Why rise of hybrid cars is being seen as vital transition phase to electric

The global market for electric passenger vehicles is concentrated in three areas: China, the US, and Europe, which accounted for 95 per cent of global electric sales last year

Just over a year ago, the march of electric cars around the world seemed unstoppable. Sales were on an upswing and the general expectation was that they would soon dominate the passenger vehicle industry, supplanting internal combustion engines (ICE).

How things have changed.

In 2023, electric car sales slowed down and hybrid cars threatened to steal electric’s thunder.

According to S&P Global, the penetration of all categories of hybrids has gone up from 9 per cent globally to 11 per cent in 2023 and is neck-and-neck with electric cars, though the latter are marginally ahead at 12 per cent, compared