Hybrid Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Hybrid Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Hybrid Vehicle Market

The hybrid vehicle market size was valued at USD 271.80 billion in 2023, and the market is now projected to grow from USD 291.42 billion in 2024 to USD 504.18 billion by 2032, exhibiting a CAGR of 7.1% during the forecast period of 2024-2032.

The COVID-19 pandemic created significant opportunities on the hybrid vehicle market growth as curbing coronavirus outbreak was prioritized. Its effects on the global market were critical specifically for the hybrid automobile industry as sales fell very low, and the production process was disrupted due to the pandemic. This section is explaining that due to the money loss and the lockdown restrictions that were made all over the world, the purchaser spending was not as expected and the car purchase was also delayed.

The hybrid vehicle market share globally has been contributed due to the positive environmental impact. Hybrid automobiles offer a combination of the power of an electrical engine and the gas engine. These vehicles offer enhanced power and fuel economy and compared to the regular car models that are available in the market.

In addition, few years, there has been observed a new trend in automobile industry which states that car manufacturers are stepping up electrification of automobiles. The trend of vehicle electrification is slowly picking up in emergent markets seeing that automobile manufacturers are beginning to pay heed to extending the range of their services in electric automobiles (EVs) to address demand for environmentally friendly and sustainable transportation services.

Comprehensive Analysis of Hybrid Vehicle Market

The hybrid vehicle market and automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by types of vehicles, electric powertrain, degree of hybridization and component. The vehicle types include, Passenger Car & Commercial Vehicle. However, the degree of hybridization are such as Mild, Full & Plug-in Hybrid.

The Asia Pacific region is conducive to the global hybrid vehicle market, leading to a recall of USD 139.7 billion owing to government initiatives. Asia Pacific’s marketplace is characterized by government tasks to promote the manufacturing and sales of environmentally friendly automobiles.

The top players in the market play a crucial role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include, Nissan Motor Corporation (Japan), Toyota Motor Corporation (Japan), Volkswagen AG (Germany), Honda Motor Co., Ltd. (Japan), BYD Company Ltd. (China),Hyundai Motor Company (South Korea), Kia Motors Corporation (South Korea), Ford Motor Company (U.S.), Daimler AG (Germany), and AB Volvo (Sweden) these market players provide a level-playing competitive landscape.

In the version timelines for February 2024, BYD unveiled Seal 06 as a new plug-in hybrid version. The mechanical shape of the Seal 06, a plug-in hybrid automobile, has some attractive dimensions: 4830mm in length, 1875mm in width, 1495mm in peak, and a wheelbase of 2790mm.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.1% from 2024-2032

Unit Value (USD Billion)

Segmentation By Vehicle Type

Passenger Car

Commercial Vehicle

By Electric Powertrain Type

Parallel

Series-Parallel

Degree of Hybridization

Mild

Full

Plug-in-Hybrid

By Components

Body

Chassis

Powertrain

Electronics

Others

By Geography

North America (By Vehicle Type, By Electric powertrain Type, Degree of Hybridization & By Components)

- U.S. (By Vehicle Type)

- Canada (By Vehicle Type)

- Mexico (By Vehicle Type)

Europe (By Vehicle Type, By Electric powertrain Type, Degree of Hybridization & By Components)

U.K. (By Vehicle Type)

- Germany (By Vehicle Type)

- France (By Vehicle Type)

- Rest of Europe (By Vehicle Type)

Asia Pacific (By Vehicle Type, By Electric powertrain Type, Degree of Hybridization & By Components)

- China (By Vehicle Type)

- Japan (By Vehicle Type)

- India (By Vehicle Type)

- Rest of Asia Pacific (By Vehicle Type)

Rest of the World (By Vehicle Type, By Electric powertrain Type, Degree of Hybridization & By Components)


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