Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- The global hybrid vehicle market size was valued at USD 227.94 billion in 2022 and is expected to be worth USD 271.80 billion in 2023. The market is projected to reach USD 443.91 billion by 2030, recording a CAGR of 7.3% during the forecast period.
Hybrid electric vehicles use a combination of one of more electric motors to power themselves and utilize the energy stored in batteries and an Internal Combustion Engine (ICE). There are several benefits associated with these automobiles, such as high range and power as compared to traditional vehicles. These factors are expected to spur the hybrid vehicle market growth.
Fortune Business Insights™ displays this information in a report titled, "Hybrid Vehicle Market, 2023-2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 7.3% | |
| 2030 Value Projection | USD 443.91 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 227.94 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 160 | |
Drivers & Restraints-
Positive Impact of Hybrid Vehicles on Environment to Boost Market Expansion
Hybrid vehicles are gaining major traction among customers as they come with the advantages of both the gasoline and electric engines. These automobiles showcase higher fuel efficiency as compared to traditional fossil-fueled vehicles and can even decrease fuel consumption by nearly 35%. These aspects can help them create a positive impact on the environment, thereby prompting more customers to buy these cars.
However, the growing preference for Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) might restrain the market’s growth.
COVID-19 Impact-
Delay in Manufacturing and Decreased R&D Investments During COVID-19 Slowed Market Growth
The COVID-19 pandemic caused an adverse impact on the automotive sector as this period caused a severe shortage of raw materials and labour force. This scenario urged several carmakers to shut down their manufacturing plants, which ultimately delayed the production of new models. Moreover, the concept of electric vehicles has gained significant momentum in recent years. However, reduced funding for research and development further delayed their production, which slowed the market growth during this period.
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Segments-
Passenger Cars to Gain Traction for Their Fuel Efficiency
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment is anticipated to capture the largest hybrid vehicle market share during the forecast period as hybrid cars have high fuel efficiency and are ideal for stop-and-go driving.
Parallel Hybrids to be Widely Used Due to Their Cost Effectiveness
Based on electric powertrain, the global market is segmented into parallel and parallel-series combinations. The parallel hybrid segment is predicted to account for the largest market share as they are quite cost-effective and provide greater flexibility while switching between electric motor power and ICE.
Fuel Economy and Flexibility to Boost Adoption of Full Plug-In Hybrids
In terms of the degree of hybridization, the market is divided into mild, full, and plug-in hybrids. In 2022, the full plug-in hybrid segment held the biggest market share as they offer greater flexibility and savings on fuel.
Attractive Features Offered by Powertrains to Increase Their Adoption
Based on components, the market is categorized into body, chassis, powertrain, electronics and others. The powertrain segment is set to dominate the market as it provides better performance, safety, and comfort.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage-
The market report offers an in-depth analysis of this industry and highlights prominent areas, such as leading product types, end-users, companies, designs, and technologies. It also provides insights into the latest market trends and covers key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth in recent years.
Regional Insights-
Asia Pacific Market to Grow Rapidly Due to Supportive Government Initiatives
Asia Pacific is predicted to capture the biggest share of the global market as the regional governments are introducing various favourable policies and initiatives to promote the sales of these vehicles. The North American market is also anticipated to grow at a considerable rate due to factors, such as parking concessions, fuel savings, government incentives, and infrastructure development.
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Competitive Landscape-
Continuous Product Upgrades to Make Toyota Leading Market Player
Some of the leading market players include Volkswagen AG, Hyundai Motor Company, Toyota Motor Company, Honda Motor Co., Ltd., BYD Company Ltd., and AB Volvo. However, Toyota is the leading company in this market as it is bringing constant innovations to boost the performance of its hybrid vehicles.
List of Key Players Covered in Hybrid Vehicle Market Report:-
- Toyota Motor Corporation (Japan)
- Honda Motor Co., Ltd. (Japan)
- BYD Company Ltd. (China)
- Ford Motor Company (U.S.)
- Hyundai Motor Company (South Korea)
- Kia Motors Corporation (South Korea)
- Nissan Motor Corporation (Japan)
- Daimler AG (Germany)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
Hybrid Vehicle Market Segmentation:-
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Electric Powertrain Type
- Parallel
- Series-Parallel
Degree of Hybridization
- Mild
- Full
- Plug-in-Hybrid
By Components
- Body
- Chassis
- Powertrain
- Electronics
- Others
Key Industry Development:
June 2023 - MG Motor Bahrain-Zayani Motors, the exclusive distributor of MG in Bahrain, unveiled its first Plug-in Hybrid Electric Vehicle (PHEV), MG HS PHEV. The vehicle can cover more than 64 km on its 16.6 KW electric motor and is powered by MG’s 1.5-litre high-efficiency turbo engine.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Developments
- Impact of Covid-19
- Global Hybrid Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial vehicle
- Market Analysis, Insights and Forecast – By Electric Powertrain Type
- Parallel
- Parallel-Series
- Market Analysis, Insights and Forecast – By Degree of Hybridization
- Mild
- Full
- Plug-in Hybrid
- Market Analysis, Insights and Forecast – By Components
- Body
- Chassis
- Powertrain
- Electronics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued...
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