Global Hybrid Electric Vehicles Market is Expected to Reach USD 1,111.2 Billion by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Hybrid Electric Vehicles Market by Type, Powertrain, Vehicle Type, and Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market size was valued at USD 272.3 Billion in 2022 and is expected to expand at a CAGR of 17.2% by 2031.

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The Global Hybrid Electric Vehicles Market volume is estimated at 64,81,029 units in 2022 and is projected to reach 1,81,27,414 units in 2031.

According to the Growth Market Reports industry analyst, Devashish Roy, the Global Hybrid Electric Vehicles Market is anticipated to register significant growth during the forecast period 2023-2031.

A hybrid vehicle uses more than one type of energy source, combining a gasoline or diesel engine with an electric motor, and the two systems work in combination to drive the vehicle. This allows vehicles to use less gasoline, resulting in improved fuel efficiency than a standard engine that only uses fuel. Electric power is used to improve engine performance. Many tax credits and incentives are available to make hybrid cars affordable and the growing popularity of hybrid vehicles due to higher resale value than average boosts the market.

Key factors that are anticipated to fuel the Global Hybrid Electric Vehicles Market during the forecast period include increasing eco-friendly initiatives to reduce fuel emissions. However, the high cost associated with hybrid vehicles is expected to hamper the market. Moreover, the technological advancements in hybrid vehicles create opportunities in the market.

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Hybrid Electric Vehicles Market involves raw material suppliers, manufacturers, distributors, and end-users. The main components of hybrid vehicles include electric motors, gasoline engines, batteries, power control units, and regenerative braking systems that are sourced by manufacturers. Manufacturers use several components, such as electric motors, gasoline engines, batteries, power control units, and regenerative braking systems, to manufacture hybrid vehicles. Quality checks are performed throughout the production process by manufacturers to ensure the quality of the product. These products are then supplied to the distributors who provide them to the end-users. End-users are the final step of the supply chain where consumption takes place. The end-users of hybrid vehicles include individuals and businesses.

Primary and secondary research methodology is used for keen observation and study of the Hybrid Electric Vehicles Market . The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to be updated with the latest market trends and developments. Validation of the estimated market size and current & future trends are done by the key opinion leaders (KOLs). These KOLs are the CXO level people from foremost companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 hampered the Hybrid Electric Vehicles Market . The pandemic disrupted the global supply chain of the automotive industry, which affected the automobiles production and supply chain management of the companies. Furthermore, COVID-19 also positively impacted on the Hybrid Electric Vehicles Market , due to environmental awareness and their worries that reflected in plans to purchase more environmentally friendly electric and hybrid vehicles. Manufacturers aim to develop new models to attract consumers, thus the forecast period is predicted to be positive.

Key Takeaways from the Study:

Based on type, the Global Hybrid Electric Vehicles Market is segmented into full hybrids, mild hybrids, and plug-in hybrids. The plug-in hybrids segment is expected to hold a significant market share during the forecast period due to large battery packs that are charged externally, allowing vehicles a long-range when running only on electricity.

In terms of powertrain, the Hybrid Electric Vehicles Market is bifurcated into parallel hybrids and series hybrids. The series hybrids segment is expected to expand at a significant CAGR during the forecast period. Series hybrid vehicles use an electric motor to drive the wheels while the engine recharges the battery pack to improve fuel efficiency and reduce pollution. Rising urbanization and traffic congestion in cities around the world are expected to raise the demand for series hybrid vehicles.

Based on vehicle type, the Global Hybrid Electric Vehicles Market is bifurcated into passenger cars and commercial vehicles. The commercial vehicles segment is expected to expand at a significant CAGR during the forecast period. The need for fuel-efficient vehicles in commercial applications is driving the commercial vehicles segment. Hybrid technology offers several advantages, including lower pollution and fuel consumption. The growing demand for e-commerce and delivery services is driving the need for commercial hybrid vehicles. The market is expected to grow as a result of the growing popularity of ride-sharing services and the demand for environmentally friendly vehicles. The major commercial vehicle manufacturers, such as Daimler, Volvo, and Scania, are making significant investments in electric and hybrid technology for developing commercial vehicles.

Based on region, the Global Hybrid Electric Vehicles Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to register a moderate growth rate in the Hybrid Electric Vehicles Market during the forecast period, due to increased concerns about air pollution, rising fuel prices, and government efforts to promote green vehicles. The region is registering an increased demand for hybrid vehicles. The Hybrid Electric Vehicles Market is rapidly rising in developing countries, such as India, China, and Japan. The middle-class population of India and China are becoming prosperous, and people are looking for cost-effective and ecologically friendly transportation solutions. Furthermore, the provision of government subsidies, tax breaks, and incentives is fueling the Hybrid Electric Vehicles Market in the region.

Report Scope:

Target Audience:

• Supply-side: Manufacturers, raw material suppliers, and distributors

• Demand Side: Individuals and Businesses