Under the NEV scenario, which aligns with the EV30@30 ambition, India could reach 123 million EVs.
06 May 2025 | 378 Views | By Arunima Pal
India could have up to 123 million electric vehicles (EVs) on its roads by 2032 under the National EV Targets (NEV) scenario, according to a new report by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES). The report, titled India Electric Vehicle Charging Infrastructure Market Overview, ...
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India could have up to 123 million electric vehicles (EVs) on its roads by 2032 under the National EV Targets (NEV) scenario, according to a new report by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES). The report, titled India Electric Vehicle Charging Infrastructure Market Overview, outlines the nation’s rapidly expanding EV footprint and the associated demand for robust charging infrastructure to support the transition.
According to the report, India’s cumulative on-road EV stock rose nearly twelvefold over the past five years, from 0.35 million in 2019 to 4.4 million in 2024. This growth has been driven by government initiatives such as the FAME-II scheme, which provides demand incentives for electric two-wheelers, three-wheelers, and four-wheelers, as well as capital subsidies for public charging infrastructure.
In 2024, electric two- and three-wheelers made up more than 93% of the EVs on Indian roads, while electric four-wheelers accounted for around 6%. Buses and trucks formed less than 1% of the total. The report notes that personal electric four-wheelers have become a key factor in the development of India’s home and private charging ecosystem.
Projections for 2032 vary based on adoption scenarios. Under the NEV scenario, which aligns with the EV30@30 ambition, India could reach 123 million EVs. This scenario assumes EV penetration of 80% for two- and three-wheelers, 30% for private four-wheelers, 70% for commercial cars, and 40% for buses. More conservative projections estimate 49 million (Worst Case) and 60 million (Business-as-Usual) EVs by 2032.
Vinayak Walimbe, Managing Director of CES India, emphasized the importance of this transition, noting that these projections reflect India’s alignment with NITI Aayog’s electrification goals.
The report also details India’s current and future EV charging infrastructure. As of 2024, there were approximately 220,000 personal electric four-wheelers, most of which used Type-2 AC chargers installed in residential areas. The country had an estimated 320,000 private Type-2 AC chargers, with the majority being 3.3 kW units.
India had about 76,000 public and captive charging points in 2024, with a total installed capacity of 1.3 GW. While AC-001 chargers made up nearly half of all units, the capacity was dominated by CCS2 fast chargers, reflecting the increasing demand for high-speed charging options.
According to Debmalya Sen, President of IESA, to support the projected EV growth, the number of charging points would need to grow between 12 to 28 times, reaching 0.9 million to 2.1 million by 2032. Installed capacity would also need to expand from 1.3 GW to 23 GW.
By 2032, the stock of electric four-wheelers is expected to grow to between 4.3 million (Worst Case) and 10 million (NEV scenario), while electric buses and trucks could reach up to 1.1 million units. These segments are likely to be major drivers of demand for both public and captive high-power DC fast charging infrastructure.
The report highlights how India’s EV transformation, backed by policy support and infrastructure development, is poised to contribute significantly to the country’s sustainability goals and economic progress.