Hybrid Vehicle Market
Report ID: SQMIG25C2156
Hybrid Vehicle Market Size, Share, Growth Analysis, By Component, By Electric Powertrain, By Degree of Hybridization, By Propulsion, By Vehicle Type, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25C2156 |
Region:
Global |
Published Date: December, 2024
Pages:
207
|Tables:
0
|Figures:
0
Hybrid Vehicle Market Insights
Hybrid Vehicle Market size was valued at USD 291.31 Billion in 2023 and is poised to grow from USD 311.99 Billion in 2024 to USD 504.28 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).
Rising emphasis on the reduction of vehicle emissions around the world and growing investments in the development hybrid technologies are projected to bolster sales of hybrid vehicles in the future. Advancements in battery technologies are projected to create new business scope for hybrid vehicle companies going forward. The surge in fossil fuel prices around the world and the imposition of stringent emission mandates are expected to drive hybrid vehicle market growth over the coming years. Rising popularity of hybrid SUVs and crossovers is also expected to positively impact the demand for hybrid vehicles through 2031 and beyond. Increasing availability of government subsidies and incentives for the purchase and manufacturing of hybrid vehicles will also boost revenue generation potential for hybrid vehicle companies in the long run. On the contrary, high initial costs of hybrid vehicles, competition from electric vehicles, dependence on fossil fuels, and battery disposal issues are slated to be key constraints for market development across the study period and beyond.
To get more reports on the above market click here to Buy The Report
Hybrid Vehicle Market Segmental Analysis
Global Hybrid Vehicle Market is segmented by Component, Electric Powertrain, Degree of Hybridization, Propulsion, Vehicle Type and region. Based on Component, the market is segmented into Battery, Electric Motor, Transmission. Based on Electric Powertrain, the market is segmented into Parallel Hybrid, Series Hybrid. Based on Degree of Hybridization, the market is segmented into Full Hybrid, Micro Hybrid, Mild Hybrid. Based on Propulsion, the market is segmented into HEV, PHEV, NGV. Based on Vehicle Type, the market is segmented into Passenger Car, Commercial Vehicle. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Vehicle Type
Passenger cars are projected to account for a major hybrid vehicle market share over the coming years. Rising sales of vehicles and increasing disposable income of people around the world are projected to help this segment maintain its dominance in the future. Growing popularity of hybrid vehicles among consumers owing to their high fuel efficiency and increasing fossil fuel costs will also help this segment provide new opportunities for hybrid vehicle companies going forward. Developing countries such as India, China, Brazil, and Indonesia are projected to witness a robust hike in sales of hybrid vehicles owing to imposition of stringent vehicle emission control mandates.
On the other hand, the demand for hybrid commercial vehicles is projected to rise at an impressive pace across the hybrid vehicle market forecast. Growing emphasis on emission reduction from commercial vehicles and imposition of emission reduction mandates for the same are also estimated to boost the sales of hybrid commercial vehicles in the future. Launch of new initiatives to promote hybridization of commercial vehicles and public transport vehicles is also estimated to help this segment generate new opportunities for hybrid vehicle companies in the long run. Europe and North America are expected to be highly lucrative regional markets for hybrid vehicle providers focusing on this segment.
Analysis by Degree of Hybridization
Full hybrid vehicles are projected to hold a substantial chunk of the global hybrid vehicle market share in the future. High fuel efficiency and minimal emissions are projected to be key benefits of fully hybrid vehicles allowing them to dominate the global demand. Better resale value and low maintenance costs are also expected to push the sales of full hybrid vehicles and allow them to bring in the most revenue for hybrid vehicle providers through 2031. Growing investments in the development of novel hybrid technologies and availability of tax incentives and subsidies for the purchase of full hybrid vehicles are also helping the high market share of this segment.
Meanwhile, the demand for plug-in hybrid vehicles is projected to increase at a rapid pace over the coming years. Increasing development of charging infrastructure around the world is projected to bolster the sales of plug-in hybrid vehicles in the long run. Moreover, plug-in hybrids have better electric range as they feature a bigger battery which also makes them more sustainable and emission friendly. Growing availability of novel plug-in hybrid vehicles around the world and advancements in battery technologies are expected to help this segment bolster hybrid vehicle market development across the study period and beyond.
To get detailed analysis on other segments, Request For Free Sample Report
Hybrid Vehicle Market Regional Insights
Asia Pacific is projected to spearhead the global hybrid vehicle demand outlook in the future. Availability of supportive government subsidies and incentives, presence of key hybrid vehicle manufacturers, and growing sales of vehicles are key factors helping this region emerge as a dominant one in the global hybrid vehicle industry. Japan, China, India, and South Korea are estimated to be the leading markets owing to the presence of key automotive manufacturers such as Hyundai, Tata, Toyota, and BYD in these countries. Rising disposable income of people and increasing fossil fuel prices are also expected to boost sales of hybrid vehicles in the Asia Pacific region going forward.
