Market Overview:
The global hybrid electric vehicle (HEV) 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 that runs on the energy stored in batteries. It operates on the combination of an internal combustion engine and an electric propulsion system. The battery is charged using regenerative braking that converts the energy, which is lost during coasting and braking into electricity. In comparison to combustion engine-based automobiles, HEVs have lower fuel consumption, carbon-based emissions and maintenance costs, which make them more cost-effective even at low speeds.
Hybrid Electric Vehicle Market Trends:
The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the market. Furthermore, growing environmental consciousness among consumers is also providing a boost to the market growth. This has led to an increased emphasis on the development of innovative designs and advanced technologies to produce zero- and low-emission vehicles with soundless operations and high-performance engines. Additionally, the implementation of favourable government initiatives promoting the adoption of electric vehicles (EVs) for sustainable development is also creating a positive outlook for the market. For instance, various incentives, including tax benefits, utility rate reductions, parking privileges and other rebates, are offered to consumers to enhance the adoption rates of HEVs. Apart from this, improvements in the EV charging infrastructure are leading to increased investments by power sector stakeholders in automobile utilities and charging hardware. Other factors, including rapid urbanization, rising disposable incomes and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid electric vehicle market, along with forecasts at the global, regional and country 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
- Others
Breakup by Configuration Type:
- Series HEV
- Parallel HEV
- Combination HEV
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Others
Breakup by Power Source:
- Stored Electricity
- On Board Electric Generator
Breakup by Region:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
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.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| 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. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Hybrid Electric Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Propulsion Type
6.1 Full Hybrids
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Mild Hybrids
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Plug-in Hybrids
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Configuration Type
7.1 Series HEV
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Parallel HEV
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Combination HEV
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Vehicle Type
8.1 Passenger Cars
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Commercial Vehicles
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Two-Wheelers
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Power Source
9.1 Stored Electricity
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 On Board Electric Generator
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Indicators
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Toyota Motor Corporation
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Honda Motor Co. Ltd.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Ford Motor Company
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Volkswagen Aktiengesellschaft
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 General Motors Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Hyundai Motor Company
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Nissan Motor Corporation Ltd.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
List of Figures
Figure 1: Global: Hybrid Electric Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016-2021
Figure 3: Global: Hybrid Electric Vehicle Market: Sales Value (in Billion US$), 2016-2021
Figure 4: Global: Hybrid Electric Vehicle Market: Breakup by Propulsion Type (in %), 2021
Figure 5: Global: Hybrid Electric Vehicle Market: Breakup by Configuration Type (in %), 2021
Figure 6: Global: Hybrid Electric Vehicle Market: Breakup by Vehicle Type (in %), 2021
Figure 7: Global: Hybrid Electric Vehicle Market: Breakup by Power Source (in %), 2021
Figure 8: Global: Hybrid Electric Vehicle Market: Breakup by Region (in %), 2021
Figure 9: Global: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 10: Global: Hybrid Electric Vehicle Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 11: Global: Hybrid Electric Vehicle (Full Hybrids) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 12: Global: Hybrid Electric Vehicle (Full Hybrids) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 13: Global: Hybrid Electric Vehicle (Mild Hybrids) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 14: Global: Hybrid Electric Vehicle (Mild Hybrids) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 15: Global: Hybrid Electric Vehicle (Plug-in Hybrids) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 16: Global: Hybrid Electric Vehicle (Plug-in Hybrids) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 17: Global: Hybrid Electric Vehicle (Others) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 18: Global: Hybrid Electric Vehicle (Others) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 19: Global: Hybrid Electric Vehicle (Series HEV) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 20: Global: Hybrid Electric Vehicle (Series HEV) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 21: Global: Hybrid Electric Vehicle (Parallel HEV) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 22: Global: Hybrid Electric Vehicle (Parallel HEV) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 23: Global: Hybrid Electric Vehicle (Combination HEV) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 24: Global: Hybrid Electric Vehicle (Combination HEV) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 25: Global: Hybrid Electric Vehicle (Passenger Cars) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 26: Global: Hybrid Electric Vehicle (Passenger Cars) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 27: Global: Hybrid Electric Vehicle (Commercial Vehicles) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 28: Global: Hybrid Electric Vehicle (Commercial Vehicles) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 29: Global: Hybrid Electric Vehicle (Two Wheelers) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 30: Global: Hybrid Electric Vehicle (Two Wheelers) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 31: Global: Hybrid Electric Vehicle (Others) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 32: Global: Hybrid Electric Vehicle (Others) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 33: Global: Hybrid Electric Vehicle (Stored Electricity) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 34: Global: Hybrid Electric Vehicle (Stored Electricity) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 35: Global: Hybrid Electric Vehicle (On Board Electric Generator) Market: Sales Volume (in Million Units), 2016 & 2021
Figure 36: Global: Hybrid Electric Vehicle (On Board Electric Generator) Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 37: North America: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 38: North America: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 39: United States: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 40: United States: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 41: Canada: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 42: Canada: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 43: Asia Pacific: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 44: Asia Pacific: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 45: China: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 46: China: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 47: Japan: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 48: Japan: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 49: India: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 50: India: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 51: South Korea: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 52: South Korea: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 53: Australia: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 54: Australia: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 55: Indonesia: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 56: Indonesia: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 57: Others: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 58: Others: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 59: Europe: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 60: Europe: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 61: Germany: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 62: Germany: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 63: France: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 64: France: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 65: United Kingdom: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 66: United Kingdom: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 67: Italy: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 68: Italy: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 69: Spain: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 70: Spain: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 71: Russia: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 72: Russia: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 73: Others: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 74: Others: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 75: Latin America: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 76: Latin America: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 77: Brazil: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 78: Brazil: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 79: Mexico: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 80: Mexico: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 81: Others: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 82: Others: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 83: Middle East and Africa: Hybrid Electric Vehicle Market: Sales Volume (in Million Units), 2016 & 2021
Figure 84: Middle East and Africa: Hybrid Electric Vehicle Market Forecast: Sales Volume (in Million Units), 2022-2027
Figure 85: Global: Hybrid Electric Vehicle Industry: SWOT Analysis
Figure 86: Global: Hybrid Electric Vehicle Industry: Value Chain Analysis
Figure 87: Global: Hybrid Electric Vehicle Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Hybrid Electric Vehicle Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Hybrid Electric Vehicle Market Forecast: Breakup by Propulsion Type (in Million Units), 2022-2027
Table 3: Global: Hybrid Electric Vehicle Market Forecast: Breakup by Configuration Type (in Million Units), 2022-2027
Table 4: Global: Hybrid Electric Vehicle Market Forecast: Breakup by Vehicle Type (in Million Units), 2022-2027
Table 5: Global: Hybrid Electric Vehicle Market Forecast: Breakup by Power Source (in Million Units), 2022-2027
Table 6: Global: Hybrid Electric Vehicle Market Forecast: Breakup by Region (in Million Units), 2022-2027
Table 7: Global: Hybrid Electric Vehicle Market: Competitive Structure
Table 8: Global: Hybrid Electric Vehicle Market: Key Players