Hybrid Vehicles Market
Hybrid Vehicles Market Forecasts to 2030 - Global Analysis By Hybridization Type (Fully Hybrid, Micro Hybrid and Mild Hybrid), Propulsion Type, Vehicle Type, Component, Drivetrain, Powertrain Power Output, Vehicle Size, End User and By Geography
According to Stratistics MRC, the Global Hybrid Vehicles Market is accounted for $287.49 billion in 2024 and is expected to reach $1,025.03 billion by 2030, growing at a CAGR of 23.6% during the forecast period. Hybrid vehicles combine an internal combustion engine with one or more electric motors to enhance fuel efficiency and reduce emissions. They operate on a combination of gasoline, diesel, and electric power, optimizing performance and lowering environmental impact. The hybrid vehicle market is growing due to increasing environmental regulations, consumer demand for fuel-efficient options, and advancements in hybrid technology, driving innovation and adoption across global automotive markets.
According to Statista, global automotive R&D spending has been increasing in recent years, reaching around 130 billion euros in 2022.
Market Dynamics:
Driver:
Government incentives and subsidies
Government incentives and subsidies play a crucial role in driving the hybrid vehicles market. Many countries offer tax credits, rebates, and other financial incentives to encourage the adoption of hybrid vehicles. For example, the FAME scheme in India provides subsidies for hybrid and electric vehicles. These incentives significantly reduce the upfront costs for consumers, making hybrid vehicles more affordable and attractive. Additionally, policies like preferential lane access and reduced parking fees further incentivize hybrid vehicle ownership, contributing to market growth.
Restraint:
Limited driving range
The limited driving range of hybrid vehicles, particularly plug-in hybrids, can be a significant restraint for the market. While hybrid vehicles offer improved fuel efficiency, their electric-only range is often limited compared to full electric vehicles. This limitation can lead to range anxiety among consumers, especially for longer trips. The need to switch between electric and gasoline power can also be perceived as inconvenient by some users. This factor may deter potential buyers who prioritize longer electric-only driving capabilities, potentially slowing market growth.
Opportunity:
Growing demand for fuel-efficient vehicles
The increasing demand for fuel-efficient vehicles presents a significant opportunity for the hybrid vehicles market. As consumers become more environmentally conscious and seek to reduce fuel costs, hybrid vehicles offer an attractive solution. They provide improved fuel economy compared to conventional vehicles while avoiding the range limitations of full electric vehicles. This growing demand is further fueled by rising fuel prices and stricter emissions regulations worldwide. Manufacturers can capitalize on this trend by expanding their hybrid vehicle offerings and improving fuel efficiency technologies.
Threat:
Competition from electric vehicles
The rapid advancement and growing popularity of electric vehicles (EVs) pose a significant threat to the hybrid vehicles market. As EV technology improves, offering longer ranges and faster charging times, some consumers may bypass hybrids in favor of fully electric options. Government policies in many regions are increasingly focusing on promoting zero-emission vehicles, potentially shifting incentives away from hybrids towards EVs. This competition could lead to a reduction in market share for hybrid vehicles, especially as the EV charging infrastructure continues to expand globally.
Covid-19 Impact:
The COVID-19 pandemic initially disrupted the hybrid vehicles market due to supply chain issues and reduced consumer spending. However, it also increased awareness of environmental issues, potentially boosting long-term demand for fuel-efficient vehicles. As economies recover, pent-up demand and a renewed focus on sustainability may drive hybrid vehicle sales, although short-term challenges in production and sales persist.
The fully hybrid segment is expected to be the largest during the forecast period
The fully hybrid segment is anticipated to dominate the market due to its balance of improved fuel efficiency and familiarity for consumers. These vehicles offer significant fuel savings without the range anxiety associated with plug-in hybrids or full electric vehicles. They are particularly popular in urban areas where frequent starts and stops allow for optimal use of the electric motor. The technology's maturity, wider model availability across various vehicle classes, and lower upfront costs compared to plug-in hybrids contribute to its market dominance.
