The global hybrid vehicles market is expected to create a lucrative growth opportunity over the estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The market is anticipated to be valued at US$ 192.7 Billion in 2022 and is expected to reach a valuation of US$ 1,362.3 Billion by 2032.

The demand for hybrid vehicles is expected to grow in the future due to several factors, including increasing government regulations on emissions, advances in technology, and consumer demand for more environmentally friendly vehicles.

One of the primary drivers of the growth of the hybrid vehicle market is the increasing government regulations on emissions. Governments around the world are implementing stricter regulations on emissions to reduce air pollution and mitigate the effects of climate change. Hybrid vehicles offer a way to reduce emissions while still providing the convenience and range of traditional fuel-powered vehicles.

Advances in technology are also expected to drive the growth of the hybrid vehicle market. Improvements in battery technology have made it possible for hybrid vehicles to have longer ranges and better performance, while also reducing the cost of production. Additionally, the development of more efficient electric motors and regenerative braking systems has made hybrid vehicles more practical and cost-effective.

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Key Takeaways

  • The global hybrid vehicles market is witnessing fast-paced growth due to significant demand for electric mobility, increasing fuel prices, and stringent regulations framed by governments in various regions. Besides this, electric vehicles are known for their fuel efficiency and generate lesser noise than conventional vehicles. Owing to the attractive incentives and subsidies offered by government authorities in order to support sales of hybrid vehicles, their demand is expected to enhance during the forecast period.
  • Owing to the rising per capita income and disposable income across the globe, the demand for passenger cars and personal vehicles is surging with each passing day. With a surging fleet of automotive vehicles, the rate of carbon emissions is also on a rise. Due to surging fuel prices and rising awareness regarding global warming, the demand for substitute vehicles is growing at a rapid pace.
  • Hybrid vehicles are known to offer better fuel efficiency and have less carbon emission rates, and the demand for hybrid electric vehicles is surging across the globe. Several manufacturers are also paying more attention to the development and introduction of multiple models of hybrid vehicles in order to support the expansion of electro-mobility solutions.
  • A reasonable increase is witnessed in the sales of SUVs, luxury, and sports models. Customers are not just searching for performance, but they want their vehicles to be fully equipped with advanced technologies. Owing to the surging number of awareness campaigns held by government and private agencies in order to promote electric mobility, consumers all over the world are demanding electric vehicles.
  • Attributing the higher practical benefits of plug-in hybrid vehicles are responsible for their immense popularity, in comparison to hybrid and pure electric vehicles. Customers of this type of vehicle tend to suffer from low-range anxiety as the internal combustion engine acts as a backup power source when the batteries run out of charge. In addition to that, the batteries of these vehicles are able to be charged by both internal combustion engines and an external source with the help of a plug. Owing to these aforementioned factors, the demand for plug-in hybrid vehicles is increasing across the globe.

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Competitive Landscape

Over the last few years, there has been a surging number of acquisitions and growth strategies in order to increase the development & production of hybrid vehicles. Several major firms are meticulously working on innovations and new technological developments. Some of the growth strategies used by key firms include contracts & agreements, new product developments, and partnerships to strengthen their market positions.

Key Companies Profiled:

Tilley Inflatable Design & Engineering LTD, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Daimler AG, Volkswagen AG, Renault SAS, Toyota Motor Corporation, Nissan Motor Corporation, Mitsubishi Motor Corporation, Hyundai Motor Company, Bayerische Motoren Werke AG (BMW).