India reported a whopping sales increase of 120% in its electric vehicle industry in the second quarter of 2023. Remarkably, that remarkable sales growth is primarily due to hybrid (HEV) models’ whopping 400% boost in the same quarter.
The Economic Times noted that the launch of affordable models in the local market significantly accelerated the EV uptake in the country. One of these low-cost models is the popular MG Comet at only Rs. 7.98 – 10.63 Lakh.
Apart from that, popular hybrid models from Toyota Kirloskar, Maruti Suzuki, and Honda Motors also reportedly accelerated the segment’s sales.
Innovative EV features boost the Indian market
CyberMedia Research (CMR) revealed that advanced driver assistance systems (ADAS) adoption in the country also increased by an astounding 350% YoY.
Likewise, automakers’ integration of connected and smart cockpit technologies in their passenger EV models also increased by more than 60%.
CMR’s Senior Analyst noted that electric automakers continuously improve their EV models to include Level 2 ADAS features to remain competitive in the market.
“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.”
John Martin, CMR senior analyst-smart of mobility practice
As mentioned, OEMS also leverage smart and interconnected cockpits to attract more customers toward their EV models.
“These advancements are not only enhancing consumer safety but also promoting intelligent mobility and environmental sustainability.”
John Martin, CMR senior analyst-smart of mobility practice
According to the report, smart connected technologies were offered in more than 90% of new EV sales in the second quarter in India. Meanwhile, approximately 15% of new hybrid EV sales featured digital cockpits.
See Also:
- Maruti Suzuki to launch six new electric vehicles in India
- Foxconn aims to make India its third global EV hub
- Hyundai to strengthen its presence in India with five new EV models
- Tesla and Indian government negotiations continue to progress
- Tesla executives met with an Indian investment agency for market entry negotiation
The report predicts India’s EV industry to account for more than 5% of new passenger car sales with ADAS by the end of 2023. That said, automakers competing in this local market must strive to develop the most advanced features to gain the highest customer interest.
Notably, Tesla’s potential arrival in India can undoubtedly shake up the EV industry. It will further intensify the competition while accelerating the country’s EV uptake.
