Hybrid Vehicle Market (2022 to 2027) – Growth, Trends, COVID-19 Impact and Forecasts

The Hybrid Vehicle Market was valued at US$ 324.9 Bn. in 2021. The Hybrid Vehicle Market size is estimated to grow at a CAGR of 28.97 % over the forecast period.

Hybrid Vehicle Market Overview:

A hybrid vehicle is a vehicle that has more than one mode of propulsion, such as an internal combustion engine and an electric motor. The primary benefit of a hybrid vehicle is that it consumes less fuel and emits less CO2 than regular gasoline and diesel engines. A hybrid vehicle is one that has both a traditional engine and an electric power system. This car employs a number of technologies, including regenerative brakes, which turn kinetic energy into electrical energy. In comparison to other vehicles, a hybrid vehicle employs more than one power source. The most common sort of hybrid car combines the technology of an internal combustion engine with that of an electric motor (ICE). Hybrid Vehicle Market To know about the Research Methodology:-Request Free Sample Report 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

Hybrid Vehicle Market Dynamics:

As public awareness of pollution grows, regulatory organizations are enacting more strict emission regulations. As emission regulations tighten, automakers are being driven to build hybrid and electric vehicles. Automobiles that run on gasoline or diesel emit more greenhouse gases than hybrid vehicles. Governments in the United States and Europe are working on lowering emission regulations and boosting automotive fuel economy to minimize greenhouse gas emissions. The US Department of Transportation, for example, created the Corporate Average Fuel Economy (CAFE) requirements for automobiles. The growing demand for battery electric cars (BEVs) and fuel cell electric vehicles will be one of the major challenges for hybrid vehicle proliferation (FCEVs). There are many different models and types of BEVs in the passenger car category, including hatchbacks, sedans, and SUVs. BYD (China), Tesla (USA), and Volkswagen (Germany) are among the automakers that are prioritizing BEV development. FCEVs features a long-range, fast recharging, silent operating, and no greenhouse gas or air pollution emissions. As a result of these benefits, demand for FCEVs is increasing. Also, governments are taking steps to promote and encourage the use of fuel cells in transportation, which could increase the demand for fuel cells in the automotive and transportation sectors. Because of the government initiatives and support, hybrid vehicles provide huge prospects for expansion in emerging country markets (e.g., incentives in sales and manufacturing, tax rebates, and increased focus on deploying hybrid commercial vehicles). Incentives of around USD 446 are available from the Indian government for the purchase of hybrid and electric automobiles in India. By lowering the tax rate on hybrid vehicles such as plug-in hybrids, hybrid electric vehicles, and CNG hybrids, the Brazilian government is encouraging their purchase. Tata Motors has been granted a contract by the Mumbai Metropolitan Region Development Authority (MMRDA) in India to provide 25 Tata Starbus Diesel Series Hybrid Electric Buses. The high cost of hybrid vehicles is a hurdle for the market. The battery is the most important component of a hybrid vehicle, such as a plug-in hybrid vehicle. The battery raises the vehicle's cost, making it more expensive than diesel and gasoline-powered automobiles. The price difference is due to the cost of parts like the battery and the regenerative braking. The cost of batteries, on the other hand, has dropped significantly in recent years. In addition, battery producers are taking steps and doing R&D to reduce the cost of batteries.

Hybrid Vehicle Market Trends:

Governments throughout the world are providing several subsidies (in the form of tax refunds and incentives) to customers who purchase electric and hybrid automobiles. The Chinese government recently announced measures to support the new energy vehicle (NEV) industry, which includes electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles, which were all hit hard by the COVID-19 outbreak, by extending tax exemptions and subsidies that were set to expire by 2020, as well as implying at new investments that could help the country's hybrid electric vehicle market grow in the long run. Due to strict emission regulatory rules and the growing need for low or zero-emission vehicles, demand for hybrid vehicles is increasing in developing countries such as Mexico, India, and Brazil. The Indian government has announced that its acclaimed FAME II scheme will be extended until 2024 to encourage electric mobility across the country. A similarly, the Brazilian government is lowering the tax rate on hybrid vehicles such as plug-in hybrids, hybrid electric vehicles, and CNG hybrids. In the Middle East, electric and hybrid forms of transportation are growing rapidly, especially in Israel, Jordan, Oman, Saudi Arabia, and the United Arab Emirates. Dubai's Roads and Transport Authority, for example, has announced ambitious goals to convert half of the Emirate's taxis to hybrids by 2021. All recent advances in government policies and regulations aimed at encouraging the use of hybrid electric vehicles point to a positive outlook for hybrid vehicle demand over the forecast period.

