The global hybrid vehicles market is expected to create a lucrative growth opportunity over the estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The market is anticipated to be valued at US$ 192.7 Billion in 2022 and is expected to reach a valuation of US$ 1,362.3 Billion by 2032.
The global hybrid vehicles market is experiencing rapid growth, driven by a strong demand for electric mobility, soaring fuel prices, and increasingly stringent government regulations worldwide. Hybrid vehicles offer superior fuel efficiency and reduced noise compared to conventional vehicles, further adding to their appeal.
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Governments in various regions are providing attractive incentives and subsidies to bolster the sales of hybrid vehicles, which is expected to further boost their demand during the forecast period. Moreover, the acceptance of luxury hybrid vehicles, coupled with the enforcement of stringent emission-related regulations, has also played a significant role in expanding the market.
The growing popularity of electric vehicles has also contributed to the hybrid vehicles market’s expansion, with hybrid models accounting for about 25% to 30% of the overall electric vehicle market. Leading automobile manufacturers such as Daimler AG, General Motors, and Volkswagen Group are actively capitalizing on the trend of plug-in hybrid vehicles, driving the global hybrid vehicles market’s growth into the next decade.
Key Takeaways
- The global hybrid vehicles market is witnessing fast-paced growth due to significant demand for electric mobility, increasing fuel prices, and stringent regulations framed by governments in various regions. Besides this, electric vehicles are known for their fuel efficiency and generate lesser noise than conventional vehicles. Owing to the attractive incentives and subsidies offered by government authorities in order to support sales of hybrid vehicles, their demand is expected to enhance during the forecast period.
- Owing to the rising per capita income and disposable income across the globe, the demand for passenger cars and personal vehicles is surging with each passing day. With a surging fleet of automotive vehicles, the rate of carbon emissions is also on a rise. Due to surging fuel prices and rising awareness regarding global warming, the demand for substitute vehicles is growing at a rapid pace.
- Hybrid vehicles are known to offer better fuel efficiency and have less carbon emission rates, and the demand for hybrid electric vehicles is surging across the globe. Several manufacturers are also paying more attention to the development and introduction of multiple models of hybrid vehicles in order to support the expansion of electro-mobility solutions.
- A reasonable increase is witnessed in the sales of SUVs, luxury, and sports models. Customers are not just searching for performance, but they want their vehicles to be fully equipped with advanced technologies. Owing to the surging number of awareness campaigns held by government and private agencies in order to promote electric mobility, consumers all over the world are demanding electric vehicles.
- Attributing the higher practical benefits of plug-in hybrid vehicles are responsible for their immense popularity, in comparison to hybrid and pure electric vehicles. Customers of this type of vehicle tend to suffer from low-range anxiety as the internal combustion engine acts as a backup power source when the batteries run out of charge. In addition to that, the batteries of these vehicles are able to be charged by both internal combustion engines and an external source with the help of a plug. Owing to these aforementioned factors, the demand for plug-in hybrid vehicles is increasing across the globe.
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Competitive Landscape
Over the last few years, there has been a surging number of acquisitions and growth strategies in order to increase the development & production of hybrid vehicles. Several major firms are meticulously working on innovations and new technological developments. Some of the growth strategies used by key firms include contracts & agreements, new product developments, and partnerships to strengthen their market positions.
Key Companies Profiled:
Tilley Inflatable Design & Engineering LTD, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Daimler AG, Volkswagen AG, Renault SAS, Toyota Motor Corporation, Nissan Motor Corporation, Mitsubishi Motor Corporation, Hyundai Motor Company, Bayerische Motoren Werke AG (BMW).
Key Segments Covered in Hybrid Vehicles Market Analysis
By Product Type:
- Hybrid Vehicles
- Plug-in Hybrid Vehicles
By Vehicle Type:
- Passenger Car
- LCV
- HCV
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By Engine Type:
- Gasoline Electric
- Diesel Electric
By Powertrain Configuration:
- Parallel Hybrid
- Series Hybrid
- Power Split Hybrid
More Insights into the Hybrid Vehicles Market
The U.S. is expected to dominate the automotive market and incorporates high penetration of technologically advanced and high-cost products. The U.S. government is supporting growth in the hybrid vehicles market by investing in the construction sector since the adoption of electric vehicles increases the demand for charging infrastructure in a variety of settings, including homes, workplaces, and public places. As per FMI, the U.S. hybrid vehicles market is expected to surpass revenues worth US$ 36.5 Bn by the end of 2022.
The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per Japanese consumers, hybrid vehicles are known to be dependable, safe, and simple to use. They are also willing to pay a premium price as they believe these vehicles offer good value.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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