In 2022, the hybrid vehicles market size is expected to be worth US$ 192.7 billion. From 2022 to 2032, the market is projected to expand at a CAGR of 21.6%. By 2032, the market for hybrid cars is anticipated to be worth US$1,362.3 billion.
Among the product types, the hybrid electric vehicles segment is expected to expand at a significant CAGR in terms of value over the forecast period. In this report, FMI throws light on the drivers and restraints likely to impact the global hybrid vehicles market during this period.
Global Hybrid Vehicles Market: Factors Influencing Revenue Growth
The hybrid vehicles market is driven by various factors such as better fuel efficiency, incentives & subsidies offered by governments, rising prices of petroleum products, and reduction in air pollution, among others. Hybrid vehicles have better fuel efficiency than conventional vehicles, as apart from using IC engines, hybrid vehicles also use energy stored in a battery, which uses 80% of the energy for driving the vehicle, owing to the higher efficiency involved in converting the chemical energy of batteries into electrical energy. Using battery energy also minimizes the harmful carbon emissions involved with IC engines.
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Apart from this, various government authorities provide subsidies and incentives to the owners of hybrid vehicles. For instance, in China, the government offers subsidies ranging from US$ 6,750 to US$ 14,000, depending upon the size of the battery pack, to every purchase of a hybrid or electric vehicle. Cities such as Beijing and Shanghai offer free registration plates for electric hybrid vehicles.
The insufficient number of public charging stations hampers the growth of the plug-in hybrid vehicles sector, though portable charging systems are provided by manufacturers, which can be used at home or at the workplace. But while travelling between cities or during an emergency situation, this can cause difficulty to the consumers. Therefore, to fully explore the potential of plug-hybrid vehicles, a sufficient number charging stations are required, which will enhance the market for plug-in hybrid vehicles.
Segmental Analysis of the Hybrid Vehicles Market
The hybrid vehicles market is segmented on the basis of product type, vehicle type, engine type, and powertrain configuration.
- The hybrid electric vehicles segment is anticipated to continue to dominate the market in terms of value over the forecast period. The hybrid electric vehicles segment is estimated to grow at a significant CAGR over the forecast period. It is expected to represent a total incremental opportunity of US$ 297 Bn between 2016 and 2026.
- The power split hybrid vehicles segment is projected to be the most prominent powertrain configuration in the hybrid vehicles market. The power split hybrid vehicles segment is estimated to grow at a significant CAGR of 22.7%, in terms of value, over the forecast period. The market for power split hybrid Vehicles is driven by the benefits they offer over parallel and series hybrid vehicles.
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Hybrid Vehicles: Regional Market Projections
The hybrid vehicles market in Japan is expected to represent a significantly higher incremental opportunity between 2016 and 2026. The market for hybrid vehicles in Japan is expected to represent a total incremental opportunity of US$ 241 Bn between 2016 and 2026.
Hybrid Vehicles Market: Key Participants
The report highlights some of the top companies operating in the hybrid vehicles market such as: 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, and Bayerische Motoren Werke AG (BMW).
Key segments covered in the hybrid vehicles market report
On the basis of product type, the hybrid vehicles market can be segmented into:
- Hybrid Vehicles
- Plug-in Hybrid Vehicles
On the basis of vehicle type, the hybrid vehicles market can be segmented into:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
On the basis of engine type, the hybrid vehicles market can be segmented into:
- Parallel Hybrid
- Series Hybrid
- Power Split Hybrid
On the basis of powertrain configuration, the hybrid vehicles market can be segmented into:
- Gasoline Electric
- Diesel Electric
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On the basis of region, the hybrid vehicles market can be segmented into:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa (MEA)
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Future Market Insights (ESOMAR certified 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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