Tokyo, May 19, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global hybrid vehicle market size was accounted at USD 350.1 billion in 2021. Although the market was hit by the COVID-19 pandemic as there were lockdowns across the world and a slowdown in logistics and supply chains. It has also led to an increased cost of the hybrid vehicles. US is planning to launch more vehicles in 2022. Hybrid cars use natural gas, fuel based engine or electric motor engine as the sources of power.
The regenerative breaking system charges the battery inside the hybrid cars. The benefits of the hybrid car are that they are better fuel efficient, provide great power and have minimum emissions. The hybrid cars are compact in size. And also have improved aerodynamics. The rise in the fuel prices in the developing nations has let the people adopt the hybrid cars.
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Regional snapshot
It is expected that the Asia Pacific market will witness a high growth during this forecast in the countries like South Korea, Japan and China. There has been an increased sales of hybrid vehicles. Major players like the Toyota, Honda, BYD, Hyundai, Nissan, Kia are all from the Asia Pacific region. This also helps in the growth of the market. China has notable production capabilities. And they also have the capabilities to meet the consumer demand. China plays a very important role in the hybrid vehicles market. In order to control the pollution, China six norms were implemented by the Chinese government, which are strict, and they promote the hybrid vehicles. The European market and the North American market is also creating an awareness on the use of hybrid vehicles, which has helped in increasing the global demand. Germany was the largest electric car market in Europe. The electric car market in US is dominated by Tesla.
Scope of the Report
| Report Coverage | Details |
| Market Size in 2021 | USD 350.1 Billion |
| Revenue Forecast by 2030 | USD 1670.5 Billion |
| CAGR | 28.90% From 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Toyota Motor Company, Honda Motor Company, BYD Company Ltd, Lexus, Ford motor company, Kia Motors Company, Nissan Motor Company, Volkswagen AG, AB Volvo |
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Market dynamics
Drivers
The enactment of stringent rules and fuel economy norms by various governments also, as the governments are providing incentives. To promote the adoption of hybrid vehicles, it drives the market. Goldman's are providing subsidies and tax benefits to people who purchase hybrid vehicles. Government is also taking efforts to provide public charging stations for the electric vehicles. As the developing nations are also implementing stringent emission regulations standards. There is a rise in the market size. The prestigious scheme of the Indian Government FAME II will be extended till 2024 to encourage the electric cars or vehicles. By reducing the tax rate, the Brazilian government is also encouraging the purchase of hybrid vehicles. In order to lower the emission limits, various governments. Are also concentrating on decreasing the greenhouse gas effect. And increasing the fuel efficiency of vehicles. Therefore, there is a rise in the market.
Restraints
There is an increase in the demand for battery electric vehicles as well as fuel cell electric vehicles, so this is a major restraint for the hybrid vehicles market. The battery electric vehicles consist of various models and are packed with different kinds of built-in features. USA and China are focusing on the development of the battery electric vehicles.
Challenges
As there is a rise in the bulk material prices of the automobile industry, this poses a challenge to the growth of the market. The manufacturing of the conventional and the electric cars is affected due to a rise in the steel, aluminium and copper prices. Also, there was an increase in the. Prices for the materials which are needed to produce the batteries. Like the graphite nickel lithium carbonate. Also, there is a shortage of microchips which holds back the production of cars. The amount of chip required in the electronic vehicles are more as compared to the conventional cars, so the shortage has affected this segment a lot. Most of the materials required to produce the batteries are very expensive and tough to accumulate. The cost of the electric cars is higher compared to the conventional cars.
Opportunities
There are huge opportunities in hybrid vehicle market reason being the government support and availability of initiatives. The ongoing improvements in the supply chain mechanism are also providing great opportunities. Various governments across the world are promoting the sales of hybrid vehicles and creating awareness about the same.
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Report highlights
- There's a huge opportunities in hybrid vehicle market due to the various initiatives taken by the government by providing incentives and tax concessions.
- Various nations are focusing on increasing the availability of charging stations for the electric cars. The Govenment are making stringent policies to reduce the emissions caused by the conventional cars. There is a rise in the consumers in the developing nations owing to the increase in population and increasing prices of fuel.
Recent Developments
In 2021, Toyota had announced an investment of around U.S$ 6.2 billion in the hybrid vehicles market. The MMRDA in the Asia Pacific area had made a contract with TATA for the supply of 25 Electric buses for the commercial use.
Market Segmentation
By Hybridization
- Fully hybrid
- Micro hybrid
- Mild hybrid
By Drivetrain
- Parallel drivetrain
- Series drivetrain
By Vehicle
- Passenger car
- Commercial vehicles
By Propulsion
- HEV
- PHEV
- NGV
By Component Type
- Battery
- Electric Motor
- Transmission
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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