Hybrid electric vehicle market 2023-2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK, Dec. 16, 2022 /PRNewswire/ -- Technavio categorizes the global hybrid electric vehicle market as a part of the automotive market, the parent market. The automotive market covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. The global hybrid electric vehicle market size is estimated to increase by 17,098.51 thousand units from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 30.88%.

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Global hybrid electric vehicle market - Customer landscape

To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Global hybrid electric vehicle market – Vendor analysis

Vendor landscape - The global hybrid electric vehicle market is fragmented, with the presence of a few well-established players. A few prominent vendors that offer hybrid electric vehicles in the market are AB Volvo, Bayerische Motoren Werke AG, BYD Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., General Motors Co, Honda Motor Co. Ltd, Hyundai Motor Co, Li Auto Inc., Mercedes Benz Group AG, and others.

Manufacturers are continuously working on developing efficient and high-capacity batteries for HEVs. Most vendors in the global HEV market are investing in R&D for advanced models. Some of the innovative features in HEVs include navigation systems, battery levels, driving systems, and enhanced battery power. Moreover, governments are providing incentives for selling HEVs. For instance, projects focusing on research and innovation in electric mobility can also obtain support from the EU Horizon 2020.

Vendor offerings -

• Bayerische Motoren Werke AG: The company offers hybrid electric vehicles such as 2023 BMW X5, 2022 BMW 7 Series, and 2023 BMW 5 Series.
• BYD Co. Ltd.: The company offers hybrid electric vehicles such as BYD Qin.
• Chongqing Changan Automobile Co. Ltd.: The company offers hybrid electric vehicles such as Changan UNI K iDD.
• Ford Motor Co.: The company offers hybrid electric vehicles such as Mustang Mach E, Escape Hybrid, and Ford F 150 Lightning.
• For details on vendors and their offerings – Buy the report!

Global hybrid electric vehicle market - Segmentation assessment

Geography overview

Based on geography, the global hybrid electric vehicle market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global hybrid electric vehicle market.

• APAC will account for 46% of the global hybrid electric vehicle during the forecast period. APAC is one of the fastest-growing markets for HEVs. China is expected to lead the global HEV market during the forecast period. APAC is experiencing a high demand for HEVs because governments and private-sector companies are focusing on providing battery EVs and hybrid vehicles to promote eco-friendly transport. In addition, economic growth in countries such as China and India is leading to a rapid increase in infrastructure development and an increase in the adoption of eco-friendly automobiles. These factors will drive the growth of the regional market during the forecast period.

Segment overview

Based on propulsion, the global hybrid electric vehicle market is segmented into full HEVs, mild HEVs, and PHEVs.

• The market share growth of the full HEVs segment will be higher than the other segments during the forecast period. Many new car buyers, especially in Japan, prefer full HEVs, as they provide more fiscal incentives and no charging infrastructure is required. During the forecast period, the cost of Li-ion batteries is expected to decline and new models will be launched. These factors will drive the growth of this segment.

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Global hybrid electric vehicle market – Market dynamics

• Leading driver - The push toward the adoption of green vehicles is driving the global hybrid electric vehicle market growth. The use of green vehicles can reduce GHG levels in the atmosphere, as these vehicles run on only electricity, hybrid energy, and other power sources such as solar or wind energy or biofuels. During the forecast period, the use of green vehicles is expected to increase to reduce the pollution caused by carbon dioxide emissions from fuel-consuming vehicles.
• Key trend - Fuel cell HEVs are a key trend in the market. These vehicles use a fuel cell instead of an engine to power the electric motor in combination with the battery. They generate electricity using oxygen and compressed hydrogen. Vehicles that use hydrogen are zero-emission vehicles that emit only water and heat. Toyota is the first OEM to produce hydrogen fuel cell vehicles commercially. Other manufacturers are also planning to introduce such vehicles during the forecast period, which will support the market growth. 
• Major challenge - The high total cost of ownership of HEVs is a major challenge to the global hybrid electric vehicle market growth. The total cost of ownership of an HEV is higher than that of a traditional ICE vehicle due to the additional high-capacity batteries used in HEVs, along with advanced electronic components. The after-sales cost of servicing hybrid vehicle components is also expensive due to the non-availability of hybrid vehicle service parts. Moreover, there are fewer servicing facilities for HEVs when compared to ICE vehicles. Wear and tear of vehicle components is another issue in hybrid electric vehicles. These factors will negatively impact the adoption of HEVs during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this hybrid electric vehicle market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the hybrid electric vehicle market between 2023 and 2027
• Precise estimation of the size of the hybrid electric vehicle market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the hybrid electric vehicle market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of hybrid electric vehicle market vendors

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Related Reports:

• The hybrid vehicle market size is expected to grow by USD 722.82 billion from 2021 to 2026, at an accelerating CAGR of 26.37%. This report extensively covers hybrid vehicle market segmentation by vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles) and geography (APAC, North America, Europe, Middle East and Africa, and South America).
   