Hybrid Vehicle Market Segment Analysis:

The hybrid vehicle market has been divided into parallel hybrid and series hybrid based on the kind of electric powertrain. Due to the increasing adoption of regenerative braking technology, the parallel hybrid market is predicted to develop at the quickest revenue CAGR throughout the projection period. A regenerative braking system returns energy to the battery when the brakes are used. As a result, there is less of a requirement for external electric infrastructure. Parallel hybrid powertrain demand will rise due to the use of regenerative braking and the lower cost of micro and mild hybrids compared to PHEVs. Due to its high efficiency for urban driving and ability to run the ICE in a limited rpm range (the most effective), the series hybrid segment is expected to increase at a significant rate throughout the forecast period. The hybrid cars market has been divided into three categories based on propulsion: hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and natural gas vehicles (NGV). Over the forecast period, the hybrid electric vehicles segment is expected to account for a high revenue share of the worldwide hybrid cars market. HEVs are hybrid cars that are powered by both internal combustion engines and electric motors. Hybrid electric car sales have increased significantly in countries such as the United States, China, and Japan. In addition, because hybrid vehicles are less expensive than PHEVs and EVs, people in developing nations such as India, Mexico, and Brazil are using them to comply with increasingly stringent emission regulations. The hybrid vehicles market has been divided into passenger cars and commercial vehicles based on vehicle type. The commercial vehicles category is predicted to rise at a substantial revenue CAGR throughout the forecast period, owing to government initiatives and programmes promoting the hybridization of public vehicles and the use of hybrid heavy-duty vehicles in ground freight operations around the world.

Hybrid Vehicle Market Regional Insights:

According to regional analysis, the market for hybrid cars in Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Government initiatives to promote the development and sale of environmentally friendly vehicles are boosting the regional market growth. As a result of China's new energy vehicle regulation, the employment of hybrid buses in public transit has increased in recent years. In Asia-Pacific, these factors are projected to drive hybrid vehicle sales. Over the forecast period, revenue growth in the hybrid vehicle market is expected to be significant in North America. Sales of these vehicles in this region have been boosted by state incentives for car purchases and charging infrastructure improvements, as well as parking discounts and fuel savings. Also, strict emission regulations imposed by governments in nations such as the United States and Canada are boosting the market growth in North America. The objective of the report is to present a comprehensive analysis of the Hybrid Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers. The reports also help in understanding the Hybrid Vehicle Market dynamic and structure by analyzing the market segments and projecting the Hybrid Vehicle Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Hybrid Vehicle Market make the report investor’s guide.

Hybrid Vehicle Market Scope: Inquire before buying

Global Hybrid Vehicle Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 324.9 Bn.
Forecast Period 2022 to 2027 CAGR: 28.97% Market Size in 2027: US $ 1495.3 Bn.
Segments Covered: by Electric Powertrain  Type • Parallel Hybrid • Series Hybrid
by Propulsion • HEV • PHEV • NGV
by Hybridization • Full Hybrid • Micro- Hybrid • Mild Hybrid
by Vehicle Type • Passenger Vehicle • Commercial Vehicle

Hybrid Vehicle Market by Region :

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Hybrid Vehicle Market Key Players:

