12 गुना बढ़ेगा EV मार्केट! 2032 तक हर साल बिकेंगे 3.04 करोड़ इलेक्ट्रिक वाहन, रिपोर्ट – Indian Electric Vehicle market grow 12 fold to 30.4 mn units by 2032 IESA Report auaw
India’s electric vehicle (EV) market may grow at a rapid pace in the coming years. A new report by India Energy Storage Alliance (IESA) has claimed that if government policy support continues, charging infrastructure is expanded rapidly and local manufacturing is promoted, then by the year 2032, 3.04 crore electric vehicles can be sold in the country every year. Not only this, we may see an increase of almost 12 times in the sales of cars. This report has been prepared by Customized Energy Solutions (CES).
26% increase in EV sales
According to the report, sales of electric vehicles in India will increase from 20 lakh units in the year 2024 to 26 lakh units in the year 2025. That means a spectacular increase of 26 percent was recorded in one year. With this, the share of electric vehicles in the total vehicle sales in the country also increased to 9.5 percent, whereas in the year 2024 it was 8.1 percent. It is clear from this that Indian customers are increasingly turning towards electric vehicles.
Talking about the segment, electric two-wheelers had the maximum dominance in the market in the year 2025. Their share in total EV sales was 60.1 percent. Whereas electric three-wheeler achieved 31.6 percent share. That is, these two segments together contributed more than 91 percent to the total electric vehicle sales in the country, which clearly shows that at present the biggest strength of India’s EV revolution is the two-wheeler and three-wheeler segments.
Dominance of these vehicles
Electric two-wheelers will be the best selling EV in the year 2025. Their share in total electric vehicle sales was 60.1 percent. Whereas the contribution of electric three-wheeler was approximately 31.6 percent. This means that the share of these two segments in the total electric vehicle sales sold in the country has been more than 91 percent.
According to the report, electric passenger vehicle i.e. electric carThe share of shareholders has increased to 7.7 percent. This shows that now people are increasingly adopting battery operated cars. Whereas the share of electric buses was 0.2 percent and the share of electric trucks was 0.4 percent. Government procurement and fleet electrification schemes had a major contribution in the sales of both these segments.
Battery demand will increase
The report says that with the increasing sales of electric vehicles, the demand for batteries will also increase rapidly. While the total demand for batteries in the year 2025 has been 19 GWh, by the year 2032 it can increase to 362 GWh. The main reason for this is the increasing number of EVs and the use of larger battery packs in different segments.
Electric four-wheelers have the largest share in the total battery demand in the year 2025. Their share was 40 percent. After this, electric three-wheeler remained with 27 percent share and electric two-wheeler with 23 percent share. Although the sales of electric buses were only 0.2 percent, due to their larger battery packs, their contribution to the total battery demand was about 7.8 percent. Whereas the share of electric trucks was 1.9 percent.
The report says that after 2029, the pace of India’s EV market will largely depend on government policies, charging network and domestic manufacturing capacity. If there is continuous investment and support in these areas, then India’s electric vehicle market can grow faster than expected.
Local battery manufacturing challenge
At present, the largest share in the EV component market is of battery pack, whose share is 52 percent. After this, motor accounts for 22 percent, inverter for 12 percent, battery management system (BMS) for 11 percent and DC-DC converter for 3 percent. However, the report also says that many major challenges still remain regarding local manufacturing and localization of components in the supply chain. If these are addressed, India’s EV industry can progress rapidly.
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