New Delhi, May 6: India is projected to have as many as 123 million electric vehicles (EVs) on its roads by 2032, driven by robust government incentives under the National EV Targets (NEV), according to a joint report by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES).
The report highlights a dramatic surge in the country’s EV adoption, with the on-road lithium-ion EV population growing nearly twelvefold — from 350,000 in 2019 to 4.4 million in 2024. This expansion has been largely supported by policies such as the FAME-II scheme, which offers demand-side incentives for electric two-, three-, and four-wheelers, along with capital subsidies to develop public charging infrastructure.
As of 2024, electric two- and three-wheelers made up more than 93% of India's total EV fleet. Electric four-wheelers accounted for around 6%, while buses and trucks made up less than 1%.
The report notes that the personal electric four-wheeler (E4W) segment is playing a pivotal role in developing India’s home and private charging ecosystem. In 2024, India had approximately 220,000 personal E4Ws, most of which relied on Type-2 AC chargers installed in residential areas.
India had an estimated 320,000 private Type-2 AC chargers in operation that year. Of these, 70% were 3.3 kW units, 28% were 7.4 kW, and the remaining were high-capacity 11–22 kW chargers. The country also had about 76,000 cumulative public and captive charging points, with a total installed capacity of 1.3 GW.
While AC-001 chargers comprised nearly half of all installed charging points, CCS2 chargers dominated the installed capacity, indicating a growing preference for DC fast-charging infrastructure.
Looking ahead, IESA President Debmalya Sen emphasized the need for rapid scaling of the charging network.
“To support the projected EV growth, India’s total installed EV charging points—both public and captive—will need to grow nearly 12 to 28 times, reaching between 0.9 million and 2.1 million by 2032,” he said.
