EVs to Consume Around 8.7% of India’s Electricity by 2035: Report

According to the report highlighted by IKIGAI Asset Manager Holdings, the electric vehicles (EVs) in India can consume 6 to 8.7% of India’s electricity by 2035 thereby reflecting the growth and adaption of EVs. In 2023, EVs made up 18% of all car sales worldwide, with China contributing to more than half of those sales.

The rapid increase in the use of EVs is expected to have a significant impact on global electricity consumption as well. The report estimates that with the rising penetration of EVs, their share in global electricity consumption will rise from 0.5% in 2023 to between 8.1% and 9.8% by 2035.

This growth in EV usage highlights the need for countries, including India, to prepare their energy infrastructure for the increased demand. The report also shed light on the increasing demand for cooling devices which is another critical issue in India. As temperatures continue to soar, more households are likely to invest in cooling devices, adding to overall electricity consumption in India.