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From USD 250.1 billion in 2020, the global hybrid vehicle market size will reach USD 1169.65 billion by 2027. It will register a 22.10% CAGR during the projected period. Hybrid vehicles offer several advantages such as reduced operational and maintenance costs, highly fuel-efficient, low tailpipe emissions, enhanced performance, and emitting less pollution.
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Moreover, technological innovations have led to growth in hybrid vehicles as consumers are preferring for fully or mild hybrid vehicles. Furthermore, increased support from the government, dwindling fuel reserves, unpredictable oil prices, and emphasis to deploy eco-friendly vehicles has led to a surge in the adoption of hybrid vehicles. Nevertheless, biofuels will create opportunities to provide an energy alternative to power cars during the forecast period, thereby offering market development to hybrid vehicles.
The COVID-19 crisis had an adverse impact on the automobile sector owing to stringent lockdown that has led to the temporary shutdown of automobile assembly units globally. There was a standstill in production activities, delay in supply chain and logistics, and a substantial drop in the market demand for vehicles globally.
Market Segmentation
Insight by Component
During the predicted period, electric motors are expected to grow significantly. Hybrid vehicles are ideally suited for stop-and-go driving, where the occasional usage of an electric motor can save a lot of money on fuel.
Insight by Electric Power Train Type
Parallel hybrid contributes the largest market share in the hybrid vehicle market as it provides flexibility to switch between ICE and electric motor power and is power-efficient during long-distance driving and cruising.
Insight by Propulsion
Hybrid electric vehicles are anticipated to have remarkable growth owing to the increasing market size of V in countries like China, Japan, and the US. Also, there is an improvement in emission standards which has led to increased adoption of a hybrid electric vehicles.
Insight by Degree of Hybridization
The full hybrid category is expected to have exponential growth as hybrid vehicles can operate on either battery or combustion engine or both and are better fuel efficient along with decrease in emissions. Thus, a maximum number of hybrid models that are manufactured by industry players like TOYOTA and Lexus adopt full hybrid and ongoing enhancements will lead to better fuel efficiency.
Insight by Vehicle Type
The commercial vehicle category is anticipated to have substantial growth during the analysis period owing to initiatives by the government worldwide to have a complete hybridization of public transit vehicles and rising deployment of hybrid heavy-duty vehicles in land-based freight operations.
Regional Analysis
Asia-Pacific is anticipated to have exponential growth in the global hybrid vehicle market during the projected period owing to the support from the government to encourage the production and sale of eco-friendly vehicles. There is an increase in sale of hybrid cars in regions like China, Japan, and South Korea.
Recent Developments
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