Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A1944
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Market Overview:

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
  • 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
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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?

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Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
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