India Hybrid Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

The India Hybrid Vehicles Market is segmented by Vehicle Type (Commercial Vehicles). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

India Hybrid Vehicles Market Size

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India Hybrid Vehicles Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Base Year For Estimation 2023
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 0.42 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 1.47 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 23.30 %
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in alphabetical order.

Key Players

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India Hybrid Vehicles Market Analysis

The India Hybrid Vehicles Market size is estimated at 0.42 billion USD in 2024, and is expected to reach 1.47 billion USD by 2030, growing at a CAGR of 23.30% during the forecast period (2024-2030).

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0.42 Billion

Market Size in 2024 (USD)

1.47 Billion

Market Size in 2030 (USD)

34.27 %

CAGR (2017-2023)

23.30 %

CAGR (2024-2030)

Fastest-growing Segment by Vehicle Body Type

76.72 %

Projected CAGR, Light Commercial Pick-up Trucks, 2024-2030

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HDTs are growing rapidly due to increasing demand for efficient long-haul transportation, government incentives for hybrid technology, and advancements in hybrid engine performance.

Largest Segment by Vehicle Body Type

93.56 %

value share, Light Commercial Vans, 2023

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Light Commercial Pick-Up Trucks dominate due to their versatility, high demand in small businesses, and suitability for a variety of commercial applications, making them essential in the market.

Leading Market Player

78.22 %

market share, Toyota Kirloskar Motor Pvt. Ltd., 2023

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Toyota Kirloskar Motor Pvt. Ltd. leads the market with its pioneering hybrid technology, extensive R&D investments, and strong focus on sustainability and fuel efficiency in India.

Second leading Market Player

19.69 %

market share, Maruti Suzuki India Limited, 2023

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Maruti Suzuki India Limited holds a significant market position due to its extensive range of hybrid models, strong customer loyalty, and widespread dealership network across India.

Third Leading Market Player

2.09 %

market share, Honda Cars India Limited, 2023

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Honda Cars India Limited is a major player due to its advanced hybrid technology, strong brand reputation, and commitment to providing fuel-efficient and eco-friendly vehicle options in India.

Hybrid vehicles serve as a bridge in the country's shift to full electric mobility, marking India's incremental steps toward electrification

  • The Indian hybrid vehicles market, though not as vast as that for purely electric vehicles, presents a critical stepping stone toward achieving broader goals of fuel efficiency and reduced emissions across different vehicle types, such as passenger cars, commercial vehicles, and two-wheelers. Full hybrids, which can operate on both an internal combustion engine and an electric motor without the need to be plugged in, offer a practical compromise between traditional and fully electric vehicles, providing enhanced fuel efficiency and lower emissions compared to conventional vehicles.
  • In the passenger car segment, full hybrid vehicles are gradually gaining traction among Indian consumers, primarily in the mid to high-end market segments. The appeal of hybrid cars in India lies in their ability to offer significant improvements in fuel efficiency and reduced operational costs without the range anxiety or infrastructure demands associated with pure electric vehicles. However, the growth of HEVs in the passenger car segment has been somewhat constrained by higher initial purchase prices and a limited selection of models, although this is beginning to change as more manufacturers enter the market and technology costs decrease.
  • The commercial vehicle segment in India has seen limited but growing interest in hybrid technology, particularly in sectors where environmental concerns and fuel efficiency are becoming increasingly important. Hybrid buses are a notable example, with several cities initiating trials or small-scale deployments of hybrid technology to reduce emissions and fuel consumption in public transportation.
India Hybrid Vehicles Market

India Hybrid Vehicles Market Trends

India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices

  • In recent times, India's auto interest rate stood at approximately 8.567%, marking a decline from the 8.698% observed in 2021. This slight decrement of about 1.5% continues the trend from the prior year, wherein rates reduced from 9.15% in 2019 to 8.698% in 2021. Factors underpinning these dynamics may encompass monetary policy decisions by the Reserve Bank of India (RBI), domestic credit demand, and broader macroeconomic conditions.
  • During 2017-2023, India's auto interest rate was observed at 9.508%. Over the subsequent years, the rate experienced minor fluctuations, descending slightly to 9.454% in 2018 and then marginally ascending to 9.466% in 2019. However, a more significant decline was observed from 2019 onwards, culminating at 8.567% in 2022. Reports from the RBI suggest that these shifts could be attributed to a combination of monetary easing measures, evolving lending practices, and attempts to bolster economic growth in the face of challenges such as the global pandemic.
  • The recent trend analysis of India's auto interest rates anticipates a continued trend of relatively lower interest rates in the coming years. The current decrease to 8.567% in 2022, building on the decline from 9.15% in 2019, reflects a deliberate effort by the Reserve Bank of India (RBI) to stimulate economic growth. This downward pressure on rates is likely to persist as the RBI continues to employ monetary easing measures and lending practices evolve to support credit demand.
India Hybrid Vehicles Market

Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India

  • India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
  • State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
  • The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
India Hybrid Vehicles Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
  • The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
  • The combined revenue from shared rides in India is expected to rise consistently driven by factors like technological advancements, urbanization, and shifting consumer preferences
  • Electric vehicle sales in India increased because of the falling battery prices and government incentives
  • The Indian vehicle market shows resilience with a strong recovery in consumer spending and vehicle purchases
  • The numerous tax hikes in the country were expected to increase fuel prices in 2023
  • India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
  • India's journey toward lower inflation sets the stage for economic resilience and investor confidence
  • India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
  • Various new entries and new product launches may accelerate the battery pack market in India
  • The used car sales market in India presents a landscape teeming with opportunities and growth
  • Suzuki and Hyundai lead India's HEV sector, while Toyota and Renault face declining numbers

India Hybrid Vehicles Industry Overview

The India Hybrid Vehicles Market is fairly consolidated, with the top five companies occupying 100%. The major players in this market are BMW India Private Limited, Daimler AG (Mercedes-Benz AG), Honda Cars India Limited, Maruti Suzuki India Limited and Toyota Kirloskar Motor Pvt. Ltd. (sorted alphabetically).

India Hybrid Vehicles Market Leaders

  1. BMW India Private Limited

  2. Daimler AG (Mercedes-Benz AG)

  3. Honda Cars India Limited

  4. Maruti Suzuki India Limited

  5. Toyota Kirloskar Motor Pvt. Ltd.

India Hybrid Vehicles Market Concentration

Other important companies include Audi Auto India Pvt. Ltd., Hyundai Motor India Limited, Volvo Auto India Private Limited.

*Disclaimer: Major Players sorted in alphabetical order.

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India Hybrid Vehicles Market News

  • August 2023: TVS Motor and BMW Motorrad discussing expansion of partnership beyond India.
  • August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.
  • July 2023: BMW India launches the 2023 X5 SUV in India for a starting price of INR 9.39 million (Drive40i xLine variant) and going to INR 10.7 million (xDrive30d M sport variant).

Free with this Report

For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.

India Hybrid Vehicles Market
India Hybrid Vehicles Market
India Hybrid Vehicles Market
India Hybrid Vehicles Market

India Hybrid Vehicles Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study​

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP Per Capita

    3. 2.3. Consumer Spending For Vehicle Purchase (cvp)

    4. 2.4. Inflation

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Shared Rides

    7. 2.7. Impact Of Electrification

    8. 2.8. EV Charging Station

    9. 2.9. Battery Pack Price

    10. 2.10. New Xev Models Announced

    11. 2.11. Logistics Performance Index

    12. 2.12. Used Car Sales

    13. 2.13. Fuel Price

    14. 2.14. Oem-wise Production Statistics

    15. 2.15. Regulatory Framework

    16. 2.16. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 3.1. Vehicle Type

      1. 3.1.1. Commercial Vehicles

        1. 3.1.1.1. Buses

        2. 3.1.1.2. Heavy-duty Commercial Trucks

        3. 3.1.1.3. Light Commercial Pick-up Trucks

        4. 3.1.1.4. Light Commercial Vans

        5. 3.1.1.5. Medium-duty Commercial Trucks

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Audi Auto India Pvt. Ltd.

      2. 4.4.2. BMW India Private Limited

      3. 4.4.3. Daimler AG (Mercedes-Benz AG)

      4. 4.4.4. Honda Cars India Limited

      5. 4.4.5. Hyundai Motor India Limited

      6. 4.4.6. Maruti Suzuki India Limited

      7. 4.4.7. Toyota Kirloskar Motor Pvt. Ltd.

