Despite cost edge, buyers prefer hybrids over EVs
Close to 36% of the respondents surveyed in 2024 as compared to 32% in 2023 said they will prefer hybrids or PHEVs as compared to 10% for BEVs. Compared to 2023 the jump in the number of those favoring hybrids is 4 percentage points — double of what is seen among those likely to opt for EVs. Also, there's an overall growing intent to buy a non-traditional engine vehicle-53% in 2024 compared to 49% in 2023 over petrol and diesel.
The intent to buy hybrids over pure battery electric vehicles comes to the fore even as EVs benefit from state as well as central government funded incentives which in turn has allowed manufacturers to price them better as compared to hybrids. This is despite the hybrids costing more than EVs. «People want to buy hybrids over EVs as it offers peace of mind that EVs can't,» says Rajeev Singh, partner and consumer industry leader, Deloitte Asia Pacific.
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PHEVs use batteries to power an electric motor and another fuel, such as petrol or diesel, to power an internal combustion engine (ICE). PHEVs can be charged using a wall outlet or charging equipment, by the ICE, or through regenerative braking.
«For a market like India, where charging infrastructure is still underdeveloped, the government should at least incentivize PHEVs which offer the benefits similar to an EV-can be charged at home and can be switched to the ICE mode in the event of the vehicle running out of charge,» he added. To be sure,
