New Delhi, India, May 6: A joint report by IESA and CES projects India will have 123 million electric vehicles (EVs) by 2032, boosted by National EV Targets (NEV). The on-road lithium-ion EV population has increased twelvefold, from 0.35 million in 2019 to 4.4 million in 2024.
Electric two and three-wheelers accounted for over 93% of India's on-road EV stock in 2024. Electric four-wheelers represented about 6%, while electric buses and trucks comprised less than 1%. Personal electric four-wheelers (E4Ws) drive the expansion of private and home charging.
In 2024, India had roughly 76,000 public and captive charging points with a 1.3 GW capacity. Cumulative installed EV charging points need to grow 12 to 28 times, reaching 0.9 to 2.1 million by 2032. Installed charging capacity must scale over 17 times, rising from 1.3 GW to 23 GW.