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Hindustan Times
07-05-2025
- Automotive
- Hindustan Times
India will have 123 million electric vehicles on its roads by 2032, claims study
Electric vehicles in India have been witnessing a rapid growth in demand and sales over the last few years. Electric vehicles in India have been witnessing a rapid growth in demand and sales over the last few years. (Getty Images via AFP) 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. Check out Upcoming EV Bikes in India. First Published Date: 07 May 2025, 08:29 AM IST
Mint
06-05-2025
- Automotive
- Mint
‘India to have 123 million EVs on the road by 2032 under best-case scenario'
New Delhi: India will likely have 123 million electric vehicles (EVs) on the road by 2032 under the best-case scenario, a report published by India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES) said on Tuesday. The adoption of EVs becomes critical, as the world's fifth-largest economy prioritizes sustainable development and races to achieve net-zero carbon emissions by 2070, the report said. This can bolster India's economy while supporting the ambitious target set for 2030—EV penetration of 30%. The report, titled "India Electric Vehicle Charging Infrastructure Market Overview," outlined the potential impact of this transition on the country's infrastructure and energy landscape. Also read: Ola Electric's Bhavish Aggarwal sends heartwarming message to rival Ather Energy on market debut: 'Let's together make…' 'By 2032, IESA and CES project that India's on-road EV stock could reach approximately 49 million (worst case), 60 million (business-as-usual), or 123 million (NEV scenario)," said Vinayak Walimbe, managing director of Customized Energy Solutions India Pvt. Ltd. The National EV Targets (NEV) estimates are based on the assumption that by 2030, EV penetration reaches 80% for electric two- and three-wheelers, 30% for private electric four-wheelers, 70% for commercial cars, and 40% for electric buses, he added. EV penetration refers to the share of electric vehicles among total vehicles in a system. By 2032, the projected stock of electric cars is expected to rise to about 4.3 million, 5.8 million, and 10 million units under the worst case, business as usual (BAU), and NEV scenarios, respectively, the report said. In addition, electric buses and trucks could grow to around 450,000, 750,000, and 1.1 million units under the above conditions. Also read: Ather Energy share price falls 6% after muted listing. Should you buy, sell or hold the EV stock? The report estimated that India's cumulative on-road lithium-ion electric vehicle (EV) population became nearly twelvefold to 4.4 million in 2024 from 0.35 million in 2019. This rapid growth, it said, has been fuelled by supportive government policies, such as the FAME-II scheme, which offered demand incentives for electric two-wheelers, three-wheelers, and four-wheelers, along with capital subsidies for public charging infrastructure. FAME stands for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles. The Union government implemented two iterations of the FAME scheme from FY15 to FY24. Currently, the PM E-drive scheme has replaced FAME. Under this scheme, the government has directed its subsidy push towards public transportation by allocating about 40% of its ₹ 10,900 crore-outlay towards electric bus subsidies. Notably, the personal electric four-wheeler (E4W) segment has emerged as a key driver of the country's expanding private and home charging ecosystem. Also read: India-UK Trade Deal: Tariffs on auto imports to be cut to 10%; whisky and gin tariffs down to 75% As per the report, 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% being 3.3 kW units, 28% 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, the report said. To accommodate this surge in EVs, India must significantly expand its charging infrastructure, increasing from 76,000 points in 2024 to between 0.9 million and 2.1 million by 2032, the report said. The IESA-CES report further highlighted that electric two- and three-wheelers together accounted for over 93% of India's electric vehicles in 2024. In contrast, electric four-wheelers represented around 6%, while electric buses and trucks comprised less than 1%, as per the report. Debmalya Sen, president of IESA, said, "To support the projected EV growth, we can anticipate that India's cumulative installed EV charging points—public and captive—will need to grow nearly 12 to 28 times, from around 76,000 in 2024 to between 0.9 million and 2.1 million by 2032. Installed charging capacity must also scale more than 17 times, rising from 1.3 GW to 23 GW, depending on EV adoption and infrastructure utilization levels."
NDTV
06-05-2025
- Automotive
- NDTV
India To Have 123 Million Electric Vehicles On Road By 2032: Report
New Delhi: 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. Vinayak Walimbe, Managing Director of CES said: "By 2032, IESA and CES projects that India's on-road EV stock could reach approximately 49 million (worst case), 60 million (business-as-usual), or 123 million (NEV scenario)." As per the report, in 2024, there were approximately 220,000 personal electric four-wheelers (E4Ws) on road, 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, it stated. India had roughly 76,000 cumulative public and captive charging points in 2024, with a combined installed capacity of 1.3 GW. Debmalya Sen, President of IESA, said: "To support the projected EV growth, we can anticipate that India's cumulative installed EV charging points — public and captive — will need to grow nearly 12 to 28 times, from around 76,000 in 2024 to between 0.9 million and 2.1 million by 2032. Installed charging capacity must also scale more than 17 times, rising from 1.3 GW to 23 GW, depending on EV adoption and infrastructure utilization levels." By 2032, the projected stock 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 NEV scenarios, respectively. In addition, electric buses and trucks could grow to around 450,000, 750,000, and 1.1 million units. These two segments are crucial drivers of demand for both captive and public charging infrastructure, particularly for high-power DC fast charging. With strategic investments and policy support, India is set to emerge as a leader in electric mobility, fostering both environmental sustainability and economic growth, it stated.
