Electric Vehicles Expected to Consume Up to 8.7% of India's Electricity by 2035 - Yes, a recent report by IKIGAI Asset Manager Holdings reveals that electric vehicles (EVs) in India will significantly impact the country's electricity consumption. By 2035, EVs are projected to account for 6 to 8.7 percent of India's total electricity usage, indicating a marked increase in their adoption and the resulting demand on the power grid.
The report highlights a global trend, noting that in 2023, EVs represented 18 percent of all car sales worldwide, with China alone contributing more than half of those sales. This surge in EV usage is anticipated to significantly affect global electricity consumption as well. The report estimates that the share of EVs in global electricity consumption will rise from 0.5 percent in 2023 to between 8.1 percent and 9.8 percent by 2035.
This expectedgrowth underscores the necessity for India to enhance its energy infrastructure to accommodate the rising electricity demands from the increasing number of electric vehicles. As more individuals transition to EVs, the power sector will need to expand its capacity to manage the additional load effectively.
Additionally, the report addresses another pressing issue for India: the growing demand for cooling devices, particularly air conditioners (ACs). With rising temperatures becoming more common, the need for efficient cooling solutions is expected to increase dramatically. The report indicates that the demand for ACs in Indian households is likely to double by 2030, further contributing to the overall electricity consumption in the country.
As extreme heat continues to escalate, more families are expected to invest in cooling appliances, which will add to the electricity demands. This dual increase in electricity consumption from both EVs and cooling devices presents challenges and opportunities for India's energy sector as it prepares for a future with higher energy needs.
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