According to Custom Market Insights (CMI), The Global Hybrid Vehicle Market share was estimated at USD 329 Billion in 2021 and is expected to hit around USD 1670 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030.
The report examines the Hybrid Vehicle market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Hybrid Vehicle market.
Hybrid Vehicle Market: Overview
A hybrid car makes use of multiple power sources. The most popular hybrid car models combine an electric motor with an internal combustion engine (ICE). As a result, hybrid cars are built with increased power, reduced emissions, and a higher fuel economy. These cars use machines and regenerative braking systems to generate electrical energy, among other sources. They can save energy by turning off the engine when the vehicle is stationary, idling, or when the electric motor has enough power to move the car independently without the ICE.
Browse the full “Hybrid Vehicle Market Size, Trends and Insights By Component (Electric Motor, Battery, Transmission), By Propulsion (HEV, NGV, PHEV), By Vehicle Type (Commercial Vehicle, Passenger Car), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/hybrid-vehicle-market/
Due to the high demand for electric mobility, rising fuel prices, and strict rules set by governments in various locations, the global market for hybrid vehicles is expanding quickly. Additionally, hybrid cars are quieter and more fuel-efficient compared to conventional automobiles. Furthermore, the demand for hybrid vehicles is anticipated to increase during the projected period due to the attractive incentives and subsidies provided by government bodies to boost the sales of these vehicles.
The market for hybrid vehicles is growing due to the acceptance of high-end cars, the implementation of strict emission-related rules, and the strong demand for electric vehicles. About 25% to 30% of the world’s demand for electric cars is for hybrids. Major automakers, including Daimler AG, General Motors, and Volkswagen Group, are taking advantage of the plug-in hybrid trend to drive the market for hybrid vehicles globally over the next ten years.
The Hybrid Vehicle market is bifurcated into component, propulsion, and vehicle type. Regarding vehicle type, the global market for hybrid vehicles is expected to continue to be led by the passenger car segment. Growth is anticipated to be aided by the ongoing construction of residential and commercial infrastructure to enable hybrid vehicle commuting. In addition, because hybrid cars don’t require an extensive drive range for battery capacity, demand for them is exceptionally high in urbanized areas where consumers frequently use them for regular commuting. The rapid advancement of plug-in hybrid systems is also anticipated to increase consumer interest in hybrid cars.
In addition, the demand for personal cars has increased in developing nations due to rising disposable income. The International Energy Agency (IEA) reports that in 2021, sales of electric vehicles surpassed previous records. Sales of electric cars, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), increased to 6.6 million in the same year. These figures are anticipated to rise during the following ten years, boosting the passenger vehicle market.
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China is one of the major players in the global market for hybrid electric vehicles because it can accommodate both considerable customer demand and production capacity. After the pandemic, China began to pick up steam, and the market for these hybrid and plug-in electric vehicles began to show encouraging trends. For instance, new plug-in hybrid electric vehicle (PHEV) sales in China exceeded 0.22 million in 2020. Such events are anticipated to inspire market participants.
Government incentives and the existence of essential players also contribute to the growth of the market’s demand throughout the predicted period. For instance, beginning in July 2020, the Chinese government began enforcing China 6 requirements for pollution control in the area, which are more robust than prior China 5 norms and are based on EURO 6 norms. This helped to support the market for micro-hybrid vehicles in this area. In addition, Honda Motor Company Ltd. said it would start selling brand-new Honda Fit Hybrid vehicles in February 2020. It has a two-motor hybrid technology from Honda, which propels the car with an electric motor for improved fuel economy and a smoother ride.
- Delphi Technologies Inc.
- Toyota Motor Corporation
- Allison Transmission
- Honda Motor Company Ltd.
- AB Volvo
- The Ford Motor Company
- BorgWarner Inc.
- Schaeffler Technologies AG & Co. KG
- Hyundai Motor Company
- Continental AG
- Daimler AG
- ZF Friedrichshafen AG
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