Skoda Plans to Launch a Hybrid Car in India, Which Aims to Expand Fuel Options and Cut Emissions
According to media reports, Toyota is India’s largest seller of hybrid cars, with Maruti Suzuki as its partner company. Currently, Skoda has four models in the Indian market, including sedans and SUVs. However, this is the first time a carmaker has considered hybrid cars in a South Asian country.
Hybrid Vehicle Market Size
According to the Precedence Research Report, the global hybrid vehicle market size was valued at USD 658.95 billion in 2024 and is expected to achieve USD 5006.35 billion by 2032. The sector is expanding at a CAGR of 28.80% during the forecast period 2024 to 2032.
Wards Intelligence projected that the electric and hybrid vehicle sales penetration rate in the U.S. rose in 2Q24, following a minor shrinkage in 1Q24. Targeted categories of U.S. new light-duty vehicle (LDV) sales, including hybrid vehicles, battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs), edged up from 17.8% in the first quarter of 2024 to 18.7% in the second quarter of 2024.
Funding, Grant & Award Programs in the U.S.
| Funding Agency | Grant Amount | Purpose |
| U.S. Department of Energy (DOE) Office of Manufacturing and Energy Supply Chains | $500,000,000 | DOE offers grants in support of the production of hybrids, plug-in electric hybrids, plug-in electric drive vehicles, and hydrogen fuel cell electric vehicles produced domestically. |
| California Air Resources Board | EVs and FCEVs are eligible for grants of up to $7,500 and PHEVs are eligible for grants of up to $7,000. | Low-income residents of California may apply for funding from the California Air Resources Board to purchase or lease a new or pre-owned EV, plug-in hybrid electric vehicle (PHEV), or FCEV. |
A recent report from Precedence Research revealed that the Japan hybrid vehicle market reached USD 49.20 billion in 2022 and is predicted to be worth USD 606.28 billion by 2032, at a CAGR of 28.60% during the forecast period 2023 to 2032.
According to data from JATO Dynamics India, the sales of hybrid cars, including plug-in hybrids, reached 51,897 units during January and July 2024, up from 40,811 units during the same period last year, a 27% increase. This suggests that Indian customers are increasingly accepting hybrid vehicles.
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