The global hybrid vehicles market is expected to create a lucrative growth opportunity over the
estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The
market is anticipated to be valued at US$ 192.7 Bn in 2022 and is
expected to reach a valuation of US$ 1,362.3 Bn by 2032.
According to the historical analysis ranging from 2015 to 2021, the hybrid
vehicles market 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 surging
year-on-year growth in 2022 is expected to bolster even further as
governments from all over the world are rapidly taking initiatives to
reduce carbon footprints in the transportation sector.
The widespread adoption of luxury vehicles combined with the enforcement of
severe emission-related regulations and high demand for electric
vehicles are all contributing to the expansion of the hybrid vehicles
market. The hybrid vehicle market is predicted to hold around 25% to 30%
of the global electric vehicles market. The growing trend of plug-in
hybrid vehicles is expected to push sales in the global hybrid vehicles
market in the next decade.
Key Takeaways
- The global hybrid vehicles market is witnessing fast-paced growth due to
significant demand for electric mobility, increasing fuel prices, and
stringent regulations framed by governments in various regions. Besides
this, electric vehicles are known for their fuel efficiency and generate
lesser noise than conventional vehicles. Owing to the attractive
incentives and subsidies offered by government authorities in order to
support sales of hybrid vehicles, their demand is expected to enhance
during the forecast period. - Owing to the rising per capita income and disposable income across the globe, the demand for passenger
cars and personal vehicles is surging with each passing day. With a
surging fleet of automotive vehicles, the rate of carbon emissions is
also on a rise. Due to surging fuel prices and rising awareness
regarding global warming, the demand for substitute vehicles is growing
at a rapid pace. - Hybrid vehicles are known to offer better fuel efficiency and have less carbon emission rates, and the demand for
hybrid electric vehicles is surging across the globe. Several
manufacturers are also paying more attention to the development and
introduction of multiple models of hybrid vehicles in order to support
the expansion of electro-mobility solutions. - A reasonable increase is witnessed in the sales of SUVs, luxury, and sports models.
Customers are not just searching for performance, but they want their
vehicles to be fully equipped with advanced technologies. Owing to the
surging number of awareness campaigns held by government and private
agencies in order to promote electric mobility, consumers all over the
world are demanding electric vehicles. - Attributing the higher practical benefits of plug-in hybrid vehicles are responsible for their
immense popularity, in comparison to hybrid and pure electric vehicles.
Customers of this type of vehicle tend to suffer from low-range anxiety
as the internal combustion engine acts as a backup power source when the
batteries run out of charge. In addition to that, the batteries of
these vehicles are able to be charged by both internal combustion
engines and an external source with the help of a plug. Owing to these
aforementioned factors, the demand for plug-in hybrid vehicles is
increasing across the globe.
Competitive Landscape
Over the last few years, there has been a surging number of acquisitions and
growth strategies in order to increase the development & production
of hybrid vehicles. Several major firms are meticulously working on
innovations and new technological developments. Some of the growth
strategies used by key firms include contracts & agreements, new
product developments, and partnerships to strengthen their market
positions.
More Insights into the Hybrid Vehicles Market
The U.S. is expected to dominate the automotive market and incorporates
high penetration of technologically advanced and high-cost products. The
U.S. government is supporting growth in the hybrid vehicles market by
investing in the construction sector since the adoption of electric
vehicles increases the demand for charging infrastructure in a variety
of settings, including homes, workplaces, and public places. As per FMI,
the U.S. hybrid vehicles market is expected to surpass revenues worth
US$ 36.5 Bn by the end of 2022.
The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per
Japanese consumers, hybrid vehicles are known to be dependable, safe,
and simple to use. They are also willing to pay a premium price as they
believe these vehicles offer good value.
