Hybrid Vehicle Market Size, Share, Growth Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Degree of Hybridization (Full, Plug-in), By Component (Body, Chassis), By Region -Industry Forecast 2024-2031

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.