| Status : Published | Published On : Aug, 2021 | Report Code : VRAT4003 | Industry : Automotive & Transportation | Available Format :
|
Page : 228 |
Global Hybrid Vehicle Market – Analysis and Forecast (2022-2030)
Industry Insights by Component (Electric Motor, Battery, and Transmission), by Electric Power Train Type (Parallel Hybrid and Series Hybrid), by Propulsion (Hybrid Electric Vehicles (HEV), Natural Gas Vehicles (NGV), and Plug-In Hybrid Electric Vehicles (PHEV)), by Degree of Hybridization (Micro-Hybrid, Full Hybrid, and Mild Hybrid), by Vehicle Type (Passenger Cars and Commercial Vehicles)
Industry Overview
The global market for hybrid vehicles is anticipated to reach 8696 thousand units by 2030. During the projected period 2022 to 2030, the market is expected to grow by an anticipated CAGR of 8.12%. currently 5773 thousand units in 2022. Stricter pollution regulatory rules and rising demand for low- or zero-emission vehicles, drive growth in the hybrid vehicles market. Additionally, governments in many nations offer tax breaks and grants for the purchase of hybrid vehicles, including HEVs and PHEVs.
.JPG)
The market for hybrid vehicles will be significantly influenced by expanding eco-friendly policies regarding fuel emissions. As a result of the growing emphasis on electric and hybrid vehicles over the past few years, customer demand for green automobiles has been rising across the U.S. Electric. Hybrid variants of well-known conventional automobile models are now being introduced as a result of consumers' increased emphasis on improved fuel efficiency and demand for environmentally friendly vehicles. Green vehicles are getting an exponential drive in the commercial transportation sector. The potential for efficiency gains from hybrid drives in big vehicles is being investigated by manufacturers.
Covid-19 Outbreak
The COVID-19 pandemic, which has resulted in ongoing lockdowns and a global economic slump, impeded the expansion of the hybrid vehicle market. Additionally, because cost-conscious customers find traditional IC engine vehicles affordable, the expense of hybrid vehicles and a lack of charging infrastructure slow down the market's growth pace in emerging economies. However, the forecast period of the hybrid vehicle market is expected to improve by expanding parallel electric powertrain technology adoption, rising global auto production, rising disposable income in populous nations like China and India, and a preference for hybrid vehicles.
Market Segment
Insight by Component
The global hybrid vehicle market on the basis of components is bifurcated into the electric motor, battery, and transmission. However, the market is dominated by the electric vehicle battery market. The battery market has shared leadership in 2020, and the market cap of this segment was USD 69.84 billion. The segment with a CAGR of 12.0% during the projected period is contributing to the growth of the global hybrid vehicle market as hybrid vehicles need batteries as they store a lot of energy for a long duration.
Insight by Electric Powertrain Type
The hybrid electric vehicle market has been divided into parallel and series hybrids based on the electric powertrain type. During the projection period, it is predicted that the parallel hybrid segment would account for the biggest market share in terms of volume. Due to the growing popularity of regenerative braking technology, this market is most likely to expand. When the brakes are engaged, the energy needed to recharge the battery is restored through regenerative braking technology. As a result, less external electric infrastructure is needed. The most typical hybrid vehicle technology is the regenerative braking system. The demand for parallel hybrids will increase due to the utilization of regenerative braking and mild hybrids' lower cost as compared to plug-in hybrids.
Insight by Propulsion
The market is divided into HEV, PHEV, NGV, and Others based on the kind of propulsion. Due to excellent fuel efficiency, HEV has a larger market share than other environmentally friendly vehicles and is estimated to contribute the highest to the global hybrid vehicle market. Hybrid electric vehicles are those that are propelled by both internal combustion engines and electric motors (HEV). Due to the huge sales volume in the US, Japan, and China, the market for HEV is expanding. The segment of hybrid electric vehicles is anticipated to account for a sizable revenue share of the global market for hybrid automobiles over the course of the forecast period.
Insight by a degree of hybridization
The global market for hybrid vehicles is segmented into three categories: micro-hybrid, full hybrid, and mild hybrid. However, the full-hybrid segment, which accounted for the biggest market share and the highest valuation during the forecast period, dominates the market. This segment's growth is mostly fueled by consumer demand for automobiles with greater power, better fuel economy, and lower emissions. During the forecast period, the mild-hybrid market is anticipated to expand at a faster CAGR. The expansion of the full hybrid market can be ascribed to ongoing technological advancements that have improved fuel economy and decreased emissions.
Insight by vehicle
The global market for hybrid vehicles is segmented into two categories based on the type of vehicle: passenger automobiles and commercial vehicles. Due to the increased need for personal mobility, changing lifestyles, rising demand for mid and large-sized automobiles, and rising per capita income, passenger vehicles accounted for the bigger share of these two vehicle categories in the hybrid vehicle market. Additionally, due to advantages offered by commercial vehicles like increased driving range, ease of application of hybrid vehicle technology, and the increased emphasis of OEMs to decrease emissions and fuel efficacy, the commercial vehicle segment is predicted to grow at a faster rate during the forecast period.
Hybrid Vehicle Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2021 |
|
Base Year Considered |
2021 |
|
Forecast Period |
2022 - 2030 |
|
Market Size in 2022 |
5773 Thousand Units |
|
Revenue Forecast in 2027 |
8696 Thousand Units |
|
Growth Rate |
CAGR 8.12% |
|
Segments Covered in the Report |
By Component, By Electric Powertrain Type, By Propulsion, By Degree of Hybridization, By Vehicle |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World |
Industry Dynamics
Industry Trends
Governments from all over the world offer a variety of subsidies (in the form of tax breaks and incentives) to people who buy electric and hybrid vehicles. Global industry firms are launching new items to capitalize on the market expansion. In addition, small and medium-sized businesses lack the resources and finance necessary to create a hybrid vehicle production facility. A variety of players are investing in the creation of new battery technologies to lower the price of hybrid vehicles so they can compete with gasoline-powered vehicles on both the performance and pricing fronts. Industry leaders are anticipated to drastically lower the price of these vehicles and enhance their performance during the following few years, resulting in widespread acceptance.
