According to the latest report by IMARC Group, titled "Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global hybrid electric vehicle market is currently witnessing robust growth. A hybrid electric vehicle (HEV) refers to an automobile that is powered using a combination of an internal combustion engine (ICE) and electric motor(s). The energy stored in the batteries for functioning is charged through regenerative braking, which converts the kinetic energy generated by the vehicle into electric energy. The stored energy can also be used for powering auxiliary loads and reducing idle emissions. HEVs are gaining prominence among the masses as they offer improved fuel economy, better performance and reduced carbon-based emissions. They are also an environmentally friendly substitute for gasoline-based vehicles as they run on clean energy and provide better mileage.
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.
Global Hybrid Electric Vehicle Market Trends:
The global market is primarily driven by the growing environmental concerns among the majority of the population. There has been a significant increase in the levels of air pollution due to exhaust emissions from vehicles, which has led users to adopt vehicles that produce low- or zero-emissions without compromising on the performance of the engine. This, along with rapid urbanization, especially in developing economies, the improving purchasing power of the masses and an enhanced focus toward sustainable development, has contributed to increased uptake of HEVs. Moreover, governments of several countries are implementing stringent emission regulations and fuel economy norms, which is 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 in an attempt to encourage the adoption of EVs. Furthermore, numerous manufacturers are continually investing in research and development (R&D) activities to develop innovative vehicles with enhanced performance, soundless operation and improved fuel efficiency, which is expected to provide a thrust to the market growth. Some of the other factors driving the market growth include the growing preference for mild HEVs across developing economies and the significant improvements in the charging infrastructure. On account of the aforementioned factors, the market is projected to grow at a CAGR of more than 45% during 2020-2025.
- On the basis of the propulsion type, the market has been divided into full, mild, plug-in and other hybrids.
- 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 the detailed profiles of the key players operating in the market. Some of these players include Toyota Motor Corporation, Honda Motor Co., Ltd, Ford Motor Company, Volkswagen AG, General Motors Company, Hyundai Motor Company, and Nissan Motor Co., LTD.
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