Global Hybrid Vehicle Market 2024–2033

Reports Description

The rising demand for plug-in vehicles is driving the Hybrid Vehicle Market.

According to Custom Market Insights (CMI), The Global Hybrid Vehicle Market size was estimated at USD 329 Billion in 2021 and is expected to reach USD 477 billion in 2022 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

An internal combustion engine is combined with an electric motor that draws power from the batteries to create hybrid automobiles. The regenerative braking system generates the energy stored in the batteries. Many producers were compelled to halt their production due to the pandemic since there was a significant delay in the logistics and supply chain. As a result, there are many hybrid-engine vehicles available with various capabilities.

The benefits of hybrid electric cars vary depending on the different technologies employed. The rise in petroleum prices throughout the world has prompted automakers to develop new technologies for hybrid vehicles, which are now viewed as a crucial part of the future of the automotive industry.

Hybrid Vehicle Market: COVID–19 Impact Analysis

Due to the global transportation sector, many improvements are being made in product development and the features that hybrid vehicles are built with. The new coronavirus caused a public health crisis that the WHO classified as a pandemic. Many manufacturing and production units suffer due to how quickly the virus swept across international borders. People are abandoning public transportation to stop the pandemic’s spread through local measures, which is a health risk. With the assistance of fuels and electric motors, people are converting to purchasing valued and valuable automobiles.

Due to the high level of digitization currently, the market is flooded with hybrid cars that use diesel and gasoline engines. Differentiating operating styles is essential to assisting the market in overcoming the pandemic. People choose similar vehicles to lower their risk of catching the coronavirus, and the government is investing in such projects. 

Hybrid Vehicle Market: Growth Drivers

Surging Adoption of Plug-in Hybrid Vehicles

The demand for passenger and personal vehicles is constantly rising due to rising per capita income and disposable money worldwide. As a result, the fleet of automobiles is growing, and so is the pace of carbon emissions. In addition, the demand for alternative cars is increasing quickly due to rising fuel prices and increased awareness of global warming.

The demand for hybrid electric vehicles is soaring globally due to the higher fuel efficiency and lower carbon emission rates that hybrid cars offer. To assist the growth of electromobility solutions, several manufacturers are concentrating on creating and releasing numerous kinds of hybrid automobiles.

Unlike hybrids and pure electric vehicles, plug-in hybrid cars are far more practical, contributing to their enormous appeal. As a result of the internal combustion engine acting as a backup power source when the batteries run out of charge, consumers of these vehicles frequently experience low-range anxiety. Both internal combustion engines and an external source can be used to recharge the batteries in these vehicles via a plug. Although hybrid car sales outpace plug-in hybrid and pure battery vehicle sales, plug-in hybrid vehicle demand is rising globally.

Significant Investments in R&D

Other factors driving the market expansion include ongoing research and development (R&D) projects targeted at introducing new technologies and market participants’ launch of new & energy-efficient hybrid vehicle models. On the other hand, it is projected that in the coming decade, the potential for commercial expansion of manufacturing firms will increase due to the rising popularity of electric vehicles and the growing need for green mobility.

Hybrid Vehicle Market: Segmentation Analysis

In our research scope, the Hybrid Vehicle market is segmented into component, propulsion, and vehicle type. The propulsion options include NGVs, PHEVs, and hybrid electric cars (HEVs). The popularity of plug-in hybrids is rapidly rising. In addition to generators, engines’ mechanisms produce power that aids in recharging these vehicles’ batteries. Also, it is possible to charge the battery by connecting it to an external power source. These vehicles employ a battery supply that an engine-generating system can only recharge.

CNG is used by natural gas vehicles to run their engines and power their generators. This aids in powering the electric motor that starts a hybrid vehicle’s operation. When a new battery becomes available, the old one is discarded and replaced.

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Hybrid Vehicle market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
• In terms of revenue, the Hybrid Vehicle market size was valued at around USD 329 Billion in 2021 and is projected to reach USD 1670 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The Hybrid Vehicle market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
• The study includes data on the significant market drivers, challenges, and opportunities and their effects.
• The study elaborates on the SWOT analysis and Porter’s Five Forces model.
• The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.

 Recent Development

• 2021: Ford Motor Company unveiled the Mustang Mach-E SUV, which has a comfortable interior, simple technology, and a long range. The car has a traditional appearance, luxurious interior appointments, and standard driver-assistance systems, including Ford Co-Pilot360 2.0.
• 2021: Mercedes-Benz debuted its two diesel mild hybrid models, the GLE and GLE Coupé. They have the modern four-cylinder diesel engine (OM 654 M), which produces 200 kW/272 hp and has an integrated second-generation starter-generator (ISG). The current OM 654 M engines have a second-generation integrated starter-generator (ISG). The ISG has a 48-volt electrical system.

Regional Landscape

By 2030, the APAC region is anticipated to experience the highest growth due to the globalization of the hybrid vehicle market activities. Most of the population in the region is middle-class, and the neighborhood is highly populated. They are the vast majority of hybrid car owners. Thus, it is anticipated that the car sales volume in this region will increase steadily. In addition, customers are compelled to choose and use hybrid automobiles due to the rise in fuel prices.

The hybrid vehicle markets in North America and Europe are working together in various ways to raise awareness of hybrid cars, boosting demand for them globally.

Competitive Landscape

There have been a growing number of acquisitions and expansion plans over the past few years to advance the development and manufacturing of hybrid automobiles. Prominent companies are also engaged in technology development. Key businesses use partnerships, new product development, and contracts & agreements, among other growth strategies, to boost their market positions. To increase their client base, well-known automakers like BMW, Honda, and Toyota concentrate on creating plug-in hybrid vehicles.

Prominent Players:

• 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

The global Hybrid Vehicle market is segmented as follows:

By Component

• Electric Motor
• Battery
• Transmission

By Propulsion

• HEV
• NGV
• PHEV

By Vehicle Type

• Commercial Vehicle
• Passenger Car

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America