There is more focus than ever on sustainable mobility solutions as the global automotive landscape changes. In its latest report, S&P Global Mobility dropped its electric vehicle (EV) market penetration estimate for India from 22% to 18.5% by 2030. This change reflects a more sophisticated awareness of the potential and difficulties that lie ahead, especially with regard to the emergence of hybrid technologies in the Indian automobile industry.
A number of variables, such as the electric passenger vehicle segment’s slower-than-expected adoption, infrastructure-related charging issues, state incentives that favor hybrid vehicles selectively, etc., are to blame for the modification in S&P’s EV prediction. These findings emphasize how crucial it is to match consumer desires with legislative frameworks in order to hasten the adoption of electric vehicles.
According to Puneet Gupta, Director of S&P Global Mobility’s India and ASEAN Automotive Market, “powertrain pluralism is the new buzzword in mobility.” This phrase sums up the increasing recognition of several engine options meant to decarbonize the Indian market. Gupta stresses that EVs are still a vital component of the answer for the future, even though the projected adjustment shows room for hybrids.
Although CNG has become popular as a transitional fuel, especially for little cars. But by 2028, the emergence of effective hybrid technologies might persuade people to give up on CNG completely. According to Gupta, plug-in hybrid electric cars (PHEVs), particularly those that are the outcome of collaborations with Chinese OEMs, are becoming more popular and may even surpass the success that PHEVs have found in China, where they have grown rapidly.