Global Hybrid Electric Vehicle Market to Grow at 28% During 2024-2032, Impelled by Growing Environmental Concerns

September 09, 2020 | Automotive Industry

According to the latest report by IMARC Group, titled “Hybrid Electric Vehicle Market Report by Propulsion Type (Full Hybrids, Mild Hybrids, Plug-in Hybrids, and Others), Configuration Type (Series HEV, Parallel HEV, Combination HEV), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, and Others), Power Source (Stored Electricity, On Board Electric Generator), and Region 2024-2032,” the global hybrid electric vehicle market reached a volume of 10.0 Million Units in 2023. A hybrid electric vehicle (HEV) is an automobile powered using a combination of an internal combustion engine (ICE) and electric motor(s). It uses energy stored in batteries for functioning and is charged through regenerative braking, which converts the kinetic energy generated by the vehicle into electric energy. The stored energy can also be utilized for powering auxiliary loads and reducing idle emissions. Nowadays, HEVs are gaining prominence among the masses as they offer better performance, improved fuel economy and reduced carbon-based emissions. They are an environment-friendly alternative to conventional vehicles as they run on clean energy and provide better mileage.

Global Hybrid Electric Vehicle Market Trends:

With a significant increase in the air pollution levels due to exhaust emissions from vehicles, there has been a rise in the adoption of vehicles that produce low or zero emissions without compromising the performance. This, along with rapid urbanization, especially in developing economies, and the improving purchasing power of the masses, has contributed to increased uptake of HEVs. Besides this, the growing environmental concerns have shifted the focus toward sustainable development, thereby increasing the demand for HEVs. Moreover, governments of several countries are implementing stringent emission regulations and fuel economy norms, which are creating a positive outlook for the market. They are also providing purchase grants, related incentives, tax rebates, utility rate reductions and parking privileges to users to encourage the adoption of EVs. Furthermore, several manufacturers are continually investing in research and development (R&D) activities to introduce innovative vehicles with enhanced performance, soundless operation and improved fuel efficiency. Other factors, such as the growing preference for mild HEVs across developing economies, rising preference for fuel-efficient automobiles and significant improvements in charging infrastructure, are driving the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 28% during 2024-2032.

Market Summary:

  • On the basis of the propulsion type, the market has been divided into full, mild, plug-in and other HEVs.
  • Based on the configuration type, the market has been classified into series, parallel and combination HEVs.
  • On the basis of the vehicle type, the market has been categorized into passenger cars, commercial vehicles, two wheelers and others.
  • Based on the power source, the market has been bifurcated into stored electricity and on-board electric generator.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Toyota Motor Corporation, Honda Motor Co., Ltd, Ford Motor Company, Volkswagen Aktiengesellschaft AG, General Motors Company, Hyundai Motor Company, and Nissan Motor Co., Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Units, US$ Billion
Segment Coverage Propulsion Type, Configuration Type, Vehicle Type, Power Source, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Toyota Motor Corporation, Honda Motor Co. Ltd., Ford Motor Company, Volkswagen Aktiengesellschaft, General Motors Company, Hyundai Motor Company and Nissan Motor Corporation Ltd.
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Global Hybrid Electric Vehicle Market to Grow at 28% During 2024-2032, Impelled by Growing Environmental Concerns
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