Hybrid Electric Vehicle Market Expected to Rise at 30.4% CAGR during 2023-2028 | IMARC Group

Published February 14, 2023

According to the latest report by IMARC Group “Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global hybrid electric vehicle market size reached 7.6 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 40.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 30.4% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Hybrid Electric Vehicle Market

Hybrid electric vehicle (HEV) refers to vehicles that comprise an electric engine and a conventional internal combustion engine (ICE) to run properly. It consists of an engine, thermal system, electric motor, fuel tank, exhaust system, control module, and battery pack with controller and inverter. It has lower maintenance costs, produces lesser carbon emissions, and consumes less oil. It offers better performance and fuel efficiency as compared to traditional ICE vehicles. It also provides regenerative braking feature and auto-start or auto-shutdown that prevents waste of energy.

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Hybrid Electric Vehicle Market Trends and Drivers:

At present, the rising demand for green mobility due to the increasing awareness among the masses about global warming represents one of the primary factors bolstering the growth of the market. Besides this, the growing demand for HEV, as it generates less noise and saves energy as compared to traditional vehicles, is offering a positive market outlook. Moreover, governing agencies of various countries are implementing stringent policies to reduce carbon footprints around the world. They are also offering various incentives and subsidies for promoting the usage of HEV, which is offering lucrative growth opportunities to industry investors. Furthermore, the increasing preference of consumers towards luxury and high-performance hybrid technology is propelling the growth of the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Toyota Motor Corporation
  • Honda Motor Co. Ltd.
  • Ford Motor Company
  • Volkswagen Aktiengesellschaft
  • General Motors Company
  • Hyundai Motor Company
  • Nissan Motor Corporation Ltd.

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The report has segmented the market on the basis of Product Type, End-User and Region.

Breakup by Propulsion Type:

  • Full Hybrids
  • Mild Hybrids
  • Plug-in Hybrids
  • Others

Breakup by Configuration Type:

  • Series HEV
  • Parallel HEV
  • Combination HEV

Breakup by Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles
  • Two Wheelers
  • Others

Breakup by Power Source:

  • Stored Electricity
  • On Board Electric Generator

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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