India’s electric vehicles to cross the 28 million mark by 2030:India Energy Storage Alliance

In its report, the India Energy Storage Alliance (IESA) said that 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.

It said India continues to make significant and sustained inroads in its decarbonisation journey, with the rapid increase in sales of EVs, supported by demand and supply incentives, growing consumer demand, and a focus on developing charging infrastructure.

The report said 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 noted that India's cumulative electric vehicle (EV) sales crossed 4.1 million units in the fiscal year 2023-2024.

IESA said it is projected that 83%of the annual sales would be electric two-wheelers, 10% would be electric four-wheelers, and commercial vehicles such as trucks, buses, and three-wheelers would contribute to 7% of sales.

It said the total installed capacity in the country is required to grow from 466 GW in January 2025 to 900 GW by 2032. This includes 500 GW of renewable sources, wind, small hydro, and others (from 165 GW installed capacity in Jan 2025).