The global hybrid electric vehicle market reached a volume of 5.5 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 31.2 Million Units by 2027, exhibiting a CAGR of 31.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A hybrid electric vehicle (HEV) is an automobile powered by a combination of an internal combustion engine (ICE) and an electric motor. It relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. It has less fuel consumption, carbon-based emissions, and maintenance costs than vehicles solely powered by an ICE. As a result, it is gaining immense traction as an environment-friendly alternative to conventional vehicles.
Hybrid Electric Vehicle Market Trends:
The growing air pollution levels due to exhaust emissions from vehicles, along with increasing environmental consciousness among the masses about rising pollution levels, represent one of the key factors positively influencing the adoption of HEVs. This can also be attributed to rapid urbanization, expanding purchasing power of individuals, and improving road networks. Apart from this, governments of various countries are implementing stringent emission regulations and fuel economy norms and offering purchase grants, related incentives, tax rebates, and utility rate reductions. This, in turn, is encouraging the adoption of HEVs across the globe. Furthermore, several leading manufacturers are increasingly investing in research and development (R&D) activities to develop innovative vehicles with soundless operations, high-performance engines, and improved fuel efficiency. This, in confluence with the emerging trend of fuel-efficient and cost-effective commute options, is creating a favorable outlook for the market. Moreover, continuous improvements in the EV charging infrastructure are leading to rising investments by power sector stakeholders in automobile utilities and charging hardware, which are anticipated to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid electric vehicle market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on propulsion type, configuration type, vehicle type and power source.
Breakup by Propulsion Type:
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
Breakup by Configuration Type:
- Series HEV
- Parallel HEV
- Combination HEV
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Breakup by Power Source:
- Stored Electricity
- On Board Electric Generator
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Toyota Motor Corporation, Honda Motor Co. Ltd., Ford Motor Company, Volkswagen Aktiengesellschaft, General Motors Company, Hyundai Motor Company, Nissan Motor Corporation Ltd., etc.
|Base Year of the Analysis
||Million Units, US$ Billion
||Propulsion Type, Configuration Type, Vehicle Type, Power Source, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Questions Answered in This Report:
- How has the global hybrid electric vehicle market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global hybrid electric vehicle market?
- What is the breakup of the market based on the propulsion type?
- What is the breakup of the market based on the configuration type?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the power source?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hybrid electric vehicle market and who are the key players?
- What is the degree of competition in the industry?