Electric Vehicles Record 120% Growth: CMR Report 

Electric vehicle market in India is rapidly expanding, marking a growth of 120 per cent, set off also by a growth of more than 400 per cent in Hybrid Powertrain Vehicles and a surge of more than 350 per cent YOY in Advanced Driving Assistance Systems (ADAS), says India Passenger Vehicle Report for Q2 2023, released by CyberMedia Research (CMR). The report also suggests that the adoption of connected and digital cockpit features are picking up steam in passenger vehicles, exceeding 60%.

Underlining the increasing popularity of vehicles with connectivity and smart features, John Martin, Senior Analyst-Smart Mobility Practice, CMR, says, “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. Additionally, the use of intelligent and connected cockpits within vehicles is on the rise.” He further emphasises on the role of these developments in not just enhancing consumer safety but also promoting intelligent mobility and, most importantly, environment sustainability.

The growth in the share of electric vehicles in the automobile sector can be attributed to new affordable options available with the consumers with the introduction of affordable models like MG Comet EV from MG Motors. Another market trend highlighted in the report is a remarkable growth in hybrid vehicle demand driven by OEMs, including Toyota Kirloskar, Maruti Suzuki, and Honda Motors. Moreover, over 90 per cent of electric vehicles sold in Q2 2023 were supported with smart connected features, and around 15 per cent of hybrid vehicles were equipped with digital cockpits.

Till the end of this year, John asserts that CMR foresees a significant adoption of ADAS features in passenger vehicles. He adds, “A significant portion of these vehicles is expected to be fully electric, embracing the benefits of ADAS technology. Moreover, advanced connectivity and digital cockpit functionalities are poised to secure a substantial market share. These advancements indicate a promising trend toward smarter and safer driving experiences.”