India’s EV market forecast has been revised to 18.5% by 2030, with hybrid technologies gaining traction amid infrastructure challenges.
Continued growth of the global automotive sector has entailed increased competition in the advancement of sustainable mobility. S&P Global Mobility recently downgraded its prognosis for India’s EV market, and now it anticipates that it will account for only 18.5% of the automotive market in 2030. This change is in response to both the prospects and threats for the future, particularly in light of the transitioning phase to hybrid platforms in the Indian auto-market.
What Explains the New Forecast?
The changes of S&P Global Mobility’s outlook on the EV are based on several important factors, including; a slow rate of change in electric passenger vehicles, inadequate charging stations, and contradictory government incentives favouring hybrids over fully electric vehicles. These issues argue for policies that reflect consumer preferences hence the importance of pushing forward the adoption of electric vehicles in India.
Hybrid Technologies for Capturing the Role
As noted by Puneet Gupta, the Director of India and ASEAN Automotive Market at S&P Global Mobility, the key to India’s EV market pathway to decarbonisation is so-called ‘powertrain pluralism’. Even though the change in the forecast opens the possibility for hybrid cars, Gupta underlines that EVs are critical to the strategy of India’s mobility. In contrast to global players, Indian automotive players like Tata Motors and Mahindra are more inclined to selective electrification and longer plans, thereby targeting a variety of consumers from the lowest to the highest end.
Transition from Traditional Fuels
The use of a hybrid vehicle implies that the country shall reduce the consumption of ordinary fuel such as diesel and compressed natural gas (CNG). Dr. Gupta also notes that efficient hybrid solutions such as PHEVs may be appealing enough to make consumers shift from CNG by 2028. On the other hand, battery-electric vehicles (BEVs) remain prominent in the two- and three-wheeler categories and affect gasoline consumption.
Atul Arya Senior VP and Chief Energy Strategist at S&P Global Commodity Insights makes this point, he points to the front that there is a divergence in EV adoption rates. China stands out here with more than 60% of the new cars being electric vehicles while the U. S only has less than 10%.
Also Read
70 Million Passengers, 3 Charging Phases Calls for Noida Airport & Statiq’s Bold EV Infrastructure
About The Author
