New Delhi, May 6 -- India will have 123 million electric vehicles (EVs) on the road by 2032, after getting a boost from the incentives of the National EV Targets (NEV), according to a joint report by IESA (India Energy Storage Alliance) and CES (Customized Energy Solutions).

The report estimates that India's cumulative on-road lithium-ion electric vehicle (EV) population increased nearly twelvefold, rising from 0.35 million in 2019 to 4.4 million in 2024.

This rapid growth has been fuelled by supportive government policies, such as the FAME-II scheme, which offers demand incentives for electric two-wheelers, three-wheelers, and four-wheelers, along with capital subsidies for public charging infrastructure.

It further highlighted that e...