The commercial vehicles segment is expected to have the highest CAGR during the forecast period
The commercial vehicles segment is projected to experience the highest growth rate in the hybrid vehicles market. This rapid growth is driven by increasing focus on reducing operational costs and meeting stricter emissions regulations in the commercial sector. Hybrid technology offers significant fuel savings for fleet operators, particularly in urban delivery and public transportation applications where frequent stops and starts occur. Government incentives targeting commercial vehicle electrification further accelerate this trend. The development of hybrid powertrains for larger vehicles, such as trucks and buses, opens new market opportunities.
Region with largest share:
The Asia Pacific region is expected to dominate the hybrid vehicles market due to several factors. Countries like Japan have been early adopters of hybrid technology, with a well-established market and strong consumer acceptance. China, the world's largest automotive market, is aggressively promoting new energy vehicles, including hybrids, through incentives and regulations. Other countries in the region, such as South Korea and India, are also seeing increased adoption of hybrid vehicles. The region's high population density, growing urbanization, and increasing environmental concerns contribute to the demand for fuel-efficient vehicles. Additionally, the presence of major hybrid vehicle manufacturers in the region further solidifies its market leadership.
Region with highest CAGR:
Europe is anticipated to witness the highest growth rate in the hybrid vehicles market during the forecast period. This rapid growth is driven by stringent emissions regulations, including the European Union's ambitious targets for reducing CO2 emissions from vehicles. Many European countries offer substantial incentives for low-emission vehicles, including hybrids. The region's focus on sustainability and the gradual shift away from diesel engines in favor of cleaner alternatives contribute to the increasing adoption of hybrid vehicles. Moreover, European automakers are expanding their hybrid vehicle lineups to meet these regulatory requirements and changing consumer preferences, further accelerating market growth in the region.
Key players in the market
Some of the key players in Hybrid Vehicles market include Toyota Motor Corporation, Hyundai Motor Company, Volkswagen AG, BYD Company Ltd., Honda Motor Co., Ltd., Ford Motor Company, General Motors Company, Nissan Motor Co., Ltd., BMW Group, Stellantis N.V., Mercedes-Benz Group AG, Kia Corporation, Renault Group, Volvo Car Corporation, Mitsubishi Motors Corporation, Mazda Motor Corporation, Subaru Corporation, and Audi AG.
Key Developments:
In July 2024, Nissan Motor India (NMIPL) announced the re-launch of its CBU Business with the All-New Nissan X-TRAIL in India, setting a new benchmark for premium urban SUVs in the country. The 4th generation of the Nissan X-TRAIL is a ‘Made in Japan’ exclusive for Nissan aficionados. It is designed and delivered for customers seeking a refined driving experience; appreciate Japanese craftsmanship in design and engineering along with high versatility in space utilization. Building upon Nissan’s two-decade-strong SUV DNA and legacy, the 4th-generation X-TRAIL is marking the re-start of Nissan’s CBU (Completely Built Unit) business in India which is led by a customer first approach product strategy.
In June 2024, Honda Motor Co. launched an updated version of its Freed minivan in Japan, including a two-motor hybrid, which are gaining in popularity even as demand for pure electric cars slows.The new models have been made more spacious to accommodate six people easily. The Freed, which comes in both combustion engine and hybrid versions, is one of Honda’s top-selling models in the non-compact segment, and the automaker has set an annual sales target of 700,000 units.
In May 2024, China's BYD, opens new tab launched on Tuesday the latest version of a plug-in hybrid technology that improves fuel and cost savings, intensifying competition with the likes of Toyota and Volkswagen that still sell mainly gasoline cars. BYD's chairman Wang Chuanfu unveiled the fifth generation of the hybrid technology that achieves a record low fuel consumption of 2.9 litres per 100 km (62.1 miles) on depleted batteries at an event in Shaanxi province's capital Xian. With a fully charged battery and a full gasoline tank, the technology can ensure a driving range of 2,100 kilometers, Wang said in the city where the company's first automaking factory was located.
