Global Hybrid Vehicle Market

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

Report ID: SQMIG25C2144 | Region: Global | Published Date: November, 2024
Pages: 207 | Tables: 117 | Figures: 67

Hybrid Vehicle Market News

  • 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.
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FAQs

Global Hybrid Vehicle Market size was valued at USD 272 Billion in 2022 and is poised to grow from USD 291.31 Billion in 2023 to USD 470.85 Billion by 2031, at a CAGR of 7.1% during the forecast period (2024-2031).

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. 'Toyota Motor Corporation (Japan)', 'Honda Motor Co., Ltd. (Japan)', 'BYD Company Ltd. (China)', 'Ford Motor Company (U.S.)', 'Hyundai Motor Company (South Korea)', 'Kia Motors Corporation (South Korea)', 'Nissan Motor Corporation (Japan)', 'Daimler AG (Germany)', 'Volkswagen AG (Germany)', 'AB Volvo (Sweden)'

High Demand for Fuel Efficiency

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.

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.

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Global Hybrid Vehicle Market

Report ID: SQMIG25C2144

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