India Will Have 123 Million EVs by 2032: Report

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.

- Press Trust of India

NEW DELHI:

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%, 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% for electric two and three-wheelers, 30% for private electric four-wheelers, 70% for commercial cars, and 40% for electric buses—fully aligning with NITI Aayog's vision for transport electrification.