Hybrid Vehicles: Bridging the Gap in India's Evolving Automotive Market

The Indian automotive sector is witnessing a shift towards luxury and sustainable alternatives, with hybrid vehicles gaining traction over electric and petrol models. A survey reveals rising consumer preference for hybrids, urging automakers to focus on hybrid and electric solutions amidst changing market dynamics and increased demand for safety features.

The Indian automotive industry is on the verge of a transformation, as consumers shift focus from traditional petrol vehicles to hybrid models, according to a Grant Thornton Bharat survey. The survey, titled 'Shifting Gears: Understanding Passenger Vehicle Market Trends', outlined growing consumer interest in luxury and sustainability.

Results indicated that 40% of respondents favor hybrids over electric vehicles, chosen by just 17%. This shift suggests a strategic pause as buyers anticipate enhanced EV infrastructure and incentives. Meanwhile, petrol vehicles maintain a 34% market share, highlighting a phase of transition.

Saket Mehra from Grant Thornton Bharat emphasized the industry's need to adapt to these evolving preferences. He noted the critical role of the festive season in sales, even as challenges like high inventory and external factors temper growth. The utility and sports utility vehicle segments continue to dominate, reflecting a robust demand for versatile options.

(With inputs from agencies.)