According to a report, India will have 123 million EVs by 2032

Current Context: The report is titled "India Electric Vehicle Charging Infrastructure Market Overview", released by the India Energy Storage Alliance (IESA) and Customised Energy Solutions (CES) on May 6, 2025.

Key Findings

• The report projects that India could have 123 million EVs by 2032 under the National EV Targets (NEV) scenario, aligning with the EV30@30 ambition. It outlines three possible growth trajectories:
• Worst Case: 49 million EVs
• Business-as-Usual: 60 million EVs
• NEV Scenario: 123 million EVs

Highlights

• Charging Infrastructure Expansion: Public and captive charging points must grow 12 to 28 times, from 76,000 in 2024 to between 0.9 million and 2.1 million by 2032.
• Installed Charging Capacity: Needs to increase 17 times, rising from 1.3 GW in 2024 to 23 GW by 2032.
• Government Policies Driving Growth: Schemes like FAME-II provide demand incentives for EVs and subsidies for charging infrastructure.
• Dominance of Two- & Three-Wheelers: These accounted for 93% of India’s EV stock in 2024, while four-wheelers made up 6%.

Question:

Q.1 According to the National EV Targets (NEV) Scenario in the report, what is the projected number of EVs in India by 2032?
a) 123 million
b) 60 million
c) 49 million
d) 150 million

Answer: a) Under the National EV Targets (NEV) scenario, India is projected to have 123 million EVs by 2032, aligning with the EV30@30 ambition. This represents the highest growth trajectory outlined in the report.