According to the latest report by IMARC Group “Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global hybrid electric vehicle market reached a volume of 5.5 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 31.2 Million Units by 2027, exhibiting a CAGR of 31.9% during 2022-2027.
A hybrid electric vehicle (HEV) refers to an automobile that is powered by a combination of an ICE or internal combustion engine and an electric motor. It generally relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. The hybrid electric vehicle has less fuel consumption, carbon-based emissions, and maintenance costs than vehicles solely powered by an ICE. Consequently, it is gaining extensive traction as an environment-friendly alternative to conventional vehicles.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The rising air pollution levels, owing to exhaust emissions from automobiles, and the growing consumer environmental consciousness are among the key factors stimulating the hybrid electric vehicle market. Moreover, the inflating purchasing power of individuals and improving road networks are acting as significant growth-inducing factors. Besides this, government bodies across numerous countries are implementing stringent emission regulations as well as fuel economy norms and offering purchase grants, related incentives, tax rebates, utility rate reductions, etc., which is positively influencing the global market.
Furthermore, the development of innovative vehicles with soundless operations, high-performance engines, improved fuel efficiency, etc., by several leading manufacturers and extensive R&D activities are also propelling the market growth. Besides this, the emerging trend of fuel-efficient and cost-effective commute options is further bolstering the global market. Additionally, continuous improvements in the EV charging infrastructures are leading to extensive investments by power sector stakeholders in automobile utilities and charging hardware, which is expected to fuel the hybrid electric vehicle market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Toyota Motor Corporation
- Honda Motor Co. Ltd.
- Ford Motor Company
- Volkswagen Aktiengesellschaft
- General Motors Company
- Hyundai Motor Company
- Nissan Motor Corporation Ltd.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Propulsion Type:
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
Breakup by Configuration Type:
- Series HEV
- Parallel HEV
- Combination HEV
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Breakup by Power Source:
- Stored Electricity
- On Board Electric Generator
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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