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According to the latest report by IMARC Group, titled “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. 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.
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:
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 31.9% during 2022-2027.
Market Summary:
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