• BMW • Nissan • AVL • Plug Power • FEV Group • MAHLE • U.S.A Inc. • Ford Motor Company • Toyota Motor Sales • EP Tender • General Motors • Nikola Motors • AB Volvo • Continental AG • Ceres Power • Wrightspeed Inc. • Fagor Ederlan Group • Ballard Power Systems • Delta Motorsport Ltd. • Ashwoods Electric Motors • Horizon Fuel Cell Technologies Frequently Asked Questions: 1) What are the key driving factors for the Hybrid Vehicle Market? Ans. The reducing prices of an electric batteries stringent emission & fuel economy laws and increasing adoption of hybrid vehicles are some of the market trends that will help the Hybrid Vehicle Market to grow over the forecast period. 2) Which is the most influencing segment growing in the Hybrid Vehicle Market? Ans. Parallel Hybrid segment is the most influencing segment growing in the Hybrid Vehicle Market 3) Which region has the highest market share in the Hybrid Vehicle Market? Ans. North America held the major market share in 2021. 4) What are the segments considered in the Hybrid Vehicle Market? Ans. Electric Powertrain type, Propulsion, Hybridization, and Vehicle type are the segments considered in the Hybrid Vehicle Market 5) Which are the key players in the Hybrid Vehicle Market? Ans. Toyota, BMW, Nissan, General Motors, Nikola Motors, U.S.A Inc., Ceres Power.
1. Hybrid Vehicle Market Size: Research Methodology 2. Hybrid Vehicle Market Size: Executive Summary 2.1. Market Overview and Definitions • Introduction to Hybrid Vehicle Market Size 2.2. Summary • Key Findings • Recommendations for Investors • Recommendations for Market Leaders • Recommendations for New Market Entry 3. Hybrid Vehicle Market Size: Competitive Analysis 3.1. MMR Competition Matrix • Market Structure by region • Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Hybrid Vehicle Market Size Segmentation 4.1. Hybrid Vehicle Market Size, by Electric Powertrain Type (2021-2027) • Parallel Hybrid • Series Hybrid 4.2. Hybrid Vehicle Market Size, by Propulsion (2021-2027) • HEV • PHEV • NGV 4.3. Hybrid Vehicle Market Size, by Hybridization (2021 – 2027) • Full Hybrid • Micro- Hybrid • Mild Hybrid 4.4. Hybrid Vehicle Market Size, by Vehicle Type (2021 – 2027) • Passenger Vehicle • Commercial Vehicle 5. North America Hybrid Vehicle Market (2021-2027) 5.1. North America Hybrid Vehicle Market Size, by Electric Powertrain Type (2021-2027) • Parallel Hybrid • Series Hybrid 5.2. North America Hybrid Vehicle Market Size by Propulsion (2021-2027) • HEV • PHEV • NGV 5.3. North America Hybrid Vehicle Market, by Hybridization (2021-2027) • Full Hybrid • Micro- Hybrid • Mild Hybrid 5.4. North America Hybrid Vehicle Market, by Vehicle Type (2021-2027) • Passenger Vehicle • Commercial Vehicle 6. European Hybrid Vehicle Market (2021-2027) 6.1. European Hybrid Vehicle Market, by Electric Powertrain Type (2021-2027) 6.2. European Hybrid Vehicle Market, by Propulsion (2021-2027) 6.3. European Hybrid Vehicle Market, by Hybridization (2021-2027) 6.4. European Hybrid Vehicle Market , by Vehicle Type (2021- 2027) 6.5. European Hybrid Vehicle Market , by Country (2021- 2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Hybrid Vehicle Market (2021-2027) 7.1. Asia Pacific Hybrid Vehicle Market, by Electric Powertrain Type 2021-2027) 7.2. Asia Pacific Hybrid Vehicle Market, by Propulsion (2021-2027) 7.3. Asia Pacific Hybrid Vehicle Market, by Hybridization (2021-2027) 7.4. Asia Pacific Hybrid Vehicle Market, by Vehicle Type (2021-2027) 7.5. Asia Pacific Hybrid Vehicle Market, by country (2021- 2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Hybrid Vehicle Market (2021-2027) 8.1. Middle East and Africa Hybrid Vehicle Market, by Electric Powertrain Type (2021-2027) 8.2. Middle East and Africa Hybrid Vehicle Market, by Propulsion (2021-2027) 8.3. Middle East and Africa Hybrid Vehicle Market, by Hybridization (2021-2027) 8.4. East and Africa Hybrid Vehicle Market, by Vehicle Type (2021-2027) 8.5. Middle East and Africa Hybrid Vehicle Market, by country (2021- 2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Hybrid Vehicle Market (2021-2027) 9.1. South America Hybrid Vehicle Market, by Electric Powertrain Type (2021-2027) 9.2. South America Hybrid Vehicle Market, by Propulsion (2021-2027) 9.3. South America Hybrid Vehicle Market, by Hybridization (2021-2027 9.4. South America Hybrid Vehicle Market, by Vehicle Type (2021-2027) 9.5. South America Hybrid Vehicle Market, by country (2021-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. BMW 10.1.1. Company OverviewFinancial Overview 10.1.2. Global Presence 10.1.3. Capacity Portfolio 10.1.4. Business Strategy 10.1.5. Recent Development 10.2. Nissan 10.3. AVL 10.4. Plug Power 10.5. FEV Group 10.6. MAHLE 10.7. U.S.A Inc.

About This Report

Report ID 16940
Category Automotive and Transportation
Published Date April 2021
Updated Date May 2022
Contact Us