Global Hybrid Electric Vehicle Market – Size, Outlook, Trends and Forecast (2024 – 2032)

The hybrid electric vehicle is a combination of both the internal combustion engine and an electric propulsion system for heavy acceleration to increase the power of the wheel. It has lower carbon dioxide emissions, uses less gasoline, releases less exhaust into the air, and are considered to have superior performance and fuel economy related to conventional one.

Global Hybrid Electric Vehicle Market Segments Size & Growth:

Global hybrid electric vehicle market volume will be 4,170 thousand units in 2018 and projected to grow with a CAGR of 8.96% during the forecast period 2019-2025 to reach 7,593 thousand units by 2025. Decreasing battery prices, increasing emission norms and optimum fuel efficiency are the factors bolstering the market growth. However, emerging demand for BEVs & FCEVs and high automobile costs are hampering the hybrid electric vehicle market growth. Increasing government initiatives about hybrid vehicles and rising growth-in hybrid electric vehicle markets are providing abundant growth opportunities shortly.

Global Hybrid Electric Vehicle Market Segments Share:

Global hybrid electric vehicle market is categorised by powertrain type which consists of series hybrid and parallel hybrid.  A parallel hybrid is leading the global hybrid electric vehicle market and is likely to continue its dominance during the forecast period owing to increasing usage of regenerating braking technology, lowering expenses of a micro and mild hybrid compared to plug-in hybrid electric vehicle and increasing demand for the parallel hybrids. By propulsion, PHEV and HEV segments have substantial growth due to the rapid adoption of mid and large-sized vehicles and increasing technological advancements in the electric infrastructure. By degree of hybridisation, full hybrid vehicle holds the largest market share in the hybrid electric vehicle during the forecast period. This growth is attributed to improving fuel efficiency and decreasing emissions due to the regular technology developments in the market.

By vehicle type, a passenger vehicle is leading the hybrid electric vehicle owing to increasing fuel efficiency & driving range, growing focus of OEMs to reduce CO2 emissions and ease of applications of hybrid electric vehicle technology. By component type, batteries have prominent growth as it stores the electric charge and transfers the charge to the electric motor. Transmission and electric both have considerable growth rate due to decreasing the carbon dioxide emissions by using the electric motor, for charging the vehicle battery and involves all clutches.

By geography, APAC is anticipated to have the major revenue generating areas for hybrid electric vehicle in 2017. This growth is attributed to the increasing government initiatives to decrease the carbon dioxide emissions and the number of major key players existing in this region. North America followed by Europe has moderate growth in the hybrid electric vehicle market due to increasing technological advancements in electrical infrastructure of HEVs.

Global Hybrid Electric Vehicle Market Segments Trends:

• In December 2017, Toyota Corporation and Panasonic company agreed to study the feasibility of joint automotive prismatic battery business for electrified vehicles
• In November 2017, Ford Company released the novel plug-in hybrid electric vehicle for the government customers and police in the U.S.

Global Hybrid Electric Vehicle Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinising the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major key Voyage Data Recorder market leaders are:

• BMW AG
• Audi AG
• Chevrolet
• Daimler AG
• Ford Company
• General Motors Company
• Hyundai Company
• Toyota Corporation

Along with these companies, there were many other companies considered/cited in the report while analysing the global hybrid electric vehicle market size. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.