NEWARK, Del., Sept. 23, 2022 (GLOBE NEWSWIRE) — The global hybrid vehicle market is expected to create a lucrative growth opportunity over the estimated period of 2022 to 2032 by registering a CAGR of 21.6%. The market is expected to be valued at $192.7 billion in 2022 and is expected to reach a valuation of $1,362.3 billion by 2032.
As per the historical analysis, from 2015 to 2021, the Hybrid Vehicles Market exhibited growth with a robust CAGR of 11.4% and is expected to accelerate during the current estimate period with a phenomenal CAGR of 21.6% throughout the forecast period. This rapid year-on-year growth is expected to accelerate further in 2022 as governments around the world swiftly take initiatives to reduce the carbon footprint in the transportation sector.
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The widespread adoption of luxury vehicles coupled with the enforcement of strict emissions-related regulations and high demand for electric vehicles are all contributing to the expansion of the hybrid vehicle market. The hybrid vehicle market is expected to account for approximately 25% to 30% of the global electric vehicle market. The growing trend towards plug-in hybrid vehicles is expected to boost sales in the global hybrid vehicle market over the next decade.
The central theses
- The global hybrid vehicle market is experiencing rapid growth due to significant demand for electric mobility, rising fuel prices and strict regulations being enacted by governments in different regions. In addition, electric vehicles are known for their fuel efficiency and generate less noise than conventional vehicles. Due to the attractive incentives and subsidies offered by government agencies to support the sales of hybrid vehicles, their demand is expected to increase over the forecast period.
- Due to the increasing global per capita income and disposable income, the demand for passenger cars and private vehicles is increasing day by day. With a growing fleet of motor vehicles, the rate of CO2 emissions also increases. Due to rising fuel prices and growing awareness of global warming, the demand for replacement vehicles is growing rapidly.
- Hybrid vehicles are known to offer better fuel efficiency and lower CO2 emission rates, and demand for hybrid electric vehicles is increasing worldwide. Several manufacturers are also paying more attention to the development and introduction of several models of hybrid vehicles to support the expansion of electric mobility solutions.
- There is a reasonable increase in sales of SUVs, luxury and sport models. Customers are not only looking for performance, they want their vehicles to be fully equipped with advanced technologies. Consumers around the world are demanding electric vehicles due to the increasing number of public and private awareness campaigns to promote electric mobility.
- The higher utility of plug-in hybrid vehicles is responsible for their immense popularity compared to hybrid and pure electric vehicles. Customers of this type of vehicle tend to suffer from range anxiety as the combustion engine acts as a backup power source when the batteries die. In addition, the batteries of these vehicles can be charged both from internal combustion engines and from outside with the help of a plug. Due to these factors mentioned above, the demand for plug-in hybrid vehicles is increasing worldwide.
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In recent years there has been an increasing number of acquisitions and growth strategies to increase hybrid vehicle development and production. Several large companies are working meticulously on innovations and new technological developments. Important companies’ growth strategies include contracts and agreements, new product developments and partnerships to strengthen their market positions.
Profiled key companies:
- Tilley Inflatable Design & Engineering LTD
- Ford Motor Company
- General Motor Company
- Honda Motor Co.,Ltd.
- Daimler AG
- Volkswagen AG
- Renault S.A.S
- Toyota Motor Corporation
- Nissan Motor Corp
- Mitsubishi Motor Corporation
- Hyundai Motor Co
- Bavarian Motor Works AG (BMW)
More insights into the hybrid vehicle market
The US is expected to dominate the automotive market and have high market penetration with technologically advanced and high-priced products. The US government is supporting the growth of the hybrid vehicle market by investing in the construction sector as the adoption of electric vehicles increases demand for charging infrastructure in a variety of settings including homes, workplaces and public places. According to FMI, the U.S. hybrid vehicle market is expected to surpass $36.5 billion in revenue by the end of 2022.
The hybrid vehicle market in Japan is expected to be worth around US$8,633.9 million in 2022. According to Japanese consumers, hybrid vehicles are known for being reliable, safe and easy to use. They are also willing to pay a higher price as they believe these vehicles offer good value for money.
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Key Segments Covered in Hybrid Vehicles Market Analysis
By product type:
- hybrid vehicles
- Plug-in Hybrid Vehicles
By vehicle type:
By engine type:
- gasoline electric
- diesel electric
By powertrain configuration:
- parallel hybrid
- Series hybrid
- Power split hybrid
Table of Contents
1.1. Global Market Outlook
1.2. Trends on the demand side
1.3. Trends on the supply side
1.4. Material Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Major Market Trends
3.1. Key trends affecting the market
3.2. Product innovation / development trends
Table of contents continued..!
About FMI – Automotive and Transportation
FMI’s Automotive and Transportation division provides exclusive coverage and actionable insights into the automotive and transportation industry, which encompasses the automotive, aerospace, marine and marine, and rail sectors. Market insights and competitive intelligence of the OEM, aftermarket, service and technology landscapes have helped numerous industry stakeholders from automakers, component manufacturers, distributors and service providers to make informed decisions and keep them abreast of market behavior.
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About Future Market Insights, Inc.
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