Number of operational EVs to cross 28 mn-mark in 2030

PTI New Delhi

The total number of operational electric vehicles (EVs) in India is likely to cross the 28 million-mark by 2030 fuelled by increasing demand and incentives, the India Energy Storage Alliance (IESA) said in a report.

India continues to make significant and sustained inroads in its decarbonization journey, with rapid increase in sales of EVs, supported by demand and supply incentives, growing consumer demand, and a focus on developing charging infrastructure, IESA said in a statement. The outlook for electric vehicle sales continues to be positive, driven by increasing environmental awareness, customer interest, advancements in battery technology, and readily available and easily accessible EV charging infrastructure, it said.

India's cumulative electric vehicle (EV) sales crossed 4.1 million units in the fiscal year 2023-2024. IESA, a leading alliance focussed on e-mobility, energy storage, and hydrogen, forecast that the cumulative number of EVs in operation will likely cross 28 million units in 2030, generating significant demand for energy from the grid.

It is projected that 83 per cent of the annual sales would be electric two-wheelers, 10 per cent would be electric four-wheelers, and commercial vehicles such as trucks, buses, and three-wheelers contributing to 7 per cent of sales, it stated. According to the IESA report, the total installed capacity in the country is required to grow from 466 GW in January 2025 to 900 GW by 2032.