Hybrid car sales soar as global policies boost electric vehicle market | Auto
The global electric vehicle (EV) market is experiencing significant growth, spurred by policy initiatives and stricter emission norms across various countries. According to the International Energy Agency (IEA), these factors are contributing to a rise in EV sales each year, particularly in key international markets. Governments around the world are implementing policies to encourage the adoption of electric vehicles, making them more accessible to consumers and pushing automakers to transition away from traditional internal combustion engines, according to a report by The Economic Times.
While electric vehicle sales are gaining momentum, hybrid vehicles, including strong hybrids and plug-in hybrids, are witnessing even faster growth. Unlike EVs, the rise in hybrid vehicle sales is largely driven by consumer preferences rather than government policies. Data from the Nomura Research Institute indicate that since 2021, hybrid vehicle sales have been growing steadily in several markets, including China, Japan, Korea, the UK, France, and the US, the report said.
This growing preference indicates that hybrids are becoming an attractive option for consumers who want both fuel efficiency and reduced emissions without fully transitioning to electric.
China, Korea leading the hybrid surge
Among the countries experiencing rapid hybrid adoption, China leads the trend. The country’s hybrid vehicle penetration rate surged nearly fourfold, from 5.3 per cent in 2021 to 19.9 per cent in the first half of 2024. Korea has also seen a significant increase, with hybrid penetration rising from 11.8 per cent in 2021 to 25.2 per cent in 2024.
India’s emerging hybrid market
India, although a smaller player in the electrified vehicle market, is also experiencing a gradual rise in hybrid vehicle adoption. According to industry data, hybrid vehicle penetration in India grew to 2.5 per cent in the first half of 2024, up from 2v in 2023. While this figure remains lower than that of battery electric vehicles (BEVs), hybrids are steadily gaining ground. Despite the limited number of hybrid models in India’s mainstream market compared to their EV counterparts, consumers are showing a growing interest in this technology, the report added.
First Published: Sep 30 2024 | 11:12 AM IST
