Axis Capital Predicts Surge in Electric Vehicle Market by 2025

A report by Axis Capital anticipates a significant increase in electric vehicle (EV) market penetration over the next three years. This growth is attributed to the launch of new reliable models, competitive pricing, and enhanced charging infrastructure highlighted during the Auto Expo 2025.

According to a report by Axis Capital, electric vehicle (EV) penetration is expected to surge within the next three years. This upward trend is attributed to the introduction of more reliable models at competitive prices and the anticipated growth of the charging network.

The report, which was based on the analysis of Auto Expo 2025, highlighted that a broader range of EV offerings is being introduced to appeal to more diverse consumer segments. The event was largely dominated by the unveiling of new EV models, particularly in the passenger vehicle sector.

A notable shift away from internal combustion engine (ICE) models was observed, with automotive giants like Tata Motors and Maruti Suzuki showcasing their new electric vehicles. Key highlights included Maruti's global debut of its e-Vitara and Tata's Harrier EV, both set to compete in the evolving EV market.

Maruti's e-Vitara offers two battery options with ranges up to 500 kilometers, poised to rival models such as Hyundai's Creta EV and Tata's Curvv EV. Tata's Harrier EV is expected to be released soon, alongside the Sierra EV, a model anticipated to significantly bolster their sales volume.

Other significant reveals included Tata's Avinya concept, Hyundai's Creta EV, and a variety of models from international players like BYD, MG, and VinFast, showcasing the latest advancements in EV technology.

As new models enter the market and the charging network expands, Axis Capital's forecast suggests this period could herald a pivotal shift in India's automotive landscape with accelerated EV adoption.

(With inputs from agencies.)