The global hybrid vehicles market size was US$ 145.4 billion in 2019. The global hybrid vehicle market is forecast to reach the value of US$ 371.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2021-2030.
The hybrid vehicle works on both, internal combustion engine (ICE) and an electric motor. Hybrid vehicles are fuel-efficient and emit less carbon dioxide than traditional vehicles.
Covid-19 Impact Analysis
The COVID-19 pandemic had affected the entire automobile industry, resulting in impacting revenue generation. People are avoiding the purchase of luxury things due to a shift in preferences. Moreover, manufacturing and production units have stopped the activities due to the shortage of raw materials and labor. However, the market would begin recovering by the start of 2021.
Factors Influencing
- Industry players around the world are investing in R&D activities to bring new advancements to the market. As a result, it may fuel the market growth as efficient solutions would gain popularity.
- Growing concerns over carbon emission and government restrictions may become favorable opportunities for the market players.
- The advancements and reducing price of electric batteries would lead to the growth of the global hybrid vehicle market in the future.
- Growing urbanization may become another factor for the growth of the global hybrid vehicle market.
- The demand for green vehicles is forecast to grow rapidly in the US and Canada. Moreover, emerging countries, such as China and India, are also forecast to witness substantial demand for hybrid vehicles due to growing awareness. Thus, the global hybrid vehicle market is forecast to grow significantly in the future. World health organization (who) estimates that exposure to ambient air pollution is the reason for around 4.2 million deaths every year worldwide. Thus, it would ultimately elevate the use of hybrid or electric vehicles during the analysis period.
- The high cost of hybrid vehicles may hamper the growth of the global hybrid vehicle market.
- Growing fuel prices and shortage of fossil fuels may emerge as a promising opportunity for the market players thriving in the global hybrid vehicles market.
Geographic Analysis
Regionally, Asia-Pacific holds the largest share in the global hybrid vehicle market due to the presence of various industry players, such as Honda, Toyota, Nissan, and Hyundai. Moreover, emerging nations, such as Japan, South Korea, and China, are witnessing a rapid transformation in lifestyle, which would be beneficial for the market players during the forecast period. Moreover, a rise in disposable income and growing awareness regarding the benefits of hybrid vehicles, rising fuel prices, and favorable government policies would fuel the market expansion in the Asia-Pacific region.
Competitors In The Market
- Toyota
- Hyundai
- ZF
- Ford
- Honda
- BorgWarner
- Volvo
- Delphi Technologies
- Daimler
- Allison Transmission
- Continental
- Schaefler
- Other Prominent Players
Market Segmentation
Insight by Component
- Electric Motor
- Battery
- Transmission
Insight by Electric Power Train Type
- Parallel Hybrid
- Series Hybrid
Insight by Propulsion
- Hybrid Electric Vehicles (HEV)
- Natural Gas Vehicles (NGV)
- Plug-In Hybrid Electric Vehicles (PHEV)
Insight by Degree of Hybridization
- Micro-Hybrid
- Full Hybrid
- Mild Hybrid
Insight by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