Hybridization Types Covered:
• Fully Hybrid
• Micro Hybrid
• Mild Hybrid
Propulsion Types Covered:
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Natural Gas Vehicle (NGV)
Vehicle Types Covered:
• Passenger Vehicles
• Commercial Vehicles
Components Covered:
• Internal Combustion Engine
• Electric Motor
• Battery
• Power Control Unit
• Generator
• Transmission
• Other Components
Drivetrains Covered:
• Series Hybrid
• Parallel Hybrid
• Series-Parallel Hybrid
Powertrain Power Outputs Covered:
• Low Power Output (< 100 kW)
• Medium Power Output (100-200 kW)
• High Power Output (> 200 kW)
Vehicle Sizes Covered:
• Compact
• Mid-Size
• Full-Size
• SUV/Crossover
• Luxury
End Users Covered:
• Individual Consumers
• Fleet Operators
• Ride-Sharing Services
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Hybrid Vehicles Market, By Hybridization Type
5.1 Introduction
5.2 Fully Hybrid
5.3 Micro Hybrid
5.4 Mild Hybrid
6 Global Hybrid Vehicles Market, By Propulsion Type
6.1 Introduction
6.2 Hybrid Electric Vehicle (HEV)
6.3 Plug-in Hybrid Electric Vehicle (PHEV)
6.4 Natural Gas Vehicle (NGV)
7 Global Hybrid Vehicles Market, By Vehicle Type
7.1 Introduction
7.2 Passenger Vehicles
7.3 Commercial Vehicles
8 Global Hybrid Vehicles Market, By Component
8.1 Introduction
8.2 Internal Combustion Engine
8.3 Electric Motor
8.4 Battery
8.4.1 Battery Type
8.4.1.1 Lithium-Ion
8.4.1.2 Nickel-Metal Hydride (NiMH)
8.4.1.3 Other Battery Types
8.4.2 Battery Capacity
8.4.2.1 Low Capacity
8.4.2.2 Medium Capacity
8.4.2.3 High Capacity
8.5 Power Control Unit
8.6 Generator
8.7 Transmission
8.8 Other Components
9 Global Hybrid Vehicles Market, By Drivetrain
9.1 Introduction
9.2 Series Hybrid
9.3 Parallel Hybrid
9.4 Series-Parallel Hybrid
10 Global Hybrid Vehicles Market, By Powertrain Power Output
10.1 Introduction
10.2 Low Power Output (< 100 kW)
10.3 Medium Power Output (100-200 kW)
10.4 High Power Output (> 200 kW)
11 Global Hybrid Vehicles Market, By Vehicle Size
11.1 Introduction
11.2 Compact
11.3 Mid-Size
11.4 Full-Size
11.5 SUV/Crossover
11.6 Luxury
12 Global Hybrid Vehicles Market, By End User
12.1 Introduction
12.2 Individual Consumers
12.3 Fleet Operators
12.4 Ride-Sharing Services
13 Global Hybrid Vehicles Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Toyota Motor Corporation
15.2 Hyundai Motor Company
15.3 Volkswagen AG
15.4 BYD Company Ltd.
15.5 Honda Motor Co., Ltd.
15.6 Ford Motor Company
15.7 General Motors Company
15.8 Nissan Motor Co., Ltd.
15.9 BMW Group
15.10 Stellantis N.V.
15.11 Mercedes-Benz Group AG
15.12 Kia Corporation
15.13 Renault Group
15.15 Volvo Car Corporation
15.15 Mitsubishi Motors Corporation
15.16 Mazda Motor Corporation
15.17 Subaru Corporation
15.18 Audi AG
List of Tables
1 Global Hybrid Vehicles Market Outlook, By Region (2022-2030) ($MN)
2 Global Hybrid Vehicles Market Outlook, By Hybridization Type (2022-2030) ($MN)
5 Global Hybrid Vehicles Market Outlook, By Fully Hybrid (2022-2030) ($MN)
6 Global Hybrid Vehicles Market Outlook, By Micro Hybrid (2022-2030) ($MN)
