Electric Vehicles Set to Surge: New Models and Expanding Networks Lead the Charge

Axis Capital predicts a surge in EV penetration over the next three years due to new, affordable models and expanding charging networks. Auto Expo 2025 underscored this trend with major EV launches, signaling a significant shift in the automotive landscape, particularly in passenger vehicles.

An Axis Capital report forecasts a major surge in electric vehicle (EV) penetration in the next three years. This prediction is driven by the introduction of more dependable models priced competitively, alongside the potential growth of the charging infrastructure.

According to the report, the recent Auto Expo 2025 was heavily dominated by EV launches, underscoring the industry's shift towards electric mobility. Leading car manufacturers rolled out their latest EV offerings in the passenger vehicle segment, pushing this movement further.

The report also noted a diminished focus on internal combustion engine models at the event. Notable highlights included Tata Motors' unveiling of its Harrier and Sierra EVs, and Maruti Suzuki's introduction of its e-Vitara. This mid-sized SUV, built on the HEARTECT-e platform, is poised to compete in the growing EV market.

The e-Vitara, offering ranges up to 500 kilometers, will vie with the likes of Hyundai's Creta EV and Tata's Curvv EV. Among these, Tata's Harrier EV is eagerly anticipated in the upcoming months, while its Sierra EV is expected to drive significant sales volume.

Additionally, Tata showcased its Avinya concept, the brand's first 'Born EV' model based on Jaguar Land Rover's EMA platform. Hyundai's new Creta EV promises to attract consumers with its Level 2 ADAS, competitive pricing, and fast-charging capabilities. Global players such as BYD, MG, and VinFast also participated, introducing an array of upcoming EV models.

With these advancements and the expansion of charging networks, Axis Capital's forecast indicates an upcoming transformation in India's automotive sector, shifting distinctly towards electric mobility. (ANI)

(With inputs from agencies.)