New Delhi, Oct 28
More than eight in 10 Indian consumers now prefer buying premium models amid an increasing preference for hybrid vehicles over electric vehicles (EVs), a survey showed on Monday.
According to the survey by Grant Thornton Bharat, 40 per cent of respondents now prefer hybrid vehicles, compared to only 17 per cent favouring EVs. About 34 per cent still lean toward petrol vehicles, reflecting the transitional nature of the market.
According to Saket Mehra, Partner and Auto and EV Industry Leader, Grant Thornton Bharat, the festive season, which typically accounts for 30-40 per cent of annual sales, is critical for the Indian automotive industry.
“However, high inventory levels, weather disruptions, and regional elections have tempered growth this year. Despite these challenges, early October sales — showing a 30–35 per cent increase in registrations compared to September — offer encouraging signs,” Mehra noted.
With consumers also expecting substantial discounts this festive season, the industry has a unique opportunity to drive demand.
In the long term, economic growth and rising disposable incomes will further strengthen the outlook for India’s passenger vehicle market, said Mehra.
With hybrid vehicles gaining traction, they are expected to act as a bridge, building consumer familiarity with alternative technologies and ultimately accelerating future EV adoption.
This trend underscores the need for automakers to focus on both hybrid and electric solutions to meet evolving consumer expectations and prepare for a sustainable automotive future, the report mentioned.