Hybrid Electric Vehicle Market Size, Overview & Forecast 2024-2032
vishal imarc
IMARC Group's report titled "Hybrid Electric Vehicle Market Report by Propulsion Type (Full Hybrids, Mild Hybrids, Plug-in Hybrids, and Others), Configuration Type (Series HEV, Parallel HEV, Combination HEV), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, and Others), Power Source (Stored Electricity, On Board Electric Generator), and Region 2024-2032". The global hybrid electric vehicle market size reached 10.0 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 98.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 28% during 2024-2032.
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Factors Affecting the Growth of the Hybrid Electric Vehicles Industry:
- Environmental Concerns and Emission Regulations:
Increasing concerns about pollution and climate change represent one of the major factors driving the market growth. Hybrid electric vehicles (HEVs) offer an environmentally friendly alternative to conventional vehicles by significantly reducing greenhouse gas emissions and air pollutants. This aspect is particularly important in urban areas where air quality is a major public health issue. Regulatory agencies around the world are responding to these environmental challenges by enforcing more stringent emissions regulations. These regulations often include incentives for hybrid and electric vehicle production and ownership, such as tax breaks, subsidies, and infrastructure support. This regulatory environment is encouraging both automakers and individuals to switch to hybrid vehicles.
- Advancements in Battery Technology and Vehicle Performance:
Advances in battery technology are boosting the market growth. Modern HEVs are equipped with more efficient, durable and cost-effective batteries, greatly improving their appeal. Lithium-ion (Li-on) batteries, which have higher energy density and longer lifespan than conventional nickel-metal hydride batteries (NiMH), are increasingly being used in hybrid vehicles. These advances have made HEVs more competitive than conventional vehicles by providing longer driving ranges, shorter charging times, and improved overall vehicle performance. Additionally, technological improvements in powertrain systems, energy recovery mechanisms and electronic control units contribute to better fuel efficiency and driving experience. These battery technologies will reduce the cost of HEVs, making them more accessible to more buyers.
- Changing Preferences and Increasing Awareness:
Increasing changes in buyer preferences and growing awareness about the benefits of hybrid vehicles are strengthening the market growth. Buyers have become more informed and environmentally conscious, looking for vehicles that are not only environmentally friendly but also cost-effective in the long run. HEVs, with their low fuel consumption and low maintenance costs, meet these criteria. Growing awareness of the long-term economic benefits, combined with the desire to reduce carbon emissions, is encouraging buyers to choose hybrid cars over conventional petrol or diesel vehicles. Moreover, the increasing availability of a variety of quality hybrid models provides buyers with a wide range of choices to suit a variety of needs and preferences.
Leading Companies Operating in the Global Hybrid Electric Vehicles Industry:
- Toyota Motor Corporation
- Honda Motor Co. Ltd.
- Ford Motor Company
- Volkswagen Aktiengesellschaft
- General Motors Company
- Hyundai Motor Company
- Nissan Motor Corporation Ltd.
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Hybrid Electric Vehicles Market Report Segmentation:
By Propulsion Type:
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
- Others
Plug-in hybrids hold the biggest market share due to their flexibility in using both electricity and gasoline, offering a balance of range and efficiency attractive to individuals.
By Configuration Type:
- Series HEV
- Parallel HEV
- Combination HEV
Parallel HEVs dominate the market share as they are easier to manufacture and maintain, providing a cost-effective hybrid solution.
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
- Others
Passenger cars represent the largest segment, attributed to rising demand, diverse model offerings, and increasing supportive government incentives.
By Power Source:
- Stored Electricity
- On Board Electric Generator
Stored electricity accounts for the majority of the market share as it enables lower emissions and fuel consumption, aligning with global trends towards sustainable transportation.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market on account of the growing awareness, increasing government incentives for green vehicles, and advanced infrastructure supporting electric and hybrid vehicles.
Global Hybrid Electric Vehicles Market Trends:
Increasing integration of artificial intelligence (AI) and machine learning (ML) technologies to improve various aspects of HEVs, including battery management systems, energy efficiency, and predictive maintenance, is having a positive impact on the market. AI algorithms optimize battery usage and charging patterns, improving the overall efficiency and longevity of the vehicle. Additionally, AI-based features such as autonomous driving capabilities and advanced driver assistance systems (ADAS) are becoming standard in HEVs. This trend toward smart, AI-powered vehicles is playing a key role in not only improving the driving experience but also attracting tech-savvy buyers seeking cutting-edge automotive technology.
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