Hybrid Vehicle Market To Hit USD 1268.64 Billion at a CAGR of 30.27% by 2030 – Report by Market Research Future (MRFR)

Increase in the demand for battery electric vehicles (BEVs)

New York, US, Nov. 29, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), Hybrid Vehicle Market Report: Information by Electric Powertrain, Vehicle Type, Propulsion, Degree of Hybridization, Component Type, And Region – Forecast till 2030, the global market for hybrid vehicles is anticipated to thrive considerably during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 30.27%. The report further anticipates the market to attain a valuation of around USD 1268.64 billion by the end of 2030. According to the reports, the market was valued at USD 254.16 billion in 2020.

Hybrid Vehicle Market Overview:

The hybrid vehicle industry comprises vehicles drawing power from two or more sources. The key ones are the internal combustion engine as well as the electric generator. Diesel and petrol utilized in similar generators assist in the smooth functioning of the electric trains that look for their connection with the electric generators. The generator further offers power to the electric motor. The prime assumption of the hybrid vehicle industry is that the engine goes well with various power sources without hindering the efficiency at changing speeds too. The switch within the projected peri boosts the quantum of efficiency for the automobile engine. In addition, the cost of the fuel utilized is also saved by a significant number. These vehicles are a combination of an electric motors using the energy stored in the batteries alongside the internal combustion engine. The energy stored in the batteries is generated using regenerative braking systems. The global Hybrid Vehicle Market has demonstrated a massive expansion in recent years. The primary parameter causing an upsurge in the market’s growth is the benefits offered to the end-users. The customers will assist the hybrid vehicle market trends to gain momentum by the end of the forecasted era.

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Competitive Analysis

The catalog for the prominent participants across the global Hybrid Vehicle Market includes players such as:

  • Toyota Motor Corporation (Japan)
  • A.B. Volvo (Sweden)
  • Allison Transmission (U.S.)
  • Schaeffler Technologies AG & Co. KG (Germany)
  • Delphi Technologies, Inc. (U.K.) 
  • Continental AG (Germany)
  • Honda Motor Company, Ltd. (Japan) 
  • Daimler AG (Germany)
  • The Ford Motor Company (U.S.)
  • Hyundai Motor Company (South Korea)
  • BorgWarner Inc. (U.S.)
  • ZF Friedrichshafen AG (Germany)

Hybrid Vehicle Market Report Scope:

Report Metric Details
Revenue forecast in 2030 USD 1268.64 billion
Growth Rate CAGR of 30.27% from 2022 to 2030
Base Year 2021
Study Period 2022-2030
Key Market Opportunities Increase in the prices of fuels is pushing the customers to opt and use hybrid vehicles
Key Market Drivers Increase in the demand for battery electric vehicles (BEVs)

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Hybrid Vehicle Market USP Covered

Market Drivers

The global Hybrid Vehicle Market has demonstrated a tremendous expansion in recent times. The target audience is subjected to increasing awareness related to emissions. The regulatory bodies governing related concerns are anticipated to deploy stricter regulations. The obligation of these stricter regulations is predicted to force OEMs to manufacture electric and hybrid vehicles. In addition, these vehicles are known for emitting few greenhouse gases causing harm to the environment. Compared, gasoline and diesel vehicles produce environmental pollution. 

Market Restraints

In contention, the hybrid vehicle market is experiencing a sharp rise in the demand for battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). The BEVs comprises several models packed with various buildings and in-built features. The emphasis is on developing various BEV models by prime automotive players such as Germany, the U.K., and China. Volkswagen, Tesla, and BYD are the respective firms in these locations.

COVID-19 Impact

The global market of hybrid vehicles has faced several significant challenges recently, given the rise of the global health hazard in the form of COVID-19. The travel restrictions and social distancing norms imposed by governments across the globe have caused massive disruptions in the demand for automobiles across the globe. On the other hand, with global industrial and financial activities returning to normal, the global Hybrid Vehicle Market is anticipated to grow considerably during the assessment timeframe.

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Hybrid Vehicle Market- Segment Analysis

Among all the propulsion types, the plug-in hybrid segment is anticipated to secure the top position across the global Hybrid Vehicle Market over the review timeframe. The plug-in hybrids are grabbing a lot of momentum in recent times. Apart from the generators, the process for engines assists in producing power that helps charge the battery of these vehicles. The battery can be charged by plugging it into an external source. These hybrid vehicles utilize a battery source that can only be charged using the engine generator mechanism. Natural gas vehicles utilize CNG to power the engines, further assisting in driving the generators. This assists in driving the electric motor initiating the working of the hybrid vehicle. The old battery is replaced and scrapped with the availability of a new unit.

Among all the hybrid types, the fully hybrid segment is anticipated to hold the top spot across the global Hybrid Vehicle Market over the review era. It offers reduced emissions and better fuel efficiency. In addition, there are constant technological developments in this domain. On the other hand, the mild hybrid segment is anticipated to show the maximum growth rate over the coming years.

Among all the vehicles, the commercial vehicles segment is predicted to secure the top position across the global market for hybrid vehicles over the review timeframe. The primary parameter supporting the segment’s development is that governments of various nations are making stricter laws. Furthermore, with the rising awareness regarding the environment and as these vehicles offer fuel efficiency, people are buying more cars for personal use.

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Regional Analysis

The global Hybrid Vehicle Market is analyzed across five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to hold the top position across the global market for hybrid vehicles over the coming years. The region is heavily populated, and most people come from a middle-class background. They are prime users of these vehicles.

The North American regional Hybrid Vehicle Market is anticipated to show considerable development over the assessment timeframe.

Related Reports:

Mild Hybrid Vehicles Market Research Report: Information, by Capacity Type, Vehicle Type, Battery Type and Region – Forecast till 2030

New Energy Vehicle (NEV) Taxi Market Research Report: Information by Vehicle Type, Range Type,Vehicle Class,Ownership Type, Vehicle Level,and Region  – Forecast till 2030

Electric Vehicle Thermal Management System Market Research Report: Information, by System, Component Type, Technology, Application, Vehicle Type

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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