What Does the Future accommodate?
The world has changed as a result of technological advancement, as has the ongoing climatic problem caused by air pollution. Countries have been pushed to reduce their carbon emissions and the degree of air pollution damaging human health. Every year, transportation releases billions of tons of carbon dioxide and other greenhouse gases into the atmosphere. According to the Statistic Research Department’s report on Transportation Emissions Worldwide, the industry accounts for over 20% of global CO2 emissions and is the world’s second largest carbon-polluting sector. To reduce CO2 emissions, the world is turning away from fossil-fuelled internal combustion engines (ICE) and toward battery-powered electric vehicles (EVs). In the race to create an eco-friendly future, people have also shown an interest in hybrid electric vehicles outfitted with cutting-edge technologies.
Surprisingly, EVs are not a recent development, but rather date back to the late 1800s. Back then, the notion might not have sounded promising for implementation or usage. EVs emerged as the “eco-friendly” and “cost-effective” alternative for future travel recently, when the tightening wave of CO2 emissions caused mayhem in the world and growing fuel prices became a concern for people. Unquestionably, EVs will be the most popular mode of transportation among people, but the total shift from ICEs will take time, significant capital, and resources. Because EV development is still in its early stages and is not yet robust enough to allow mass adoption, hybrid electric vehicles have shown to be a powerful answer for making a significant effect on the globe.
With the goal of offering clean and efficient driving while lowering CO2 emissions, hybrid electric vehicles will have a significant positive impact on the world. True, EVs are more efficient than gasoline or diesel vehicles; these vehicles can clearly outperform gasoline vehicles in terms of environmental impact. According to NITI Aayog, electric automobiles release fewer greenhouse gases than fuel vehicles. Because the global EV market is rapidly expanding, the Indian EV market is also making an important contribution. In 2022, 10,23,735 EV units were sold in India, with 11,65057 units sold in FY23, demonstrating the spike in consumer demand for EVs in the face of rising diesel, petrol, and CNG prices.
According to the India Brand Equity Foundation, the Indian automobile sector is the fifth largest in the world and is anticipated to become the third largest by 2023, with a CAGR of 36%. In addition, NITI Aayog plans to reach EV sales of 70% for all commercial vehicles, 40% for buses, 30% for private vehicles, and 80% for two and three-wheelers by 2030, in order to attain net zero carbon emissions by 2070. As India makes every effort to adopt the hybrid electric vehicle mobility paradigm, the Toyota Innova Hycross is the fourth largest hybrid launch this year. Furthermore, the recently released Maruti Suzuki Grand Vitara claims to sell 8,000 cars in October 2022.
Regardless of how appealing hybrid electric vehicles are, these models come with their own set of issues, causing buyers to be concerned about their purchase decision. HEVs are more difficult to service than pure ICE vehicles due to their sophisticated powertrain structure. Battery disposal, recycling, repair, and maintenance costs can all be barriers to purchasing hybrid vehicles. Despite their drawbacks, hybrids are unquestionably more environmentally beneficial than low-emission ICE automobiles. All three types of hybrids, mild hybrid, strong hybrid, and plug-in hybrid, use IC engines, albeit the degree of dependency varies. While powerful and plug-in hybrid vehicles can travel for short distances entirely on electric power, delivering a relaxing and quiet driving experience. Furthermore, the advanced features of automatic start/stop help to save both gasoline and money. Hybrids’ sales will undoubtedly increase in the future as they lessen reliance on gasoline/diesel and, more crucially, charging stations.
While most brands support EVs, Maruti Suzuki, the automotive market leader, believes that hybrids are the most appropriate solution for the Indian market due to inadequate vehicle charging infrastructure.
“Hybrids are scalable and do roughly 40% of what an EV does in terms of CO2 reduction and energy efficiency.” They are most likely 100 times scalable. As a result, they will be a good alternative in the medium run. And, of course, EVs must be pursued in the long run. As a result, all choices must be considered.”
Rahul Bharti, Maruti Suzuki’s Executive Director of Corporate Planning and Government Affairs
Because of the high Goods and Services Tax (GST) charged on hybrid vehicles, brands such as Tata Motors, Hyundai, MG Motors, and Mahindra & Mahindra are expanding their EV market.
Hybrid vehicles are subject to 28% GST and a 15% cess, whereas electric vehicles are subject to 15% GST and no cess, making it an easy decision for manufacturers. Because hybrid automobiles are becoming increasingly popular, the government should reduce GST in order to stimulate the country’s growth while also reducing CO2 emissions and establishing an environmentally pleasant atmosphere.