Global Market Hybrid Vehicles is Anticipated to grow at a Significant Pace i.e., USD 1169.65 Billion during the Forecast Period 2021-2027

Published Date: Aug, 2021

The global hybrid vehicle market is expected to witness a CAGR of 22.10% during the forecast period. Hybrid vehicles are anticipated to make significant in-road due to consumers' rising awareness and growing eco-friendly initiatives regarding fuel emissions. Factors driving the demand for the hybrid vehicle market are the rising demand for low or zero-emission vehicles, stringent emission regulation standards, initiatives taken by the government to grant and give tax rebates for hybrid vehicles, reducing the price of batteries, and the rising investment in R&D activities.

Toyota Prius was the world's first mass-produced hybrid car, and the firm has sold 13 million hybrid cars since its introduction. The company has taken a strategic steps to promote hybrid cars as a bridge to fully electric vehicles.

The COVID-19 pandemic has negatively impacted the growth of the hybrid vehicle market due to the continuous lockdown that has caused the world economy to slow down. However, as some countries lift the blockade and manufacturers are optimistic and launch new models to attract consumers, the sale of hybrid electric vehicles has improved after June 2020.

Browse 44 market data Tables and 30 Figures spread through 155 Pages and in-depth TOC on " Hybrid Vehicle Market 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), and Region - Global Forecast to 2027"

By degree of hybridization, the fuel hybrid segment is projected to witness the largest market share during the forecast period.

Based on the degree of hybridization, the global hybrid vehicle market is divided into micro-hybrid, full hybrid, and mild hybrid. The full hybrid category is anticipated to dominate the market during the forecast period owing to the mounting acceptance of fuel-efficient vehicles and reduced emission because of continuous technological advancement.

Global Hybrid Vehicle Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Electric Motor, Battery, and Transmission

Battery (Largest)

Electric Power Train Type

Parallel Hybrid and Series Hybrid

Parallel Hybrid (Largest)

Propulsion

Hybrid Electric Vehicles (HEV), Natural Gas Vehicles (NGV), and Plug-In Hybrid Electric Vehicles (PHEV)

HEV (Largest)

PHEV (Fastest)

 

Degree of Hybridization

Micro-Hybrid, Full Hybrid, and Mild Hybrid

Full Hybrid (Largest)

Mild Hybrid (High CAGR)

Vehicle Type

Passenger Cars and Commercial Vehicles

Passenger Cars (Largest)

Commercial Vehicles (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Largest)

 

Discover More About This Report, Download A Free Sample Copy of Global Hybrid Vehicle Market

APAC is estimated to be the fastest-growing market for the hybrid vehicle market.

The Asia Pacific is anticipated to register the fastest growth during the forecast period as this region is highly populated and the majority of people are in the middle-class category who are the owners of hybrid vehicles.  Moreover, the mass adoption of hybrid vehicle technology in countries such as China and Japan will propel the market growth of the hybrid vehicle market. It is home to various industry players such as Toyota, Honda, Nissan, Hyundai, and Kia. Nevertheless, initiatives taken by the government of Asian countries in providing rebates and subsidies have boosted the growth of the hybrid vehicle market.

Some of the major players in the global hybrid vehicle market include Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental, and Schaeffler.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Component, Electric Power Train Type, Propulsion, Degree of Hybridization, Vehicle Type, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental and Schaeffler.

Global Hybrid Vehicle Market Coverage

Component Insight and Forecast 2015-2027

  • Electric Motor
  • Battery
  • Transmission

Electric Power Train Type Insight and Forecast 2015-2027

  • Embedded
  • Hybrid

Propulsion Insight and Forecast 2015-2027

  • Hybrid Electric Vehicles (HEV)
  • Natural Gas Vehicles (NGV)
  • Plug-In Hybrid Electric Vehicles (PHEV)

Degree of Hybridization Insight and Forecast 2015-2027

  • Micro-Hybrid
  • Full Hybrid
  • Mild Hybrid

Vehicle Type Insight and Forecast 2015-2027

  • Passenger Cars
  • Commercial Vehicles

Geographical Segmentation

Hybrid Vehicle Market by Region

North America

  • By Component
  • By Electric Power Train Type
  • By Propulsion
  • By Degree of Hybridization
  • By Vehicle Type
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Electric Power Train Type
  • By Propulsion
  • By Degree of Hybridization
  • By Vehicle Type
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Electric Power Train Type
  • By Propulsion
  • By Degree of Hybridization
  • By Vehicle Type
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Electric Power Train Type
  • By Propulsion
  • By Degree of Hybridization
  • By Vehicle Type
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

Our Industry
Global Market Hybrid Vehicles is Anticipated to grow at a Significant Pace i.e., USD 1169.65 Billion during the Forecast Period 2021-2027