As these new models hit the market and charging infrastructure expands, Axis Capital's forecast of rising EV penetration over the next few years could mark a transformative shift in the Indian automotive landscape. The electric vehicle (EV) penetration will increase in the next three years due to the introduction of more reliable models at competitive price points and the possible growth of the charging network, according to the Axis Capital report.
"We believe the launch of more credible models at attractive price points and potential expansion of the charging network will drive higher EV penetration over the next 3 years," the report added, which was conducted based on the analysis of Auto Expo 2025.
Axis Capital firm sees this growth fueled by an expanding portfolio of EV offerings that cater to a wider audience.
The report added that the Auto Expo 2025 was dominated by electric vehicle (EV) launches, with leading automotive brands unveiling their latest EV models in the passenger vehicle (PV) segment.
The report highlighted that the event witnessed a saw limited focus on internal combustion engine (ICE) models, with Tata Motors showcasing both its Harrier and Sierra EVs, while Maruti Suzuki debuted its first global electric vehicle, the e-Vitara.
Among the key launches, Maruti unveiled the e-Vitara, a mid-sized SUV built on the HEARTECT-e platform.
The e-Vitara offers two battery options, with ranges of up to 500 kilometers, and will compete with models like the Hyundai Creta EV and Tata Curvv EV.
Tata's Harrier EV, which is expected in the coming months, was another highlight.
Tata also revealed the Sierra EV, which is likely to be a major volume driver, and showcased its Avinya concept, based on Jaguar Land Rover's EMA platform, marking the brand's first 'Born EV' model.
Hyundai introduced the Creta EV, featuring Level 2 ADAS, a competitive pricing structure, and fast-charging capabilities. Meanwhile, other global players like BYD, MG, and VinFast showcased an array of exciting upcoming EV models.
As these new models hit the market and charging infrastructure expands, Axis Capital's forecast of rising EV penetration over the next few years could mark a transformative shift in the Indian automotive landscape.
