by The global hybrid electric vehicle market size reached USD 81.74 billion in 2023 and is expected to hit around USD 444.4 billion by 2032, at a CAGR of 20.70% from 2023 and 2032.
Key Points
- Gasoline hybrid vehicles projected to surpass a value of over US$ 130 million by 2032.
- Stored electricity HEVs is growing at a CAGR of 6% from 2023 to 2032.
- U.S hybrid electric vehicle is expected to grow at a CAGR of 8.2% through 2032
- Asia Pacific region had garnered revenue share of around 42% in 2022.
- In 2022, the European region accounted 19.20% revenue share
The hybrid electric vehicle (HEV) market combines traditional internal combustion engines with electric propulsion systems, offering improved fuel efficiency and reduced emissions. This market has seen significant growth in recent years due to increasing environmental awareness and stricter emission regulations worldwide. HEVs bridge the gap between conventional and fully electric vehicles, providing a practical solution for consumers looking to reduce their carbon footprint while maintaining range and performance.
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Growth Factors
Several factors contribute to the growth of the HEV market. These include rising fuel prices, which drive demand for more fuel-efficient vehicles, and government incentives for purchasing hybrid and electric vehicles. Additionally, advancements in battery technology and electric powertrains have made HEVs more efficient and affordable. Consumer interest in environmentally friendly options and the desire to reduce dependence on fossil fuels also play a role in market growth.
Region Insights:
The HEV market varies across different regions based on government policies, infrastructure, and consumer preferences. In North America and Europe, strong environmental regulations and incentives have propelled the adoption of HEVs. Asia-Pacific, particularly Japan and South Korea, is a significant market for HEVs due to technological innovation and supportive policies. Emerging markets in Latin America and Africa are also gradually embracing HEVs as they seek to reduce emissions and improve fuel efficiency.
Report Scope of the Hybrid Electric Vehicle Market
| Report Coverage | Details |
| Market Size by 2032 | USD 444.4 Billion |
| Market Size in 2023 | USD 81.74 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 20.70% |
| Asia Pacific Market Share in 2022 | 42% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Application, Power Source, Powertrain, Vehicle, Geography |
Drivers:
Key drivers of the HEV market include environmental concerns, such as reducing greenhouse gas emissions and air pollution. Government incentives and regulations encourage the adoption of HEVs through tax credits, rebates, and other benefits. Technological advancements in battery and hybrid systems enhance vehicle performance and make HEVs more appealing to consumers. Additionally, rising fuel costs and the desire for greater fuel efficiency contribute to the market’s growth.
Opportunities:
The HEV market presents opportunities for manufacturers to innovate and differentiate their products through advanced technologies, such as plug-in hybrid systems and regenerative braking. Expansion into emerging markets and developing infrastructure for charging and maintenance can open new avenues for growth. Partnerships with governments and other organizations to promote sustainable transportation can further drive market expansion.
Challenges:
Challenges in the HEV market include competition from fully electric vehicles (EVs) and traditional internal combustion engine vehicles. High upfront costs for HEVs compared to conventional vehicles can be a barrier for some consumers. Additionally, supply chain disruptions and the need for reliable charging infrastructure can impact market growth. Overcoming these challenges requires strategic planning and continuous investment in research and development.
Read Also: On-Board Charger Market Size, Growth, Report By 2032
Hybrid Electric Vehicle Market Developments
- Both the Indian and Brazilian states are pondering different inspirations, including as diminishing the public authority consumption rate on CNG creamer and module vehicles. There are other hybrid electric transportation possibilities. The endeavour is supposed to cost the Indian government USD 446 million. To expose issues of the benefits of crossbreed vehicles, the Brazilian government is shipping off new advertisements and information gatherings.
- The European Union, collectively with the US Environmental Protection Agency, has made inflexible transmission rules. In view of these essentials, the cross variety vehicle industry is seeing a critical improvement famous for cream vehicle use.
- The Mumbai Metropolitan Area Development Authority, a division of India, as of late marked an arrangement with Tata Motors. As per the arrangement, 25 Tata Starbus Electric diesel transports would be out and about soon.
- The Indian subcontinent and China are both piece of the APAC locale, and their public transportation systems are sometimes neglecting to live up to assumptions or overburdened. In like manner, the public authority is placing assets into progress practices by making the cross variety vehicle market free close to the completion of the general assumption in 2023.
- The Indian and Brazilian governing bodies are choosing for various kinds of inspirations including cutting down the cost rate on CNG hybrid and module vehicles. In like manner, hybrid electric transportation decisions are available. The Indian government should place US$ 445 million in the endeavour. The Brazilian government is doing furthermore promoting and educational gatherings to spread the benefits of utilizing combination cars.
- The European Union, in organization with the United States Environmental Protection Agency, has laid out extreme discharge principles. Because of these norms, the mixture vehicle industry is seeing a critical development popular for half breed vehicles.
Hybrid Electric Vehicle Market Comapnies
- ZF
- Delphi
- BorgWarner
- Continenta
- Schaeffler
- Ford
- Toyota
- Continental
- Volvo
- Honda
- Hyundai
- Daimler
- Nissan
Segments covered in the report
By Type
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
- Others
By Application
- Battery
- Electric Motor
- Transmission
By Power Source
- Stored Electricity HEVs
- On-Board Electric Generator HEVs
By Powertrain
- Series Hybrid Electric Vehicles
- Parallel Hybrid Electric Vehicles
- Combined Hybrid Electric Vehicles
By Vehicle
- Hybrid Electric Passenger Cars
- Commercial Hybrid Electric Vehicles
- Hybrid Electric Two Wheelers
- Other HEVs (Golf Cart, etc.)
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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