Report: By 2035, EVs Expected to Use 6% to 8.7% of India’s Electricity

A report by IKIGAI Asset Manager Holdings indicates that electric vehicles (EVs) in India will consume 6 to 8.7 percent of the nation’s electricity by 2035. This increase reflects the growing adoption of EVs and their implications for the power grid.
Globally, EV sales are rising, with 18 percent of all car sales in 2023 attributed to EVs, predominantly driven by China, which accounted for over half of those sales.The report projects that the share of EVs in global electricity consumption will grow from 0.5 percent in 2023 to between 8.1 and 9.8 percent by 2035.
The surge in EV usage emphasizes the need for countries, including India, to enhance their energy infrastructure to accommodate rising electricity demand. As more consumers switch to electric vehicles, the power sector will require increased capacity to manage this demand effectively.
Additionally, the report notes a significant rise in the demand for cooling devices in India, particularly air conditioners, due to increasing temperatures. It predicts that the demand for ACs will double by 2030, driven by the frequency of extreme heat events, further contributing to overall electricity consumption.

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