India’s EV Revolution: 123 Million Electric Vehicles May Hit Roads by 2032

India is poised to see a dramatic rise in electric vehicle (EV) adoption, with as many as 123 million EVs projected to hit the roads by 2032 under the National EV Targets (NEV) scenario. This forecast comes from a new report jointly released by the India Energy Storage Alliance (IESA) and Customized Energy Solutions (CES), highlighting the growing momentum in India’s transition to cleaner mobility.

The report, titled “India Electric Vehicle Charging Infrastructure Market Overview,” outlines how supportive policies, targeted incentives, and ongoing R&D efforts have laid the foundation for a major shift in the country’s transportation landscape. This shift is central to India's broader commitment to achieving net-zero emissions by 2070 and meeting its goal of 30% EV penetration by 2030.

Vinayak Walimbe, Managing Director at CES India, emphasized the scale of the opportunity: “Based on varying adoption scenarios, we project India’s EV population to reach 49 million in the worst-case, 60 million in a business-as-usual case, and up to 123 million in the NEV scenario by 2032.”

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The most optimistic outlook aligns with the EV30@30 global initiative and NITI Aayog’s vision for deep electrification of transport, targeting 80% of two- and three-wheelers, 30% of private cars, 70% of commercial vehicles, and 40% of buses to be electric by 2030.

Between 2019 and 2024, India’s on-road lithium-ion EV count soared from 350,000 to 4.4 million—an over 12-fold increase. This growth has been powered largely by the government’s FAME-II scheme and other initiatives promoting electric mobility. Two- and three-wheelers now account for over 93% of India’s EV fleet, while electric four-wheelers represent 6%. Buses and trucks remain a small but growing part of the EV landscape.

Looking ahead, the report projects that India's public and private EV charging points must scale up dramatically—to between 900,000 and 2.1 million by 2032. Correspondingly, charging capacity must expand more than 17-fold, reaching up to 23 GW to support the anticipated EV load.

“Achieving this scale will require a combination of policy consistency, infrastructure investment, and ecosystem-wide coordination,” said Debmalya Sen, President of IESA. “If we get it right, India will not only lead in EV adoption but also set a global benchmark for sustainable mobility.”

Projections also suggest that by 2032, India could have up to 10 million electric four-wheelers and over 1 million electric buses and trucks—segments that are critical to the success of both public transport electrification and high-power charging networks.