• The hybrid car market size is expected to increase by 1,271.96 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.41%. Furthermore, this report extensively covers hybrid car market segmentation by type (HEV and PHEV) and geography (APAC, North America, Europe, MEA, and South America).

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Table of Contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Propulsion
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Vehicle Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global hybrid electric vehicle market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global hybrid electric vehicle market 2017 - 2021 (thousand units)

• 4.2 Propulsion Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Propulsion Segment 2017 - 2021 (thousand units)

• 4.3 Vehicle type Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Vehicle type Segment 2017 - 2021 (thousand units)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Propulsion

• 6.1 Market segments 
• Exhibit 30: Chart on Propulsion - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Propulsion - Market share 2022-2027 (%)

• 6.2 Comparison by Propulsion 
• Exhibit 32: Chart on Comparison by Propulsion
• Exhibit 33: Data Table on Comparison by Propulsion

• 6.3 Full HEVs - Market size and forecast 2022-2027
• Exhibit 34: Chart on Full HEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 35: Data Table on Full HEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 36: Chart on Full HEVs - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Full HEVs - Year-over-year growth 2022-2027 (%)

• 6.4 Mild HEVs - Market size and forecast 2022-2027
• Exhibit 38: Chart on Mild HEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 39: Data Table on Mild HEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 40: Chart on Mild HEVs - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Mild HEVs - Year-over-year growth 2022-2027 (%)

• 6.5 PHEVs - Market size and forecast 2022-2027
• Exhibit 42: Chart on PHEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 43: Data Table on PHEVs - Market size and forecast 2022-2027 (thousand units)
• Exhibit 44: Chart on PHEVs - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on PHEVs - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Propulsion 
• Exhibit 46: Market opportunity by Propulsion (thousand units)

7 Market Segmentation by Vehicle Type

• 7.1 Market segments 
• Exhibit 47: Chart on Vehicle Type - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Vehicle Type - Market share 2022-2027 (%)

• 7.2 Comparison by Vehicle Type 
• Exhibit 49: Chart on Comparison by Vehicle Type
• Exhibit 50: Data Table on Comparison by Vehicle Type

• 7.3 Passenger cars - Market size and forecast 2022-2027
• Exhibit 51: Chart on Passenger cars - Market size and forecast 2022-2027 (thousand units)
• Exhibit 52: Data Table on Passenger cars - Market size and forecast 2022-2027 (thousand units)
• Exhibit 53: Chart on Passenger cars - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Passenger cars - Year-over-year growth 2022-2027 (%)

• 7.4 Commercial vehicles - Market size and forecast 2022-2027
• Exhibit 55: Chart on Commercial vehicles - Market size and forecast 2022-2027 (thousand units)
• Exhibit 56: Data Table on Commercial vehicles - Market size and forecast 2022-2027 (thousand units)
• Exhibit 57: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Vehicle Type 
• Exhibit 59: Market opportunity by Vehicle Type (thousand units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
• Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
• Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 (thousand units)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 (thousand units)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 (thousand units)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 (thousand units)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 (thousand units)
• Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 (thousand units)
• Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027
• Exhibit 97: Chart on France - Market size and forecast 2022-2027 (thousand units)
• Exhibit 98: Data Table on France - Market size and forecast 2022-2027 (thousand units)
• Exhibit 99: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 (thousand units)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 (thousand units)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 Bayerische Motoren Werke AG 
• Exhibit 112: Bayerische Motoren Werke AG - Overview
• Exhibit 113: Bayerische Motoren Werke AG - Business segments
• Exhibit 114: Bayerische Motoren Werke AG - Key news
• Exhibit 115: Bayerische Motoren Werke AG - Key offerings
• Exhibit 116: Bayerische Motoren Werke AG - Segment focus

• 12.4 BYD Co. Ltd. 
• Exhibit 117: BYD Co. Ltd. - Overview
• Exhibit 118: BYD Co. Ltd. - Business segments
• Exhibit 119: BYD Co. Ltd. - Key news
• Exhibit 120: BYD Co. Ltd. - Key offerings
• Exhibit 121: BYD Co. Ltd. - Segment focus

• 12.5 Chongqing Changan Automobile Co. Ltd. 
• Exhibit 122: Chongqing Changan Automobile Co. Ltd. - Overview
• Exhibit 123: Chongqing Changan Automobile Co. Ltd. - Product / Service
• Exhibit 124: Chongqing Changan Automobile Co. Ltd. - Key news
• Exhibit 125: Chongqing Changan Automobile Co. Ltd. - Key offerings

