3 EV penetration will increase in the near future with expanding charging network

New Delhi New Delhi: Electric vehicle (EV) penetration will increase over the next three years due to the introduction of more reliable models at competitive prices and potential growth of the charging network, according to an Axis Capital report. “We believe EV penetration will increase over the next 3 years due to the introduction of more reliable models at attractive prices and potential expansion of the charging network,” said the report prepared based on an analysis of Auto Expo 2025. The Axis Capital firm believes that this growth is driven by a growing portfolio of EV offerings, serving a wider audience. The report said that electric vehicle (EV) launches dominated Auto Expo 2025, with leading automotive brands introducing their latest EV models in the passenger vehicle (PV) segment.

The report highlighted that the event saw limited focus on internal combustion engine (ICE) models, with Tata Motors showcasing both its Harrier and Sierra EVs, while Maruti Suzuki introduced its first global electric vehicle, the e-Vitara. Among the major launches, Maruti unveiled the e-Vitara, a mid-size SUV built on the HEARTECT-e platform. The e-Vitara has two battery options, with a range of up to 500 kilometres, and will compete with models such as the Hyundai Creta EV and Tata Curve 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, the brand’s first ‘born EV’ model. Hyundai introduced the Creta EV, which features Level 2 ADAS, a competitive pricing structure and fast-charging capabilities. Meanwhile, other global companies such as BYD, MG and VinFast displayed a range of exciting upcoming EV models.