Growth Drivers
The main and primary growth drivers for the hybrid vehicle market are increasing emission standards, the ongoing decline in the cost of electric batteries, growing concern over environmental pollution, an increase in the acceptance of fuel cell vehicles, an increase in the adoption of hybrid vehicles, and optimal fuel efficiency. The market for hybrid vehicles is expected to grow due to the significant increase in the demand for green automobiles in industrialized nations like the US and Canada during the next years. For instance, the World Health Organization (WHO) estimates that exposure to ambient air pollution causes 4.2 million fatalities worldwide each year. In addition, 91% of people on the planet live in areas where air quality is worse than what is recommended by the WHO. The market for hybrid vehicles is expanding as a result of government initiatives and programs as well as the high demand for battery electric vehicles.
Challenges
One of the main obstacles to the development of hybrid vehicles will be the rising demand for Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs). In the passenger automobile market, there are numerous different BEV models and types, including hatchbacks, sedans, and SUVs. BYD (China), Tesla (US), and Volkswagen (Germany) are a few of the key automakers putting more of emphasis on BEV development.
High driving range, quick refilling, quiet operation, and zero emissions of greenhouse gases and air pollutants are all benefits of FCEVs. The demand for FCEVs is being positively impacted by these advantages. The demand for fuel cells in the automotive and transportation sectors may also increase as a result of government initiatives and the promotion of fuel cells for transportation.
Opportunities
Because of government initiatives and backing, hybrid vehicles provide enormous growth potential in markets in emerging nations (e.g., incentives in sales and manufacturing, tax rebates, and increased focus on deploying hybrid commercial vehicles). The Indian government is offering subsidies worth roughly $446 USD for the purchase of hybrid and electric automobiles in India. The Brazilian government is incentivizing the purchase of hybrid vehicles by lowering the tax rate on plug-in hybrids, hybrid electric vehicles, and CNG hybrids. For the procurement of 25 Tata Starbus Diesel Series Hybrid Electric Buses, the Mumbai Metropolitan Region Development Authority (MMRDA) in India has given Tata Motors a contract.
Geographical overview
The market for hybrid vehicles is expected to develop at the quickest rate in the Asia Pacific. Sales of hybrid vehicles have increased in nations including China, South Korea, and Japan. The Asia Pacific region is home to many major market players, including Hyundai, Nissan, Honda, and Toyota. Due to the widespread use of hybrid vehicles, nations like China and Japan have greatly boosted the industry.
Recent Development by Key Players
Recently, the Chinese government announced measures to support the new energy vehicle (NEV) industry, which includes electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles, all of which were severely impacted by the COVID-19 outbreak. These measures include extending tax exemptions and subsidies that were scheduled to expire by 2020 as well as suggesting new investments that may support the long-term expansion of the country's hybrid electric vehicle market.
In developing nations like Mexico, India, and Brazil, demand for hybrid vehicles is rising as a result of severe emission regulations and the growing need for low- or zero-emission vehicles.
Dubai's Roads and Transport Authority, for instance, has stated ambitious ambitions to convert half of the Emirate's taxis to hybrids by 2021. The Indian government has announced that its well-regarded FAME II scheme will be extended until 2024 to boost electric mobility throughout the nation. All recent developments in governmental laws and regulations intended to promote the usage of hybrid electric vehicles point to a promising future for the market for such vehicles over the anticipated time frame.
Ford is investing USD 11 billion in electrification, and by 2022, it hopes to offer 40 hybrid and all-electric models.
Competitive Insight
Key industry players in the hybrid vehicle market are meeting demand by working with minor companies, forming new strategic partnerships, launching new products, funding R&D initiatives, and investing in a technologically cutting-edge hybrid vehicle on a worldwide scale.
The Toyota Prius was the first hybrid vehicle that was mass-produced, and since its release, 13 million hybrid vehicles have been sold by the company. The business has made a strategic decision to support hybrid automobiles as a transitional technology to fully electric vehicles.
The leading companies that manufacture hybrid vehicles are BMW, Nissan, AVL, MAHLE, Ford motor company, Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental, and Schaeffler.
The Hybrid Vehicle Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2022–2030.
Segments Covered in the Report
- By Component
- Electric Motor
- Battery
- Transmission
- By Electric Power Train Type
- Parallel Hybrids
- Series Hybrids
- By Propulsion
- Hybrid Electric Vehicles (HEV)
- Natural Gas Vehicles (NGV)
- Plug-In Hybrid Electric Vehicles (PHEV)
- By Degree of Hybridization
- Micro-Hybrid
- Full Hybrid
- Mild Hybrid
- By Vehicle
- Passenger Cars
- Commercial Vehicles
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
.png "Hybrid Vehicle Market Size")
Source: VynZ Research
.png "Hybrid Vehicle Market Analysis")
Source: VynZ Research
Frequently Asked Questions
Place an order
Latest Report
Research Methodology
- Desk Research / Pilot Interviews
- Build Market Size Model
- Research and Analysis
- Final Deliverabvle
CONNECT WITH OUR SALES TEAM
- Toll-Free: 1 888 253 3960
- Phone: +91 9960 288 381
- Email: enquiry@vynzresearch.com
Hybrid Vehicle Market