New Delhi, Nov. 25 -- Auto component makers are licking their lips at the ascent of hybrids, spying a new growth engine at a time when electric vehicle (EV) sales have not measured up. Hybrid sales are rising overseas, Indian automakers are preparing a range of hybrid launches, and there is growing pressure to tax hybrids on par with electrics-all promising tailwinds for the segment.

Hybrids pack a conventional engine as well as an electric motor, with their complexity offering wider business opportunities for part makers. Industry leaders such as Sona Comstar, Bosch Ltd and Tenneco Clean Air said the rise of hybrids should offset the EV stagnation in developed markets.

Component makers are optimistic, with Sona Comstar chief executive ...