New Delhi, July 13 -- India's electric vehicles (EV) market is projected to surge 12x to 30.4 million units by 2032 under the high-growth NEV (National EV Target) scenario. The market displays strong growth momentum, with annual sales rising from 2.0 million units in 2024 to 2.6 million units in 2025, representing an approximate 26 per cent sales increase, according to an India Energy Storage Alliance (IESA) report, prepared by Customized Energy Solutions.

Higher fuel prices strengthen electric vehicle cost competitiveness, while expanding sports utility vehicle offerings and a wave of new product launches enhance consumer appeal and market visibility.

As per the report, EVs accounted for approximately 9.5 per cent of total vehicle sale...