7 Global Hybrid Vehicles Market Outlook, By Mild Hybrid (2022-2030) ($MN)
8 Global Hybrid Vehicles Market Outlook, By Propulsion Type (2022-2030) ($MN)
9 Global Hybrid Vehicles Market Outlook, By Hybrid Electric Vehicle (HEV) (2022-2030) ($MN)
10 Global Hybrid Vehicles Market Outlook, By Plug-in Hybrid Electric Vehicle (PHEV) (2022-2030) ($MN)
11 Global Hybrid Vehicles Market Outlook, By Natural Gas Vehicle (NGV) (2022-2030) ($MN)
12 Global Hybrid Vehicles Market Outlook, By Vehicle Type (2022-2030) ($MN)
13 Global Hybrid Vehicles Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
14 Global Hybrid Vehicles Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
15 Global Hybrid Vehicles Market Outlook, By Component (2022-2030) ($MN)
16 Global Hybrid Vehicles Market Outlook, By Internal Combustion Engine (2022-2030) ($MN)
17 Global Hybrid Vehicles Market Outlook, By Electric Motor (2022-2030) ($MN)
18 Global Hybrid Vehicles Market Outlook, By Battery (2022-2030) ($MN)
19 Global Hybrid Vehicles Market Outlook, By Battery Type (2022-2030) ($MN)
20 Global Hybrid Vehicles Market Outlook, By Battery Capacity (2022-2030) ($MN)
21 Global Hybrid Vehicles Market Outlook, By Power Control Unit (2022-2030) ($MN)
22 Global Hybrid Vehicles Market Outlook, By Generator (2022-2030) ($MN)
23 Global Hybrid Vehicles Market Outlook, By Transmission (2022-2030) ($MN)
24 Global Hybrid Vehicles Market Outlook, By Other Components (2022-2030) ($MN)
25 Global Hybrid Vehicles Market Outlook, By Drivetrain (2022-2030) ($MN)
26 Global Hybrid Vehicles Market Outlook, By Series Hybrid (2022-2030) ($MN)
27 Global Hybrid Vehicles Market Outlook, By Parallel Hybrid (2022-2030) ($MN)
28 Global Hybrid Vehicles Market Outlook, By Series-Parallel Hybrid (2022-2030) ($MN)
29 Global Hybrid Vehicles Market Outlook, By Powertrain Power Output (2022-2030) ($MN)
30 Global Hybrid Vehicles Market Outlook, By Low Power Output (< 100 kW) (2022-2030) ($MN)
31 Global Hybrid Vehicles Market Outlook, By Medium Power Output (100-200 kW) (2022-2030) ($MN)
32 Global Hybrid Vehicles Market Outlook, By High Power Output (> 200 kW) (2022-2030) ($MN)
33 Global Hybrid Vehicles Market Outlook, By Vehicle Size (2022-2030) ($MN)
34 Global Hybrid Vehicles Market Outlook, By Compact (2022-2030) ($MN)
35 Global Hybrid Vehicles Market Outlook, By Mid-Size (2022-2030) ($MN)
36 Global Hybrid Vehicles Market Outlook, By Full-Size (2022-2030) ($MN)
37 Global Hybrid Vehicles Market Outlook, By SUV/Crossover (2022-2030) ($MN)
38 Global Hybrid Vehicles Market Outlook, By Luxury (2022-2030) ($MN)
39 Global Hybrid Vehicles Market Outlook, By End User (2022-2030) ($MN)
40 Global Hybrid Vehicles Market Outlook, By Individual Consumers (2022-2030) ($MN)
41 Global Hybrid Vehicles Market Outlook, By Fleet Operators (2022-2030) ($MN)
42 Global Hybrid Vehicles Market Outlook, By Ride-Sharing Services (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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