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 US$192.7 billion in 2022 and is expected to reach a valuation of US$1,362.3 billion by 2032.
According to historical analysis spanning from 2015 to 2021, the hybrid vehicle market has exhibited growth at a robust CAGR of 11.4% and is projected to accelerate during the current estimation period at a phenomenal CAGR of 21. 6% throughout the forecast period. This strong year-over-year growth in 2022 is expected to strengthen further as governments around the world quickly take initiatives to reduce the carbon footprint in the transport sector.
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The widespread adoption of luxury vehicles combined with the enforcement of tough emission regulations and the high demand for electric vehicles are contributing to the expansion of the hybrid vehicle market. The hybrid vehicle market is expected to hold around 25-30% of the global electric vehicle market. The growing trend of plug-in hybrid vehicles is expected to drive sales in the global hybrid vehicle market over the next decade.
Key points to remember
- The global hybrid vehicle market is growing rapidly owing to the large demand for electric mobility, rising fuel prices, and stringent regulations framed by governments in various regions. In addition, electric vehicles are known for their energy efficiency and generate less noise than conventional vehicles. Due to the attractive incentives and subsidies offered by the government authorities to support the sales of hybrid vehicles, their demand is expected to increase over the forecast period.
- Due to the increase in per capita income and disposable income in the world, the demand for passenger cars and personal vehicles is increasing every day. With a growing motor vehicle fleet, the rate of carbon emissions is also on the rise. Due to soaring fuel prices and growing awareness of global warming, the demand for alternative vehicles is growing at a rapid rate.
- Hybrid vehicles are known to be more fuel efficient and have lower carbon emissions, and the demand for hybrid electric vehicles is increasing across the world. Several manufacturers are also paying more attention to the development and introduction of several hybrid vehicle models to support the expansion of electromobility solutions.
- A reasonable increase is observed in the sales of SUVs, luxury and sports models. Customers are not just looking for performance, they want their vehicles to be fully equipped with advanced technologies. Due to the growing number of awareness campaigns organized by government and private agencies to promote electric mobility, consumers around the world are demanding electric vehicles.
- The attribution of higher practical benefits of plug-in hybrid vehicles is responsible for their immense popularity, compared to pure hybrid and electric vehicles. Customers of this type of vehicle tend to suffer from low-rpm anxiety, as the internal combustion engine acts as a backup power source when the batteries are depleted. In addition to this, the batteries of these vehicles can be charged by both internal combustion engines and an external source using a plug. Due to these aforementioned factors, the demand for plug-in hybrid vehicles is increasing worldwide.
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In recent years, there have been an increasing number of acquisitions and growth strategies to increase the development and production of hybrid vehicles. Several large companies are meticulously working on innovations and new technological developments. Some of the growth strategies used by key companies include contracts and agreements, new product development and partnerships to strengthen their market positions.
Profiled key companies:
- Tilley LTD Inflatable Design & Engineering
- Ford Motor Company
- General Motors Company
- Honda Motor Co., Ltd.
- Daimler S.A.
- Volkswagen AG
- Renault S.A.S.
- Toyota Motor Corporation
- Nissan Motor Corporation
- Mitsubishi Motor Corporation
- Hyundai Motor Company
- Bayerische Motoren Werke AG (BMW)
More information on the hybrid vehicle market
The United States is expected to dominate the automotive market and incorporate high penetration of technologically advanced and expensive 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 the demand for charging infrastructure in various settings, including homes, workplaces, and venues. public. According to the IMF, the U.S. hybrid vehicle market is expected to surpass revenues worth $36.5 billion by the end of 2022.
The hybrid vehicle market in Japan is expected to be valued at around US$8,633.9 million in 2022. According to Japanese consumers, hybrid vehicles are known to be reliable, safe and easy to operate. They are also willing to pay a high price because 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 type of vehicle:
By engine type:
- Petrol Electric
- Diesel Electric
By powertrain configuration:
- parallel hybrid
- Standard hybrid
- Power split hybrid
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Hardware roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
The table of contents continues..!
About FMI – Automotive and Transportation
FMI’s Automotive and Transportation Division provides exclusive coverage and actionable insights into the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and rail sectors. Market insights and competitive intelligence of the OEM landscape, aftermarket, services and technology have helped many industry players, automakers, component manufacturers, channel partners and service providers , make informed decisions and stay abreast of market behavior.
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