• 12.6 Ford Motor Co. 
• Exhibit 126: Ford Motor Co. - Overview
• Exhibit 127: Ford Motor Co. - Business segments
• Exhibit 128: Ford Motor Co. - Key news
• Exhibit 129: Ford Motor Co. - Key offerings
• Exhibit 130: Ford Motor Co. - Segment focus

• 12.7 General Motors Co 
• Exhibit 131: General Motors Co - Overview
• Exhibit 132: General Motors Co - Business segments
• Exhibit 133: General Motors Co - Key news
• Exhibit 134: General Motors Co - Key offerings
• Exhibit 135: General Motors Co - Segment focus

• 12.8 Honda Motor Co. Ltd 
• Exhibit 136: Honda Motor Co. Ltd - Overview
• Exhibit 137: Honda Motor Co. Ltd - Business segments
• Exhibit 138: Honda Motor Co. Ltd - Key news
• Exhibit 139: Honda Motor Co. Ltd - Key offerings
• Exhibit 140: Honda Motor Co. Ltd - Segment focus

• 12.9 Hyundai Motor Co 
• Exhibit 141: Hyundai Motor Co - Overview
• Exhibit 142: Hyundai Motor Co - Business segments
• Exhibit 143: Hyundai Motor Co - Key news
• Exhibit 144: Hyundai Motor Co - Key offerings
• Exhibit 145: Hyundai Motor Co - Segment focus

• 12.10 Mercedes Benz Group AG 
• Exhibit 146: Mercedes Benz Group AG - Overview
• Exhibit 147: Mercedes Benz Group AG - Business segments
• Exhibit 148: Mercedes Benz Group AG - Key offerings
• Exhibit 149: Mercedes Benz Group AG - Segment focus

• 12.11 Mitsubishi Motors Corp. 
• Exhibit 150: Mitsubishi Motors Corp. - Overview
• Exhibit 151: Mitsubishi Motors Corp. - Business segments
• Exhibit 152: Mitsubishi Motors Corp. - Key offerings
• Exhibit 153: Mitsubishi Motors Corp. - Segment focus

• 12.12 Nissan Motor Co. Ltd. 
• Exhibit 154: Nissan Motor Co. Ltd. - Overview
• Exhibit 155: Nissan Motor Co. Ltd. - Business segments
• Exhibit 156: Nissan Motor Co. Ltd. - Key news
• Exhibit 157: Nissan Motor Co. Ltd. - Key offerings
• Exhibit 158: Nissan Motor Co. Ltd. - Segment focus

• 12.13 Renault SAS 
• Exhibit 159: Renault SAS - Overview
• Exhibit 160: Renault SAS - Product / Service
• Exhibit 161: Renault SAS - Key news
• Exhibit 162: Renault SAS - Key offerings

• 12.14 SAIC Motor Corp. Ltd. 
• Exhibit 163: SAIC Motor Corp. Ltd. - Overview
• Exhibit 164: SAIC Motor Corp. Ltd. - Business segments
• Exhibit 165: SAIC Motor Corp. Ltd. - Key news
• Exhibit 166: SAIC Motor Corp. Ltd. - Key offerings
• Exhibit 167: SAIC Motor Corp. Ltd. - Segment focus

• 12.15 Toyota Motor Corp. 
• Exhibit 168: Toyota Motor Corp. - Overview
• Exhibit 169: Toyota Motor Corp. - Business segments
• Exhibit 170: Toyota Motor Corp. - Key news
• Exhibit 171: Toyota Motor Corp. - Key offerings
• Exhibit 172: Toyota Motor Corp. - Segment focus

• 12.16 Volkswagen AG 
• Exhibit 173: Volkswagen AG - Overview
• Exhibit 174: Volkswagen AG - Business segments
• Exhibit 175: Volkswagen AG - Key offerings
• Exhibit 176: Volkswagen AG - Segment focus

• 12.17 Zhejiang Geely Holding Group 
• Exhibit 177: Zhejiang Geely Holding Group - Overview
• Exhibit 178: Zhejiang Geely Holding Group - Product / Service
• Exhibit 179: Zhejiang Geely Holding Group - Key news
• Exhibit 180: Zhejiang Geely Holding Group - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 181: Inclusions checklist
• Exhibit 182: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 183: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 184: Research methodology
• Exhibit 185: Validation techniques employed for market sizing
• Exhibit 186: Information sources

• 13.5 List of abbreviations 
• Exhibit 187: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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