India sees over 120% growth in EVs, hybrid vehicles surge 400%

  • IANS
  • Stock Market News
India sees over 120% growth in EVs, hybrid vehicles surge 400%
Credit: © Reuters.

New Delhi, Aug 21 (IANS) India saw 120 per cent growth in electric vehicles (EVs) in the second quarter of this year, driven by a 400 per cent surge in hybrid vehicles, a report showed on Monday.Assistance systems (ADAS) rapidly expanded by 350 per cent (year-on-year) and the adoption of connected and digital cockpit features continue to gain steady traction in passenger vehicles, surpassing 60 per cent, according to the report by CyberMedia Research (CMR).

The surge in EV adoption was driven by the introduction of new affordable models, including, for instance, MG Comet EV from MG Motors.

"Automotive original equipment manufacturers (OEMs) are focused on introducing electric vehicles with Level 2 advanced driver assistance systems (ADAS) that include helpful features like adaptive cruise control, lane centering, and automated lane changes,” said John Martin, senior analyst-smart mobility practice, CMR.

Additionally, the use of intelligent and connected cockpits within vehicles is on the rise.

“These advancements are not only enhancing consumer safety but also promoting intelligent mobility and environmental sustainability,” said Martin.

The remarkable growth in hybrid vehicle demand was driven by OEMs, including Toyota Kirloskar, Maruti Suzuki (NS: MRTI ), and Honda Motors.

Over 90 per cent of EV sales in Q2 2023 were equipped with smart connected features, and digital cockpits adorned around 15 per cent of hybrid vehicles, the report noted.

By the end of this year, over 5 per cent of passenger vehicles are likely to be fully electric and equipped with ADAS features.

Advanced connectivity and digital cockpit functionalities are projected to capture a 40 per cent market share, the report noted.

--IANS

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