Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global hybrid electric vehicle market size reached 7.6 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 40.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 30.4% during 2023-2028.

A hybrid electric vehicle (HEV) is an automobile powered by a combination of an internal combustion engine (ICE) and an electric motor. It relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. It has less fuel consumption, carbon-based emissions, and maintenance costs than vehicles solely powered by an ICE. As a result, it is gaining immense traction as an environment-friendly alternative to conventional vehicles.

Hybrid Electric Vehicle Market Trends:
The growing air pollution levels due to exhaust emissions from vehicles, along with increasing environmental consciousness among the masses about rising pollution levels, represent one of the key factors positively influencing the adoption of HEVs. This can also be attributed to rapid urbanization, expanding purchasing power of individuals, and improving road networks. Apart from this, governments of various countries are implementing stringent emission regulations and fuel economy norms and offering purchase grants, related incentives, tax rebates, and utility rate reductions. This, in turn, is encouraging the adoption of HEVs across the globe. Furthermore, several leading manufacturers are increasingly investing in research and development (R&D) activities to develop innovative vehicles with soundless operations, high-performance engines, and improved fuel efficiency. This, in confluence with the emerging trend of fuel-efficient and cost-effective commute options, is creating a favorable outlook for the market. Moreover, continuous improvements in the EV charging infrastructure are leading to rising investments by power sector stakeholders in automobile utilities and charging hardware, which are anticipated to drive the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid electric vehicle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on propulsion type, configuration type, vehicle type and power source.

Breakup by Propulsion Type:

Full Hybrids
Mild Hybrids
Plug-in Hybrids
Others

Breakup by Configuration Type:

Series HEV
Parallel HEV
Combination HEV

Breakup by Vehicle Type:

Passenger Cars
Commercial Vehicles
Two Wheelers
Others

Breakup by Power Source:

Stored Electricity
On Board Electric Generator

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Toyota Motor Corporation, Honda Motor Co. Ltd., Ford Motor Company, Volkswagen Aktiengesellschaft, General Motors Company, Hyundai Motor Company, Nissan Motor Corporation Ltd., etc.

Key Questions Answered in This Report:

How has the global hybrid electric vehicle market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global hybrid electric vehicle market?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the configuration type?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the power source?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global hybrid electric vehicle market and who are the key players?
What is the degree of competition in the industry?