CHENNAI: Electric vehicles (EVs) are set to drive the next phase of growth in India’s auto industry, with Hyundai Motor India Ltd (HMIL) predicting a significant acceleration in EV adoption by 2025-26.
According to Tarun Garg, COO of HMIL, electrification in the passenger vehicles market is poised to take off, powered by innovations like the EV version of its best-selling SUV, the Creta.
India’s electrification journey, though at an early stage, has shown promise. The Indian passenger vehicle market hit record sales of 4.3 million units in 2024, but only about 2.4 per cent of those were electric vehicles.
Garg anticipates this figure will climb sharply in the coming years, fueled by the introduction of mass-market EVs and expanded offerings across different segments, including options below the mid-sized SUV category.
Years of transdormation
“2025 and 2026 are going to be great trigger points for electrification, and we believe the Creta EV will play a significant role in driving this transformation,” Garg said, adding that HMIL plans to launch four new EV models in the near future.
An internal study by HMIL, supported by insights from external consultants, forecasts that electric vehicles (EV) penetration in the Indian passenger vehicle market could reach 17 per cent by 2030. This projected growth underscores the industry’s shift towards sustainable mobility and the increasing consumer interest in electric alternatives.
As Hyundai gears up to introduce more EV options, the company is aligning its strategy to cater to a broader customer base, aiming to electrify the auto industry and power India’s transition to a greener future.
