road by 2032, after getting a boost from the incentives of the National EV Targets (NEV), claims a study. The study also stated that the cumulative lithium-ion electric vehicle population increased nearly twelvefold, rising from 0.35 million in 2019 to 4.4 million in 2024.

The joint study was conducted by IESA (India Energy Storage Alliance) and CES (Customized Energy Solutions). It stated that the rapid growth of electric vehicles in India 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 one 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.

The report further states that in 2024, there were approximately 220,000 personal electric four-wheelers (E4Ws) on roads, most of which depended on Type-2 AC chargers installed in residential areas. By that same year, India had an estimated 320,000 private Type-2 AC chargers, with 70 per cent being 3.3 kW units, 28 per cent 7.4 kW units, and the remaining 11-22 kW units classified as high-capacity. India had roughly 76,000 cumulative public and captive charging points in 2024, with a combined installed capacity of 1.3 GW.

While AC-001 chargers made up nearly half of all installed points, the overall installed capacity was dominated by CCS2 chargers, reflecting the growing demand for high-power DC fast charging.

The study also claims that by 2032, the projected stock of electric vehicles is expected to reach approximately 4.3 million, 5.8 million, and 10 million electric four-wheelers under the Worst Case, Business as Usual (BAU), and New Energy Vehicle (NEV) scenarios, respectively.

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