Global Hybrid Electric Vehicle Market to Grow at 30.4% During 2023-2028, Impelled by Growing Environmental Concerns

According to the latest report by IMARC Group, titled “Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global hybrid electric vehicle market reached a volume of 7.6 Million Units in 2022. 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 30.4% during 2023-2028.

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 Scope:

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