India’s electric vehicle (EV) journey is accelerating rapidly, and if the current momentum is sustained, the country could see up to 123 million EVs on its roads by 2032, according to a joint report by the India Energy Storage Alliance (IESA) and Customised Energy Solutions (CES). This growth supports India’s larger climate objectives and could significantly reshape the nation’s energy and transport landscape.
India has committed to achieving net zero carbon emissions by 2070, and EV adoption plays a critical role in that path. The report, “India Electric Vehicle Charging Infrastructure Market Overview,” outlines three scenarios for EV growth by 2032:
The NEV scenario aligns with India’s EV30@30 ambition and NITI Aayog’s vision, aiming for:
As of 2024, over 93% of India’s on-road EV stock consisted of electric two- and three-wheelers, showcasing strong adoption in these segments due to affordability and daily usability. In contrast:
Read More:15-Minute EV Charging Is Here: Exponent Energy Powers the Electric Vehicle Future.
The personal electric four-wheeler (E4W) market, while smaller in volume, is pivotal in building out the private charging ecosystem. There were approximately:
Charging infrastructure breakdown (2024):
India’s charging infrastructure will need exponential growth to meet demand:
This expansion will be especially crucial for segments like electric buses and trucks, which require high-power DC fast charging.
The report forecasts a rise in electric commercial vehicles by 2032:
These vehicles will play a vital role in reducing emissions from freight and public transport while driving demand for large-scale charging solutions.
India’s EV growth is strongly supported by initiatives such as:
Experts emphasize that with continued policy support, strategic investments, and technological advancements, India is well-positioned to become a global leader in electric mobility, balancing economic growth with environmental sustainability.
The road to 123 million EVs by 2032 is ambitious, but not out of reach. With clear national targets, active policy support, and a rapidly evolving charging infrastructure ecosystem, India’s transition to electric mobility appears firmly underway. Stakeholders across industry, government, and finance will play a central role in ensuring the EV revolution is both inclusive and scalable.
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Published on: May 7, 2025, 10:09 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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