ID: MRFR/AM/4567-HCR | February 2021 | Region: Global | 185 pages
Hybrid Vehicle Market size is projected to be worth USD 1268.64 billion by 2028, registering a CAGR of 30.27% during the forecast period (2021 - 2028), The market was valued at USD 254.16 billion in 2020.
The hybrid vehicle industry consists of hybrid vehicles that draw power from two or more sources. The major ones are the electric generator, as well as, the internal combustion engine. Petrol and diesel used in similar generators help in the smooth functioning of the electric trains that find their connection with the electric generators. The generator further provides power to the electric motor. The major principle of the hybrid vehicle industry is that the engine works well with different power sources without hampering the efficiency at changing speed too. The switch within the estimated peri helps in increasing the quantum of efficiency for the automobile engine. Further, the cost of the fuel used is also saved in a considerable number.
All these factors that benefit the market end-users, as well as, the customers will help the hybrid vehicle market trends gain momentum by the end of the global forecast period in 2028.
COVID 19 Analysis
The global transportation market is bringing about a lot of changes in product development and features that hybrid vehicles are manufactured with. The novel coronavirus was a health emergency that was termed as a pandemic by the WHO. Owing to the speed at which the pandemic spread across international borders, the manufacturing and production units of many business units are facing adverse effects. The pandemic is a health concern and to curb the spread through local measures, people are ditching the mode of public transport. People are switching to buying valuable and functional vehicles with the help of fuels and electric motors.
Owing to the level of digitization prevailing, the market is filled with hybrid vehicles that make use of diesel and petrol engines. To help the market outgrow the pandemic, differentiation in the functioning is a must. The government is investing in such projects and to reduce the chances of contracting the coronavirus, people are opting for similar vehicles.
The hybrid vehicle market value is likely to be estimated considering the revenue collected by the key hybrid vehicle market players. These players are functional on both the regional, as well as, global scale. Also, it helps to draw a competitive market landscape. The key players are:
The target audience is exposed to growing awareness related to emissions. The regulatory bodies governing similar issues are likely to implement stricter regulations. The imposition of these stricter regulations is likely to force the OEMs to manufacture electric, as well as, hybrid vehicles. Also, these vehicles are known for emitting few greenhouse gases that harm the environment. In comparison, diesel and gasoline vehicles create more environmental pollution.
In competition, the hybrid vehicle market is witnessing a steep increase in the demand for battery electric vehicles (BEVs), as well as, fuel cell electric vehicles (FCEVs). The BEVs consists of many different models and are packed with different kinds of building, and in-built features. The focus is on the development of different BEV models by major automotive players like China, the USA, as well as, Germany. BYD, Tesla, as well as, Volkswagen are the respective companies in these locations.
The hybrid market vehicle growth is subject to huge opportunities soon. ThShortlyhances of growth in developing economies. The reason for the same is the availability of initiatives, as well as, government support. The Indian government is letting out initiatives on the purchase of hybrid vehicles. Similarly, in Brazil, the people are being encouraged by the government to opt for hybrid technology products. The market is undergoing great initiatives that are all set to help in the improvement of the supply chain mechanism. The main focus of investments is related to the availability of infrastructure, raw material, power, engines, and much more.
The hybrid vehicle market outlook predicts a good growth period for the market by the end of the forecast year in 2028. To diversify the operations, the hybrid vehicles market is segmented based on the following:
The propulsion type comes inclusive of the NGV, HEV, as well as, PHEV. the plug-in hybrids are gaining a lot of momentum. Apart from the generators, the mechanism for engines is helping to generate power that helps in charging the battery of these vehicles. The battery charging can be done by plugging it into an external source as well. These vehicles make use of a battery source that can be charged with the help of an engine generator mechanism only. Natural gas vehicles make use of CNG for providing power to the engines further helping in driving the generators. This helps in driving the electric motor which initiates the working of the hybrid vehicle. The old battery is scrapped and replaced with the availability of a new unit.
Type of components
The hybrid vehicles market make use of transmissions and batteries, along with the electric motor for convenient functioning.
The hybridization is full, micro, as well as mild-hybrid degrees.
The hybrid vehicle market outlook is studied by the market’s performance in 4 major regions. These are - European group of nations, North America, the APAC region, along the rest of the world (RoW).
Owing to the global spread of the hybrid vehicle market operations, the APAC region is expected to register the maximum growth by the end of the global forecast in 2028. The area is densely populated and the majority of people belong to the middle-class category. They are the major owners of hybrid vehicles. Hence, the quantum of automotive sales in this region is expected to rise on a continuous path. The increase in the prices of fuels is pushing the customers to opt and use hybrid vehicles.
The North American, as well as, the European hybrid vehicle market is collaborating on various terms to create awareness of hybrid vehicles, thus, helping in increasing their global demand.
The global hybrid vehicle market covers a detailed analysis of the market dynamics including the risks, drivers, opportunities, and restraints. Also, the outbreak of the pandemic is discussed, its effects, along with the expected hybrid vehicle market growth by the end of the global forecast in 2023. The global hybrid vehicles market report also discusses the recent market developments, performance of the key market players, the emerging competition in them, along with their revenue models. Also, steps have been discussed to overcome the losses that occurred during the pandemic.
|CAGR||30.27% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Electric Powertrain, Propulsion, Component Type, Degree of Hybridization, Vehicle Type, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Toyota Motor Corporation (Japan), Allison Transmission (U.S.), Delphi Technologies, Inc. (U.K.), Honda Motor Company, Ltd. (Japan), The Ford Motor Company (U.S.), BorgWarner Inc. (U.S.), AB Volvo (Sweden), Schaeffler Technologies AG & Co. KG (Germany), Continental AG (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea), ZF Friedrichshafen AG (Germany)|
|Key Market Opportunities||
|Key Market Drivers||Growing need for fuel efficiency consequently leading to fuel cost efficiency.|
Frequently Asked Questions (FAQ) :
The global hybrid vehicle market is expected to record a substantial market valuation due to the growing need for fuel efficiency consequently leading to fuel cost efficiency.
The global hybrid vehicle market is projected to register a moderate 30.27% CAGR in the forecast period.
The plug-in hybrid vehicle segment is slated to expand as the fastest-growing segment.
The electric motor segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global hybrid vehicle market are Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.), and Allison Transmission (U.S.), among others.