The global hybrid vehicle market size reached USD 400 billion in 2022 and is projected to surpass USD 5006.35 billion by 2032, growing at a CAGR of 28.80% from 2023 to 2032.
Although the market was hit by the COVID-19 pandemic as there were lockdowns across the world and a slowdown in logistics and supply chains. It has also led to an increased cost of the hybrid vehicles. US is planning to launch more vehicles in 2022. Hybrid cars use natural gas, fuel based engine or electric motor engine as the sources of power.
The regenerative breaking system charges the battery inside the hybrid cars. The benefits of the hybrid car are that they are better fuel efficient, provide great power and have minimum emissions. The hybrid cars are compact in size. And also have improved aerodynamics. The rise in the fuel prices in the developing nations has let the people adopt the hybrid cars.
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| Report Coverage | Details |
| Market Size in 2023 | USD 513.20 Billion |
| Market Size by 2032 | USD 5006.35 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 28.80% |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Hybrid, Vehicle, Type of Propulsion Insights, Type of Drivetrain Insights, Type of Drivetrain Insights, Geography |
Market dynamics
Drivers
The enactment of stringent rules and fuel economy norms by various governments also, as the governments are providing incentives. To promote the adoption of hybrid vehicles, it drives the market. Goldman’s are providing subsidies and tax benefits to people who purchase hybrid vehicles. Government is also taking efforts to provide public charging stations for the electric vehicles. As the developing nations are also implementing stringent emission regulations standards. There is a rise in the market size. The prestigious scheme of the Indian Government FAME II will be extended till 2024 to encourage the electric cars or vehicles. By reducing the tax rate, the Brazilian government is also encouraging the purchase of hybrid vehicles. In order to lower the emission limits, various governments. Are also concentrating on decreasing the greenhouse gas effect. And increasing the fuel efficiency of vehicles. Therefore, there is a rise in the market.
Opportunities
There are huge opportunities in hybrid vehicle market reason being the government support and availability of initiatives. The ongoing improvements in the supply chain mechanism are also providing great opportunities. Various governments across the world are promoting the sales of hybrid vehicles and creating awareness about the same.
Restraints
There is an increase in the demand for battery electric vehicles as well as fuel cell electric vehicles, so this is a major restraint for the hybrid vehicles market. The battery electric vehicles consist of various models and are packed with different kinds of built-in features. USA and China are focusing on the development of the battery electric vehicles.
Challenges
As there is a rise in the bulk material prices of the automobile industry, this poses a challenge to the growth of the market. The manufacturing of the conventional and the electric cars is affected due to a rise in the steel, aluminium and copper prices. Also, there was an increase in the. Prices for the materials which are needed to produce the batteries. Like the graphite nickel lithium carbonate. Also, there is a shortage of microchips which holds back the production of cars. The amount of chip required in the electronic vehicles are more as compared to the conventional cars, so the shortage has affected this segment a lot. Most of the materials required to produce the batteries are very expensive and tough to accumulate. The cost of the electric cars is higher compared to the conventional cars.
It is expected that the Asia Pacific market will witness a high growth during this forecast in the countries like South Korea, Japan and China. There has been an increased sales of hybrid vehicles. Major players like the Toyota, Honda, BYD, Hyundai, Nissan, Kia are all from the Asia Pacific region. This also helps in the growth of the market. China has notable production capabilities. And they also have the capabilities to meet the consumer demand. China plays a very important role in the hybrid vehicles market. In order to control the pollution, China six norms were implemented by the Chinese government, which are strict, and they promote the hybrid vehicles. The European market and the North American market is also creating an awareness on the use of hybrid vehicles, which has helped in increasing the global demand. Germany was the largest electric car market in Europe. The electric car market in US is dominated by Tesla.
Report highlights
Recent Developments
In 2021, Toyota had announced an investment of around U.S$ 6.2 billion in the hybrid vehicles market. The MMRDA in the Asia Pacific area had made a contract with TATA for the supply of 25 Electric buses for the commercial use.
Market Segmentation
By Hybridization
By Drivetrain
By Vehicle
By Propulsion
By Component Type
By Geography
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hybrid Vehicle Market
5.1. COVID-19 Landscape: Hybrid Vehicle Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hybrid Vehicle Market, By Hybridization
8.1. Hybrid Vehicle Market, by Hybridization, 2023-2032
8.1.1. Fully hybrid
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Micro hybrid
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.2. Mild hybrid
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Hybrid Vehicle Market, By Drivetrain
9.1. Hybrid Vehicle Market, by Drivetrain, 2023-2032
9.1.1. Parallel drivetrain
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Series drivetrain
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Hybrid Vehicle Market, By Vehicle
10.1. Hybrid Vehicle Market, by Vehicle, 2023-2032
10.1.1. Passenger car
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Commercial vehicles
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Hybrid Vehicle Market, By Propulsion
11.1. Hybrid Vehicle Market, by Propulsion, 2023-2032
11.1.1. HEV
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. PHEV
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. NGV
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Hybrid Vehicle Market, By Component Type
12.1. Hybrid Vehicle Market, by Component Type, 2023-2032
12.1.1. Battery
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. Electric Motor
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. Transmission
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Hybrid Vehicle Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.1.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.1.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.1.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.1.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.1.6.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.1.6.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.1.6.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.1.7. Market Revenue and Forecast, by Component Type (2020-2032)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.1.8.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.1.8.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.1.8.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.1.8.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.2.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.2.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.2.6.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.2.6.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.7. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.8. Market Revenue and Forecast, by Component Type (2020-2032)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.2.9.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.2.9.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.10. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.11. Market Revenue and Forecast, by Component Type (2020-2032)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.2.12.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.2.12.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.12.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.13. Market Revenue and Forecast, by Component Type (2020-2032)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.2.14.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.2.14.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.14.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.15. Market Revenue and Forecast, by Component Type (2020-2032)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.3.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.3.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.3.6.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.3.6.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.6.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.7. Market Revenue and Forecast, by Component Type (2020-2032)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.3.8.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.3.8.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.8.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.9. Market Revenue and Forecast, by Component Type (2020-2032)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.3.10.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.3.10.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.10.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.10.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.3.11.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.3.11.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.11.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.11.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.4.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.4.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.4.6.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.4.6.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.6.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.7. Market Revenue and Forecast, by Component Type (2020-2032)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.4.8.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.4.8.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.8.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.9. Market Revenue and Forecast, by Component Type (2020-2032)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.4.10.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.4.10.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.10.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.10.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.4.11.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.4.11.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.11.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.11.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.5.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.5.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5.5. Market Revenue and Forecast, by Component Type (2020-2032)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.5.6.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.5.6.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5.6.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5.7. Market Revenue and Forecast, by Component Type (2020-2032)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Hybridization (2020-2032)
13.5.8.2. Market Revenue and Forecast, by Drivetrain (2020-2032)
13.5.8.3. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5.8.4. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5.8.5. Market Revenue and Forecast, by Component Type (2020-2032)
Chapter 14. Company Profiles
14.1. Toyota Motor Company
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Honda Motor Company
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. BYD Company Ltd
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Lexus
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Ford motor company
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Kia Motors Company
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Nissan Motor Company
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Volkswagen AG
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. AB Volvo
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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