India is poised for a significant expansion in its electric vehicle (EV) sector, with the total number of operational EVs expected to surpass 28 million by 2030, according to a recent report by the India Energy Storage Alliance (IESA). This growth is attributed to increasing consumer demand, supportive government policies, and the rapid development of charging infrastructure.

In the fiscal year 2023-2024, India's cumulative EV sales reached 4.1 million units, reflecting the nation's commitment to decarbonization and sustainable transportation. The IESA report projects that by 2030, electric two-wheelers will constitute approximately 83% of annual EV sales, electric four-wheelers will account for 10%, and commercial vehicles—including trucks, buses, and three-wheelers—will make up the remaining 7%.

Vinayak Walimbe, Managing Director at Customized Energy Solutions Pvt Ltd India and Interim President of IESA, highlighted the surge in electricity consumption, which reached 1,543 terawatt-hours (TWh) in 2023-2024, a 7% increase from the previous year. Public EV charging infrastructure alone consumed 465 gigawatt-hours (GWh) between April and October 2024, more than doubling from 204 GWh in 2022-2023. With many EV owners preferring home charging solutions, the IESA estimates that energy demand for EV charging will rise to 4,000 GWh in the fiscal year 2024-2025 and could escalate to 38 TWh by 2032, with peak power demand projected at 366.4 gigawatts (GW).

To meet this escalating energy demand, India's total installed power capacity is expected to grow from 466 GW in January 2025 to 900 GW by 2032. This expansion includes increasing renewable energy sources—such as wind and small hydro—from the current 165 GW to 500 GW. This strategic emphasis on renewable energy aligns with India's broader goals of reducing carbon emissions and promoting sustainable growth.