The market for electric vehicles (EVs) is expanding significantly on a global scale due to legislative efforts and tighter emission regulations in different nations. The International Energy Agency (IEA) claims that these elements are causing EV sales to increase annually, especially in important foreign markets. According to a study by The Economic Times, governments worldwide are putting laws into place to promote the adoption of electric vehicles, making them more affordable for consumers and pressuring automakers to move away from conventional internal combustion engines.
While sales of electric vehicles are starting to pick up steam, sales of hybrid vehicles including plug-in and strong hybrids are growing at an even faster rate. Sales of hybrid cars have increased, primarily due to government assistance in bringing down the cost of the technology. The article stated that since 2021, sales of hybrid vehicles have been rising gradually in a number of regions, including China, Japan, Korea, the UK, France, and the US, according to data from the Nomura Research Institute.
This increasing desire suggests that consumers who seek lower emissions and fuel efficiency without making the whole switch to electric vehicles are starting to find hybrids to be a compelling alternative.
Korea and China are driving the hybrid rush
China is at the forefront of the hybrid adoption trend across nations. The percentage of the population driving hybrid vehicles increased by almost four times, from 5.3% in 2021 to 19.9% in the first half of 2024. Hybrid penetration increased significantly in Korea as well, going from 11.8% in 2021 to 25.2% in 2024.
The growing hybrid market in India
Even though it is a smaller player in the electric vehicle market, India is gradually becoming more and more popular with hybrid vehicles. Industry data indicates that India’s hybrid car penetration increased from 2.3% in 2023 to 2.5 percent in the first half of 2024. Hybrids are progressively gaining ground, even though this percentage is still lower than that of battery electric vehicles (BEVs). According to the survey, customers are becoming more interested in hybrid technology even if there aren’t as many hybrid models available in India’s mainstream market as there are EV ones.