Meanwhile, the demand for hybrid vehicles in North America is slated to increase at a rapid pace across the forecast period. Increasing availability of charging infrastructure, launch of subsidies and incentive by governments, and increased consumer awareness regarding sustainability are key factors promoting the sales of hybrid vehicles in this region. The United States is projected to be the most opportune market for hybrid vehicle companies operating in this region owing to the high spending potential of consumers. Canada is also expected to uplift hybrid vehicle demand outlook in the North American region through 2031.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Hybrid Vehicle Market Dynamics
Drivers
- High Demand for Fuel Efficiency
Rising costs of fossil fuels and growing emphasis on sustainability and vehicle emission reduction are key factors promoting the demand for hybrid vehicles. Hybrid technology optimizes fuel consumption by combining electric and gasoline power, reducing dependency on fossil fuels. Easy integration of hybrid technology with current engines is also expected to bolster hybrid vehicle market growth.
- Growing Investments in Hybrid Technology Development
Automotive manufacturers around the world are focusing on developing new hybrid technologies and increasing their investments in the same. Development of novel battery technology, powertrains, and energy management systems is projected to further enhance the efficiency of hybrid vehicles and thereby boost their popularity in the future.
Restraints
- Competition from Electric Vehicles
Electric vehicles are becoming more and more advanced and providing better range, which was their major weakness. Increasing affordability of electric vehicles and availability of government subsidies for the purchase of same are expected to boost the sales of electric vehicles thereby slowing down the demand for hybrid vehicles as well.
- Dependence on Fossil Fuels
Hybrid vehicles still rely mostly on fossil fuels for their optimal operation and volatility in pricing of these fossil fuels is projected to hurt hybrid vehicle sales going forward. Growing emphasis of consumers on achieving full sustainability and eliminating emissions is expected to impede the global hybrid vehicle market outlook in the long run.
Request Free Customization of this report to help us to meet your business objectives.
Hybrid Vehicle Market Competitive Landscape
Hybrid vehicle manufacturers should focus on extending the range of their vehicles in electric-only modes. Use of advanced battery technologies and investments in development of hybrid systems will also create new opportunities for hybrid vehicle providers in the future. Countries with an underdeveloped charging infrastructure are expected to offer lucrative business scope for hybrid vehicle suppliers going forward.
Top Player’s Company Profiles
- Toyota Motor Corporation
- Honda Motor Company, Ltd.
- Hyundai Motor Company
- Ford Motor Company
- BYD Co., Ltd.
- Volkswagen AG
- BMW AG
- Daimler AG (Mercedes-Benz Group)
- General Motors Company
- Nissan Motor Corporation
- AB Volvo
- Subaru Corporation
- Kia Corporation
- Mazda Motor Corporation
- Mitsubishi Motors Corporation
- Stellantis N.V.
- Suzuki Motor Corporation
- Tata Motors Limited
- Geely Auto Group
- Great Wall Motor Company
Recent Developments
- In November 2024, Nio, a leading automotive company based in China announced its plans of launching a new hybrid vehicle for overseas markets in 2026. The company made this move to improve its sales in the Middle East, Europe, and North Africa regions.
- In October 2024, Unsoo Kim, the managing director of Hyundai Motor India Limited (HMIL) revealed that the company had confirmed plans of launching hybrid vehicles in India soon. The executive did not specify a particular timeline but confirmed the addition of hybrid vehicles to the Hyundai India lineup as they gain popularity in the Indian market.
- In October 2024, Contemporary Amperex Technology Co. Ltd., a leading battery manufacturer from China announced the launch of its new battery for hybrid vehicles. The new battery features 4 C fast charging and is capable of providing a range of up to 400 km on a single charge.
Hybrid Vehicle Key Market Trends
- Advancements in Battery Technologies: Hybrid vehicle manufacturers can focus on utilizing advanced battery technologies to enhance the efficiency of their offerings. Reduced charging time and extended electric-only range for hybrid vehicles are slated to be key benefits associated with the use of advanced battery technologies. These advancements could also improve the affordability of hybrid vehicles going forward.
- Autonomous Driving Features: Hybrid vehicle companies can focus on incorporation of autonomous technologies in their offerings to maximize their business scope going forward. Autonomous technology enhances the safety and convenience of hybrids, making them more appealing to tech-savvy consumers and paving the way for further integration of smart systems in the future.
Hybrid Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for efficient vehicles and rising emphasis on sustainability are projected to primarily drive sales of hybrid vehicles over the coming years. However, competition from electric vehicles and dependence on fossil fuels are slated to be key restraints for hybrid vehicle market development in the future. Asia Pacific region is estimated to spearhead the global hybrid vehicle demand outlook owing to the presence of key hybrid vehicle manufacturers in countries such as Japan, China, and India. Use of advanced battery and autonomous technologies is slated to create new opportunities for hybrid vehicle providers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 272 billion |
| Market size value in 2031 | USD 470.1 billion |
| Growth Rate | 7.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hybrid Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hybrid Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hybrid Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hybrid Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hybrid Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hybrid Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
