Market Overview

A hybrid Vehicle uses two power sources. In addition to the internal combustion engine, an electric motor or electric engine also provides the vehicle's power. The electric motor uses the power stored in its batteries. The electric motor draws power from the regenerative braking system used in such a vehicle and from the internal combustion engine. The electric motor saves fuel by powering auxiliary loads, driving the Vehicle when the energy is enough and shutting down the internal combustion engine when the vehicle is idling.

 

The value of the global hybrid vehicle market was USD 144.34 billion in the year 2020. This value is estimated to increase to 280.75 by the year 2027. This market's compound annual growth rate in the forecast period 2020-2027 is projected to be 10%.

 

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Rising demand for hybrid vehicles due to a number of benefits such as high fuel efficiency, high power and good range is driving the growth of this market. Furthermore, stringent emission standards are causing a rapid increase in the demand for low emission vehicles, including hybrid vehicles. Purchase grants and tax rebates offered by many governments for hybrid vehicles are also boosting the market growth.

Increasing demand for pure battery electric vehicles and fuel cell electric vehicles is a major deterrent to the growth of the hybrid vehicle market. The high costs of hybrid vehicles also pose a significant challenge to market growth. The presence of batteries and regenerative braking systems increases the prices of hybrid vehicles.

Market Segmentation

The global hybrid vehicle market is divided into parallel and series based on the electric powertrain. The parallel segment dominates the market. This is because parallel hybrid vehicles provide better flexibility to switch between the internal combustion engine and the electric motor, require a single battery and are more power-efficient for long-distance driving. Series hybrid vehicles are likely to show rapid growth in the forecast period due to high power efficiency for city driving.

The global hybrid vehicle market is divided into passenger and commercial based on vehicle type. The passenger segment holds the largest market share due to the general dominance of passenger vehicles in the automotive industry and more shift of passenger car owners towards fuel efficiency.

Based on hybridisation, the global hybrid vehicle market is divided into full hybrid, mild hybrid and micro-hybrid. Full hybrid segment holds the maximum market share. Most key manufacturers produce full hybrid vehicles, and continuous technological advancements in this segment have resulted in more fuel efficiency and less emission.


Regional Insights

The global hybrid vehicle market is divided into North America, Asia Pacific, Europe and the Rest of the World.

Asia Pacific is projected to register the highest CAGR in the forecast period. This is because this region is home to many major manufacturers of hybrid vehicles, and the trend of sales of hybrid vehicles is showing a steep rise. Moreover, government incentives to purchase environmentally-friendly vehicles in countries such as India are also fuelling the growth of hybrid vehicles in the APAC region.

 

Industry News

● In July 2021, Japanese automobile company Mitsubishi announced its plans to launch the plug-in hybrid variant of its Outlander model featuring a new generation PHEV system.

 

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