In a historic first, electric vehicle (EV) launches in India will likely outpace those of petrol and diesel cars in 2025.
Of the 28 vehicle launches scheduled for this year, 18 will be electric vehicles, marking a significant shift in the automotive market.
This year’s EV launches are four times higher than the 4-5 EV models introduced in the past two years.
Even compared to the 11 and 15 total vehicle launches in 2023 and 2024, the growth in electric vehicle introductions is notable.
Industry experts predict that EVs will drive substantial growth in the passenger vehicle segment, with zero-emission vehicles expected to account for over 50% of the estimated 200,000-unit increase in sales.
The share of electric vehicles in total car sales is likely to double, reaching 4% by year-end.
Hardeep Singh Brar, Senior Vice-President and Head of Sales and Marketing at Kia India highlighted, “Till now people didn’t have the option to buy EVs from their favourite car brand. With many companies planning EV launches, consumers will come back. It EV penetration) should double from here from 2% to 4%.”
Hisashi Takeuchi, Managing Director at Maruti Suzuki stated, “Every manufacturer is thinking how to expand and bring up the electric vehicle market in India. I think EV sales will really grow because so many new products (are getting) introduced in the market.”
To further support adoption, Maruti Suzuki is planning to install fast-chargers every 5-10 kilometers in the top 100 cities ahead of the launch of its first electric vehicle in the next fiscal year.
Hyundai, another major player in the Indian market, is also optimistic about the future of EVs.
Unsoo Kim, Managing Director at Hyundai Motor India told ET, “We see the India electric vehicle market share increase to 15-20% by 2030 (from 2% in 2024). It means big volumes (in a market the size of India). Government initiatives (reduced GST rate of 5% on EVs), many OEMs (Original Equipment Manufacturers) announcing new products will support growth.”
Hyundai has started assembling battery packs in India to keep costs competitive. The company has also partnered with a local supplier to source cells for upcoming electric cars. Additionally, Hyundai is working on setting up 600 fast chargers on major highways by 2030.
Industry forecasts suggest that electric vehicle sales in India will grow at a compound annual growth rate (CAGR) of 43%, reaching 932,000 units by 2030, with electric SUVs comprising 61% of the demand. In 2024, electric vehicle sales were a modest 107,000 units, compared to 4.3 million total vehicle sales in the country.
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