Pune, India, April 14, 2023 (GLOBE NEWSWIRE) -- The global hybrid vehicle market size is expected to experience significant growth by reaching USD 280.75 billion by 2027. Fortune Business Insights in its report, titled “Hybrid Vehicle Market Forecast 2020-2027,observes that the market stood at USD 157.48 billion in 2019 and is likely to exhibit a CAGR of 10.0% between 2020 and 2027. The increasing focus on vehicle electrification programs and the surging adoption of eco-friendly solutions by several automotive manufacturers will boost the demand for the product across the globe.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
KEY INDUSTRY DEVELOPMENTS:
November 2020 – Nissan Motor Corporation introduced the new Note hatchback, a redesigned version of its best-selling Note model in Japan. The vehicle is equipped with an e-Power hybrid technology.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 10.0% |
| 2027 Value Projection | USD 280.75 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 157.48 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Hybrid Vehicle Market Size, Share & COVID-19 Impact Analysis, By Electric Powertrain (Parallel, Series), By Degree of Hybridization (Full, Mild, Micro), By Vehicle Type (Passenger Car, Commercial Vehicle) |
| Growth Drivers | Increasing Focus on Vehicle Electrification Programs to Augment Growth |
| Facility Expansion by Prominent Companies to Boost Production |
Drivers & Restraints-
The India Government announced tax incentives ranging across USD 3,423 on the purchase of the electric and hybrid vehicles, besides, the Government of Brazil under its Rota 2030 program, provides tax rebates on the purchase of hybrid, electric, and plug-in vehicles. Such automotive electrification initiatives by the government agencies worldwide are leading to the growing adoption of clean-sourced vehicles. These vehicles emit lower emissions and provide better fuel efficiency through their hybrid engine modules consisting of both petrol and electric. Additionally, the surging investment in R&D activities by the companies to develop advanced hybrid automotive will favor the global hybrid vehicle market growth during the forecast period.
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Report Coverage
The global market for automotive fuel cell stack report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Further Report Findings:
- North America is expected to hold a significant global hybrid vehicle market share during the forecast period. This is owing to the increasing adoption of advanced technologies and the implementation of special state incentives for the development and sales of hybrid cars in the region.
- The market in Asia Pacific was USD 79.96 billion in 2019. The region is anticipated to experience considerable growth backed by the increasing manufacturing of vehicles and the surging demand for eco-friendly modes of transportation that will bode well for the adoption of advanced hybrid vehicles in the region.
- Based on the degree of hybridization, the full hybrid segment is expected to hold a major share in the market backed by the several benefits of full hybrid vehicles that includes better performance and improved fuel efficiency, along with emitting lower emission.
Segments
Based on the electric powertrain, the market for hybrid vehicles is bifurcated into parallel and series. On the basis of degree of hybridization, the market is segmented into a full-hybrid, mild-hybrid, and micro-hybrid. On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. Finally, based on the region, the market is segregated into North America, Asia-Pacific, Europe, and Rest of the World
Regional Insights-
The market in Asia Pacific is characterized by government initiatives to promote the manufacturing and sale of eco-friendly vehicles. In India, for instance, the second phase of the FAME (Faster Adoption & Manufacturing of Hybrid & Electric Vehicles) scheme commenced in April 2019, with a budget of INR 10,000crore. Similarly, in China, owing to the New Energy Vehicle mandate, the share of hybrid buses in public transit has increased exponentially over the last few years. Hence, these factors are anticipated to fuel the growth of the Asia Pacific market at a higher CAGR over the forecast period.
The North America market is expected to show good growth over the forecast period. The US accounted for the majority of the market share, with 400,746 hybrid vehicles sold in 2019. This represents a 15% increase over 2018. Benefits such as state incentives for vehicle purchase & infrastructure development, parking incentives, and fuel savings, among others, have boosted the sales of these vehicles in this region. Hence, these factors are propelling the growth of the regional market.
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Competitive Landscape-
The market is consolidated by the presence of major companies that are actively focused on the development of new hybrid cars. These companies are expanding their facilities to surge the production rate on account of catering to the growing demand from customers globally. Additionally, other key players are adopting strategies such as collaborations and partnerships that are likely to bode well for the market growth during the forecast period.
List of Key Players Covered in the Hybrid Vehicle Market Report:-
- Toyota Motor Corporation (Toyota City, Japan)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BYD Company Ltd. (Shenzhen, China)
- Lexus (Nagoya, Japan)
- Ford Motor Company (Michigan, US)
- Hyundai Motor Company (Seoul, South Korea)
- Kia Motors Corporation (Seoul, South Korea)
- Nissan Motor Corporation (Kanagawa, Japan)
- Daimler AG (Stuttgart, Germany)
- Volkswagen AG (Wolfsburg, Germany)
- AB Volvo (Gothenburg, Sweden)
Hybrid Vehicle Market Segmentation:-
By Electric Powertrain
- Parallel
- Series
By Degree of Hybridization
- Full
- Mild
- Micro
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
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Table of Content: -
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.5 SWOT Analysis
4.6 Technological Developments
4.7 Pricing Analysis
4.8 Impact of COVID-19
TOC CONTINUED…
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