      8. 4.4.8. Volvo Auto India Private Limited

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter’s Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. INDIA HYBRID VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
  1. Figure 2:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 3:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 4:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 5:  
  2. INDIA HYBRID VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
  1. Figure 6:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 7:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 8:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 9:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 10:  
  2. INDIA HYBRID VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
  1. Figure 11:  
  2. INDIA HYBRID VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
  1. Figure 12:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 13:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 14:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 15:  
  2. INDIA HYBRID VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
  1. Figure 16:  
  2. INDIA HYBRID VEHICLES MARKET, VALUE IN USD, 2017 - 2030
  1. Figure 17:  
  2. INDIA HYBRID VEHICLES MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 18:  
  2. INDIA HYBRID VEHICLES MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 19:  
  2. INDIA HYBRID VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
  1. Figure 20:  
  2. INDIA HYBRID VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
  1. Figure 21:  
  2. INDIA HYBRID VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 22:  
  2. INDIA HYBRID VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 23:  
  2. INDIA HYBRID VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 24:  
  2. INDIA HYBRID VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 25:  
  2. INDIA HYBRID VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 26:  
  2. INDIA HYBRID VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
  1. Figure 27:  
  2. INDIA HYBRID VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 28:  
  2. INDIA HYBRID VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 29:  
  2. INDIA HYBRID VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 30:  
  2. INDIA HYBRID VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 31:  
  2. INDIA HYBRID VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 32:  
  2. INDIA HYBRID VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
  1. Figure 33:  
  2. INDIA HYBRID VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 34:  
  2. INDIA HYBRID VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 35:  
  2. INDIA HYBRID VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 36:  
  2. INDIA HYBRID VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 37:  
  2. INDIA HYBRID VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021

India Hybrid Vehicles Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type.

  • The Indian hybrid vehicles market, though not as vast as that for purely electric vehicles, presents a critical stepping stone toward achieving broader goals of fuel efficiency and reduced emissions across different vehicle types, such as passenger cars, commercial vehicles, and two-wheelers. Full hybrids, which can operate on both an internal combustion engine and an electric motor without the need to be plugged in, offer a practical compromise between traditional and fully electric vehicles, providing enhanced fuel efficiency and lower emissions compared to conventional vehicles.
  • In the passenger car segment, full hybrid vehicles are gradually gaining traction among Indian consumers, primarily in the mid to high-end market segments. The appeal of hybrid cars in India lies in their ability to offer significant improvements in fuel efficiency and reduced operational costs without the range anxiety or infrastructure demands associated with pure electric vehicles. However, the growth of HEVs in the passenger car segment has been somewhat constrained by higher initial purchase prices and a limited selection of models, although this is beginning to change as more manufacturers enter the market and technology costs decrease.
  • The commercial vehicle segment in India has seen limited but growing interest in hybrid technology, particularly in sectors where environmental concerns and fuel efficiency are becoming increasingly important. Hybrid buses are a notable example, with several cities initiating trials or small-scale deployments of hybrid technology to reduce emissions and fuel consumption in public transportation.
Vehicle Type
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Pick-up Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
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Market Definition

  • Vehicle Type - The category includes passenger cars and commercial vehicles.
  • Vehicle Body Type - Under Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
  • Fuel Category - The category exclusively covers Hybrid Electric Vehicles (HEV).
Keyword Definition
Electric Vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
BEV A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids.
Plug-in Hybrid EV A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally.
Internal combustion engine An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel.
Hybrid EV A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking.
Commercial Vehicles Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
Passenger Vehicles Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
Light Commercial Vehicles Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
M&HDT Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category.
Bus A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses.
Diesel It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed.
Gasoline It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug.
LPG It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study.
CNG It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines.
HEV All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices.
PHEV PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly.
Hatchback These are compact-sized cars with a hatch-type door provided at the rear end.
Sedan These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage.
SUV Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles.
MPV These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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India Hybrid Vehicles Market Research FAQs

The India Hybrid Vehicles Market size is expected to reach USD 417.38 million in 2024 and grow at a CAGR of 23.30% to reach USD 1.47 billion by 2030.

In 2024, the India Hybrid Vehicles Market size is expected to reach USD 417.38 million.

BMW India Private Limited, Daimler AG (Mercedes-Benz AG), Honda Cars India Limited, Maruti Suzuki India Limited and Toyota Kirloskar Motor Pvt. Ltd. are the major companies operating in the India Hybrid Vehicles Market.

In the India Hybrid Vehicles Market, the undefined segment accounts for the largest share by null.

In 2024, the undefined segment accounts for the fastest growing by null in the India Hybrid Vehicles Market.

In 2023, the India Hybrid Vehicles Market size was estimated at 417.38 million. The report covers the India Hybrid Vehicles Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Hybrid Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

India Hybrid Vehicles Industry Report

Statistics for the 2023 India Hybrid Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Hybrid Vehicles analysis includes a market forecast outlook to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

India Hybrid Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030