- Hybrid Electric Vehicles (HEVs) grew by over 200% YoY
- Electric Vehicles (EVs) showing a remarkable 183% YoY growth.
- 350% YoY increase in the adoption of Advanced Driver Assistance Systems (ADAS).
New Delhi/Gurugram: According to CyberMedia Research (CMR), India’s passenger vehicle market experienced significant growth in the first half of FY2024 (April-Sept 2023), with a focus on cleaner powertrains and advanced technologies.
According to John Martin, Senior Analyst-Smart Mobility Practice, CMR, “
“At CyberMedia Research, our market and technology insights for the passenger vehicle segment in H1 FY2024 reveal a transformative era steered by a growing surge in cleaner powertrains and rapid adoption of advanced technologies. As electric vehicles and cutting-edge features redefine the landscape, our projections indicate a future where sustainability, innovation, and connectivity will drive the next phase of growth in the Indian automotive industry.”
H1 FY2023: India Market Highlights
- Strong demand for Hybrid Electric Vehicles (HEVs):
- HEVs experienced an outstanding >200% YoY surge, dominating the market with Hybrid SUVs holding >80% market share.
- Toyota Kirloskar, Maruti Suzuki, and Honda Cars India are at the forefront of this trend, embracing HEVs for their impressive fuel efficiency.
- Rapid growth of Electric Vehicles (EVs):
- The EV market advanced over 180%, with Tata Motors leading with >70% market share.
- Other brands, including MG Motors, Mahindra, and Citroen, have expanded their market presence with innovative smart EV products.
- Luxury EVs gain traction:
- The luxury EV segment is gaining swift traction in India, with key players such as BMW India’s i Series, Volvo Cars India’s Recharge portfolio, and Mercedes-Benz India’s EQ line-up holding a substantial luxury EV market share of over 61%.
- This segment experienced a remarkable year-on-year growth of over 250%.
- Growing popularity of Digital Cockpits:
- Digital Cockpit technology is experiencing consistent growth, surpassing a remarkable rate of over 60% YoY.
- Maruti Suzuki and Toyota Kirloskar led with a growth rate exceeding 500%. Hyundai Motor India, Kia India, and Tata Motors also demonstrated significant progress.
- ADAS adoption on the rise:
- Advanced Driver Assistance Systems (ADAS) are transforming the Indian passenger vehicle scene, with growth of over 350% YoY.
- Hyundai Motor India, KIA India, Toyota Kirloskar, and Tata Motors are leading this shift, each experiencing over 500% YoY growth.
Future Market Outlook
CMR holds an optimistic outlook for accelerated growth in future generations of electric vehicles, advanced connectivity, and digital cockpit functionalities.
CMR’s current estimates projects that by 2025:
- Electric Passenger Vehicles will attain a minimum 5% market share.
- Over 12% of these vehicles will integrate Advanced Driver Assistance Systems (ADAS) with Level-2 as over 85% market share.
- Advanced connectivity and digital cockpit functionalities are anticipated to capture a >50% of the market share.
“CMR’s projection of a significant market share for electric vehicles, advanced connectivity, and digital cockpit functionalities in the Indian passenger vehicle market by 2025 is a testament to the changing consumer landscape and the growing demand for sustainable, intelligent, and engaging driving experiences. This transformation is being driven by a number of factors, including government support, technological advancements, and evolving customer preferences,” added John.
