EV Shift Gains Momentum In India, Hyundai Predicts Penetration To Reach 13 Per Cent By 2030

Hyundai COO said that the domestic PV segment could witness EV penetration levels reaching 12-13 per cent over the next four to five years, backed by supportive government initiatives.

Hyundai’s upcoming manufacturing facility in Talegaon, Pune, acquired from General Motors, is on track to begin production in the third quarter of the current fiscal.

Source : Freepik

With the Indian automotive landscape undergoing a pivotal shift, electric vehicles (EVs) are poised to gain significant traction in the coming years, according to Hyundai Motor India’s Whole Time Director and COO Tarun Garg.

He believes the domestic passenger vehicle segment could witness EV penetration levels reaching 12-13 per cent over the next four to five years, backed by supportive government initiatives and a broader commitment from major original equipment manufacturers (OEMs).

“There is now clarity in the industry that electric vehicles are the way forward in the country,” Garg told PTI, noting that the earlier uncertainty around whether EVs, hybrids or other alternatives would dominate the future has now given way to a clear EV-first policy direction.

Mainstream Carmakers Lead the Charge

Garg pointed out that leading players like Hyundai, Tata Motors, and Mahindra are already active in the EV space, and with Maruti Suzuki now entering the fray, the sector is expected to witness robust and consistent growth. “Now, it is clear that all the policies favour the EVs,” he added, highlighting that momentum is expected to build steadily until 2030.

Hyundai anticipates EV penetration to rise from the current 2.5 per cent to around 12-13 per cent over the next few years, as more models hit the market and infrastructure support improves. “The segment will see continuous growth from now on,” he said.

Hyundai’s EV Roadmap And Market Outlook

The company is stepping up efforts to localise its EV supply chain, with plans to manufacture key components such as battery packs, power electronics, drivetrains, and cells domestically. It also intends to install 600 public fast-charging stations across India in the next seven years to facilitate wider adoption.

“We are very committed towards the EV segment from the supply chain localisation point of view and charging infrastructure point of view as well. We are confident about the future of EVs in India,” Garg stated.

Hyundai recently launched the Creta Electric, which is averaging monthly sales of around 1,000 units. It also sells the Ioniq 5, its premium EV model, in the Indian market. In March, the Creta became the highest-selling model in the domestic passenger vehicle segment with 18,059 units sold.

Garg noted a rising preference for SUVs among buyers. “For us, the SUV penetration has grown from 63.2 per cent to 68.5 per cent in the FY25 fiscal. It is expected to touch the 70 per cent mark in one year,” he said, adding that the Creta alone recorded a 20 per cent growth in the previous fiscal compared to FY24.

Near-Term Outlook and Expansion Plans

When asked about near-term projections, Garg acknowledged some uncertainties in the current quarter, suggesting that a clearer picture is likely to emerge in the next few months. “It is too early to predict as of now and therefore we will stick to low single-digit sales growth (this fiscal) for the passenger vehicle segment for now,” he said.

Hyundai’s upcoming manufacturing facility in Talegaon, Pune, acquired from General Motors, is on track to begin production in the third quarter of the current fiscal, bolstering the company’s domestic capabilities.