Hybrid car sales rise amid global political push

Political momentum by several countries and stricter emission standards are feeding electric vehicle sales each year in key global markets, shows data from International Energy Agency.

However, the penetration of hybrids (including strong hybrids and plug-in hybrids), driven purely by consumer choice, is increasing at a faster pace. Since 2021, sales of hybrid vehicles have increased steadily in China, Japan, Korea, the United Kingdom, France and the United States, underscoring the growing consumer preference for this technology, according to data collected by the Nomura Research Institute. .

China leads the trend with an almost four-fold increase hybrid penetration levels to 19.9% ​​in the first half of 2024 from 5.3% in 2021. Korea has also seen a big jump: to 25.2% from 11.8% in the same period. Other markets have shown a similar growth trajectory.

India, a relatively small market for electrified vehicles, has also seen hybrid penetration up to 2.5% in the first half of 2024 from 2% in 2023, according to data from industry sources. The figure lags battery electric vehicle (BEV) penetration by a small margin, although the latter enjoy the benefits of a lower 5% GST rate and exemption from road tax in some states.

Interestingly, the share of hybrids in the Indian market is showing an increase even though the number of hybrid models in the mainstream segment is much less compared to their EV counterparts.

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