How many EVs are there in India?

India's cumulative electric vehicle (EV) sales crossed 4.1 million units in the fiscal year 2023-2024. IESA, a leading alliance focussed on e-mobility, energy storage, and hydrogen, forecast that the cumulative number of EVs in operation will likely cross 28 million units in 2030, generating significant demand for energy from the grid.

Does India need large-scale energy storage?

India aims for 500 GW of renewable capacity by 2030, which requires large-scale energy storage for grid stability. Solar and wind energy depend on storage solutions to ensure round-the-clock availability. National Energy Storage Mission (NESM) promotes BESS for grid management and renewable energy integration.

What is the future of energy storage in India?

Limited consumer awareness about the benefits of energy storage. India’s BESS market is expected to grow at a CAGR of 25-30% over the next decade. Grid-scale BESS market alone could reach $5 billion by 2030. Major players include Tata Power, Reliance, Adani, JSW, Exide, Amara Raja, Tesla, and Fluence.

How much EV charging is needed in India?

The National Electricity Plan forecasts Total annual demand on the Indian power grid to rise to 2133 TWh by 2031-32 and as per IESA estimation, EV charging would likely constitute around ~3 percent of this demand. According to the IESA report, the total installed capacity (of India) is required to grow from 466 GW in January 2025 to 900 GW by 2032.

What is the outlook for electric vehicle sales in India?

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