Hybrid Electric Car Market to Reach $489.7 Billion, Globally, by 2032 at 7.8% CAGR: Allied Market Research

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Dec 06, 2023, 10:01 ET

Strengthening emission norms coupled with increase in demand for efficient transportation and increasing R&D activities drive the growth of the global hybrid electric car market.

WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hybrid Electric Car Market by Powertrain (Series Hybrid, Parallel Hybrid and Combined Hybrid), Degree of Hybridization (Fully Hybrid and Mild Hybrid), and Vehicle Type (Standard Hybrid, Luxury Hybrid, and Performance Hybrid): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hybrid electric car industry size generated $229.2 billion in 2022, and is anticipated to generate $489.7 billion by 2032, witnessing a CAGR of 7.8% from 2023 to 2032.

(We are providing hybrid electric car industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

122 - Tables
81 - Charts
284 - Pages

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Prime determinants of growth

The global hybrid electric car market has experienced significant growth and transformation, driven by strengthening emission norms, increase in demand for efficient transportation, and surge in R&D activities. Hybrid electric cars, designed to offer high fuel efficiency and performance, play a pivotal role in the modern transportation landscape.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$229.2 billion
Market Size in 2032	$489.7 billion
CAGR	7.8 %
No. of Pages in Report	284
Segments Covered	Powertrain, Degree of Hybridization, Vehicle Type and Region.
Drivers	Strengthening emission norms Increase in demand for efficient transportation Increase in R&D activities
Opportunities	Increase in demand for hybrids to create lucrative growth opportunities for maintenance and aftersales services Increase in the price of fossil fuel to provide an opportunity for players operating in the market
Restraints	Increase in the trend towards electric vehicles

Russia-Ukraine War Scenario

The impact of the Russia-Ukraine conflict has been notably adverse for the automotive sector, not only affecting Ukraine and Russia but also sending ripples across neighboring nations and beyond. Disruptions in supply chains have emerged due to the close proximity of vital manufacturing and supply centers in both countries.
The conflict has led to delays and increased costs for hybrid electric car manufacturers, as they may struggle to obtain critical parts or materials required for production. Economic uncertainty, trade disruptions, and geopolitical tensions can lead to reduced economic growth in the affected regions.

The parallel hybrid segment to maintain its leadership status throughout the forecast period

Based on the powertrain, the parallel hybrid segment held the highest market share in 2022, accounting for two-fifths of the global hybrid electric car market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the combined hybrid segment is estimated to grow at the fastest CAGR of 8.5%, owing to combined hybrid ability to offer the driver to switch between engine and electric motor at any given time, this ability is increasing the demand for combined hybrids, which are extensively being used in performance cars and luxury cars.

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The fully hybrid segment to maintain its leadership throughout the forecast period

Based on the degree of hybridization, the fully hybrid segment held the highest market share in 2022, accounting for more than half of the global hybrid electric car market, and is anticipated to grow at the highest CAGR of 8.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to its lower greenhouse gas emissions and lower environmental impact. Similarly, fully hybrid electric cars are also a strong competitor to fully electric cars, and hence, the demand for fully hybrid is increasing as it allows users to shift to electric motor or ICE mode at any time.

The standard hybrid segment to maintain its leadership throughout the forecast period

Based on the vehicle type, the standard hybrid segment held the highest market share in 2022, accounting for nearly three-fifths of the global hybrid electric car market. However, the luxury hybrid segment is anticipated to grow at the fastest CAGR of 8.3% during the forecast period owing to increase in the inclination of consumers for luxury product ranges. In addition, companies operating in the market are also developing technologies that are fuel-efficient and provide luxury at the same time.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 accounting for more than two-fifths of the global hybrid electric car market due to the growing car ownership in the Asia-Pacific region, along with government support for the adoption of hybrid vehicles.

However, LAMEA is expected to grow at the highest CAGR of 9.3% during the review period due to technological advancement and growing income level in the region.

Key Highlights of the Report:

The hybrid electric car market study encompasses 16 countries, providing regional and segment analysis for each country in terms of value ($million) over the projected period of 2023-2032.
Top companies operating in the industry have been profiled in the research study.
Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at offering a well-rounded view of global markets. The intention is to assist stakeholders in making informed decisions to achieve their ambitious growth objectives.
The research involved a comprehensive review of over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants, enhancing understanding of the market dynamics.

Key Developments:

Leading companies are implementing various strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market positions.
In May 2022, Honda Motor Co., Ltd. introduced the hybrid electric car City to the Indian market. It is the first vehicle in the mainstream market category equipped with standard powerful hybrid electric technology, featuring a self-charging two-motor strong hybrid system paired with a 1.5-liter petrol engine.
In January 2023, TOYOTA MOTOR CORPORATION launched the all-new Prius HEV in Japan, equipped with the latest fifth-generation hybrid system. The Prius achieves great fuel efficiency and enhanced performance on low-friction road surfaces.
In May 2023, Kia Corporation showcased its new lineup of HEVs in Saudi Arabia, featuring models like K5, K8, Sorento, and Niro Plus. These new models aim to achieve a fuel economy of up to 40%, reflecting Kia Corporation's commitment to reducing carbon emissions and expanding its eco-friendly car offerings.

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Leading Market Players: -

TOYOTA MOTOR CORPORATION
Honda Motor Co., Ltd
Mercedes-Benz Group AG (Former Daimler AG)
BMW AG
Ford Motor Company
Hyundai Motor Company
Volkswagen Group
Kia Corporation
Nissan Motor Co., Ltd.
AB Volvo.

The report provides a detailed analysis of these key players in the global hybrid electric car market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Similar Reports We Have on EV Industry:

Micro Electric Vehicle Market Research Report 2023-2032

Low Speed Electric Vehicle Market Research Report 2023-2032

Self-Driving Electric Vehicle Market Research Report 2023-2032

Electric Vehicle Market Research Report 2023-2032

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