The Automotive industry is constantly evolving, and automakers are adding products at a rapid pace. Along with the big giants like Toyota, Citroen etc., several new players have entered the fray due to increasing demand.
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Growing market
The trend has been to have an extensive list of models from each manufacturer so that there is a car for everyone’s requirements and pocket.
Favourable government policies have powered the growth in sales for EVs and Hybrid vehicles over the years, optimistic consumer sentiment, technological progress and improvement in battery life.
As per Autopundtiz
- BEV and strong-hybrid EV sales reached an all-time high of 21,109 and 22,389 units in Q1 2023.
- The combined sales of strong-hybrid EVs and BEVs reached 4.3% of the Indian passenger vehicle market.
- Tata and Toyota dominate the BEV and strong-hybrid EV markets with 73% and 83%, respectively.
- Tata Tiago EV is the best-selling BEV product, and Toyota Innova Hycross is the best-selling strong-hybrid EV in Q1 2023.
Summary
India saw sales of electric vehicles (EVs) overtake conventional hybrids in Q1 2023. The segment, however, has been witnessing some significant evolutions since then.
Electric vehicles in India operate in two modes: battery electric vehicles (BEVs) and strong hybrids (HEVs). Combined sales of HEV and BEV reached 4.3% of the Indian passenger vehicle market in Q1 2023, each contributing 2.2% and 2.1%, respectively.
Strong hybrid technology, which combines a petrol engine with an electric motor and battery, is quickly becoming a popular choice for consumers.
Their popularity continues to grow as Japanese automakers continue to invest in them. Strong hybrids are more affordable than their fully electric counterparts while still offering the fuel efficiency of electric engines.
Japanese automakers are making a solid move into the hybrid car market in India. A shift from battery-operated electric cars to hybrids could help combat the problems of range anxiety and high purchase prices that have previously made electric vehicles unpurchasable for many drivers.
