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.
Key Takeaways
- Due to the substantial demand for electric mobility, rising fuel prices, and strict regulations set by governments in various regions, the worldwide market for hybrid vehicles is expanding quickly. Additionally, compared to conventional cars, electric vehicles are known for being more fuel-efficient and producing less noise. The demand for hybrid vehicles is anticipated to rise during the forecast period as a result of the alluring incentives and subsidies provided by government officials to support sales of these vehicles.
- The demand for passenger cars and other personal vehicles is growing daily due to the increasing per capita income and disposable income around the world. The inventory of automobiles is expanding, and with it, so is the rate of carbon emissions. The demand for alternative vehicles is increasing quickly as a result of rising fuel costs and increased awareness of global warming.
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- Because hybrid cars are proven to be more fuel-efficient and emit fewer greenhouse gases, demand for hybrid electric cars is rising everywhere. In order to assist the growth of electro-mobility solutions, some manufacturers are also devoting more attention to the creation and introduction of several kinds of hybrid vehicles.
- Sales of SUVs, luxury vehicles, and sports cars have increased in a moderate manner. Customers expect their automobiles to be fully loaded with cutting-edge technologies as well as performance. Customers around the world are demanding electric vehicles as a result of the increasing awareness efforts run by public and commercial organisations to promote electric mobility.
- Comparing plug-in hybrid vehicles to hybrid and pure electric vehicles, their huge appeal can be attributed to their greater practical benefits. Due to the internal combustion engine’s role as a backup power source when the batteries run out of charge, users of this type of vehicle frequently experience low-range anxiety. Additionally, the batteries of these vehicles can be charged by internal combustion engines as well as an outside source using a connector. Due to the aforementioned reasons, plug-in hybrid cars are becoming more and more popular all over the world.
The widespread adoption of luxury vehicles combined with the enforcement of severe emission-related regulations and high demand for electric vehicles are all contributing to the expansion of the hybrid vehicles market. The hybrid vehicle market is predicted to hold around 25% to 30% of the global electric vehicles market. The growing trend of plug-in hybrid vehicles is expected to push sales in the global hybrid vehicles market in the next decade.
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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).
More Insights into the Hybrid Vehicles Market
The U.S. is expected to dominate the automotive market and incorporates high penetration of technologically advanced and high-cost products. The U.S. government is supporting growth in the hybrid vehicles market by investing in the construction sector since the adoption of electric vehicles increases the demand for charging infrastructure in a variety of settings, including homes, workplaces, and public places. As per FMI, the U.S. hybrid vehicles market is expected to surpass revenues worth US$ 36.5 Bn by the end of 2022.
The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per Japanese consumers, hybrid vehicles are known to be dependable, safe, and simple to use. They are also willing to pay a premium price as they believe these vehicles offer good value.
