The market for hybrid vehicles is predicted to grow to USD 280.75 billion in 2027. In the year 2027, the Global Hybrid Vehicles Market was valued at US$ 157.48 billion in the year 2019 and is expected to grow at a rate of 10% over the forecast time. Factors like the increasing awareness of the dangers of vehicular emissions as well as the increased emphasis on the creation of electric and hybrid infrastructure across the globe will encourage the acceptance of the product.
Hybrid vehicles shut down of Automotive Industries Leads to Negative growth of -8.34 percent in 2020, amid COVID-19
The announcement of a lockdown by government agencies in the year 2020 to stop the spread of coronavirus had a significant impact on a variety of economies. Many markets collapsed due to the turmoil in the economy and a shattered supply chains. The automotive industry was among the hardest hit markets across the globe. The halt in production and the reduction of employment have had a negative effect on the market worldwide for hybrid vehicles. The market experienced an annual decrease in growth of -8.34 percent in 2020.
In accordance with the powertrain electric the market is split into series and parallel. Based on the degree of hybridization market is classified into mild-hybrid and a full-hybrid as well as micro-hybrid.
Based on the extent of hybridization in the full-hybrid market, it is predicted to have an important market share of hybrid vehicles in the coming years. This is due to numerous benefits, including increased fuel efficiency and improved performance of these types of vehicles which are driving a greater adoption across the globe.
Based on car type the market is divided into commercial and passenger vehicles. In addition, based on geographical region the market is classified in North America, Asia-Pacific, Europe, Rest of the World.
Hybrid Vehicles Rising Concerns on Vehicular Emissions to Aid Growth
As per the Union of Concerned Scientists, automobiles and trucks within the U.S. account for over one-fifth of all emissions, releasing around 24 pounds of greenhouse gases per gallon of gas.
The increasing concern about increasing emissions from cars is driving businesses to implement innovative sustainable strategies. This has resulted in the rapid development of hybrid vehicles. These cars can operate on conventional and electric fuels. In addition, the growing attention paid to the creation electrical infrastructures are predicted to be a positive sign for growth of the hybrid vehicle market globally over the next few years.
For example, in the month of May in 2021 Ofgem which is the British energy market regulator declared an investment amounting to approximately USD 425 million to fund the creation of over 200 infrastructures that are low carbon for electric and hybrid vehicles.
North America – The region is anticipated to maintain an important place in the market over the forecast time. This is because of the increasing demand for hybrid vehicles in nations like those in the U.S. For example, approximately 400,746 hybrid vehicles have been sold across the U.S. in the year 2019.
Asia-Pacific Market for the Asia-Pacific region is predicted to expand due to established auto manufacturing companies in countries like India as well as China. Furthermore, the rising acceptance of eco-friendly automotive solutions is expected to boost the demand for high-end hybrid automobiles in the region from 2021-2028.
Global Hybrid Vehicles Market Segmentation:
By Electric Powertrain Type:
By Degree of Hybridization:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Buy Vintage Number Plates
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Hybrid Vehicles Product Launches by Major Companies to Strengthen Their Market Positions
The market is comprised of small medium, large, and businesses that are trying to keep their position by developing innovative hybrid vehicles that can meet the ever-growing demands of the consumer. Furthermore, strategies like mergers and acquisition, building expansion and partnerships with other players are expected to help to boost growing the growth of the marketgrowth.
List of Key Companies Covered in the Hybrid Vehicles Market Report:
- Toyota Motor Corporation (Toyota City, Japan)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BYD Company Ltd. (Shenzhen, China)
- Lexus (Nagoya, Japan)
- Ford Motor Company (Michigan, US)
- Hyundai Motor Company (Seoul, South Korea)
- Kia Motors Corporation (Seoul, South Korea)
- Nissan Motor Corporation (Kanagawa, Japan)
- Daimler AG (Stuttgart, Germany)
- Volkswagen AG (Wolfsburg, Germany)
- AB Volvo (Gothenburg, Sweden)