The global hybrid electric vehicle market reached a volume of 5.5 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 31.2 Million Units by 2027, exhibiting a CAGR of 31.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A hybrid electric vehicle (HEV) is an automobile that runs on the energy stored in batteries. It operates on the combination of an internal combustion engine and an electric propulsion system. The battery is charged using regenerative braking that converts the energy, which is lost during coasting and braking into electricity. In comparison to combustion engine-based automobiles, HEVs have lower fuel consumption, carbon-based emissions and maintenance costs, which make them more cost-effective even at low speeds.
Hybrid Electric Vehicle Market Trends:
The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the market. Furthermore, growing environmental consciousness among consumers is also providing a boost to the market growth. This has led to an increased emphasis on the development of innovative designs and advanced technologies to produce zero- and low-emission vehicles with soundless operations and high-performance engines. Additionally, the implementation of favourable government initiatives promoting the adoption of electric vehicles (EVs) for sustainable development is also creating a positive outlook for the market. For instance, various incentives, including tax benefits, utility rate reductions, parking privileges and other rebates, are offered to consumers to enhance the adoption rates of HEVs. Apart from this, improvements in the EV charging infrastructure are leading to increased investments by power sector stakeholders in automobile utilities and charging hardware. Other factors, including rapid urbanization, rising disposable incomes and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid electric vehicle market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on propulsion type, configuration type, vehicle type and power source.
Breakup by Propulsion Type:
Breakup by Configuration Type:
Breakup by Vehicle Type:
Breakup by Power Source:
On Board Electric Generator
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Toyota Motor Corporation, Honda Motor Co. Ltd., Ford Motor Company, Volkswagen Aktiengesellschaft, General Motors Company, Hyundai Motor Company, Nissan Motor Corporation Ltd., etc.
Key questions answered in this report:
How has the global hybrid electric vehicle market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global hybrid electric vehicle market?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the configuration type?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the power source?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global hybrid electric vehicle market and who are the key players?
What is the degree of competition in the industry?