In a recent development highlighting the rapid shift in the automotive landscape, CyberMedia Research (CMR) has released its India Passenger Vehicle Report for Q2 2023, showcasing remarkable growth in electric vehicle (EV) and hybrid powertrain vehicle adoption.
The report reveals that EV growth has surged by over 120%, while Hybrid Powertrain Vehicles have experienced an astounding growth of over 400%.
Furthermore, the adoption of Advanced Driving Assistance Systems (ADAS) has soared by more than 350% YoY. The trend towards connected and digital cockpit features in passenger vehicles is also gaining traction, exceeding 60%.
According to John Martin, Senior Analyst at CMR’s Smart Mobility Practice, the rising consumer confidence and interest in vehicles equipped with connectivity and smart features are driving this trend.
Automotive Original Equipment Manufacturers (OEMs) are focusing on introducing electric vehicles with Level 2 ADAS, encompassing features such as adaptive cruise control, lane centering, and automated lane changes. Intelligent and connected cockpits within vehicles are also on the rise, contributing to enhanced safety and promoting intelligent mobility and environmental sustainability.
The surge in EV adoption in Q2 CY2023 has been fueled by the launch of affordable models like the MG Comet EV from MG Motors. Hybrid vehicle demand has seen remarkable growth, driven by OEMs including Toyota Kirloskar, Maruti Suzuki, and Honda Motors.
More than 90% of EV sales in Q2 2023 were equipped with smart connected features, while digital cockpits adorned around 15% of hybrid vehicles.
CMR’s estimates predict that by the end of 2023, over 5% of Passenger Vehicles in India will be fully electric and equipped with ADAS features. Advanced connectivity and digital cockpit functionalities are projected to capture a significant 40% market share.
John Martin emphasized that looking ahead to the close of 2023, there’s an anticipated notable adoption of ADAS features in Passenger Vehicles. A substantial portion of these vehicles is expected to be fully electric, embracing the benefits of ADAS technology.
The increasing integration of advanced connectivity and digital cockpit functionalities also points toward a promising trend for smarter and safer driving experiences.
