The global hybrid vehicles market growth 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 growth of hybrid vehicles in the future is expected to continue due to several factors, including increasing concerns about the environment, rising fuel costs, and advancements in hybrid technology.
One key driver of growth is the increasing demand for more environmentally friendly vehicles. As people become more aware of the negative impact of fossil fuel emissions on the environment, they are looking for cleaner transportation options. Hybrid vehicles offer a good compromise between the environmental benefits of an electric car and the convenience of a traditional gas-powered car.
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Another factor driving growth is the rising cost of fuel. As gas prices continue to fluctuate, people are looking for more fuel-efficient vehicles to help them save money on gas. Hybrid vehicles can achieve better gas mileage than traditional gas-powered cars, making them an attractive option for many consumers.
Furthermore, advancements in hybrid technology are making these vehicles more practical and appealing to a wider range of consumers. Improvements in battery technology are making hybrids more efficient and able to travel longer distances on electric power alone. In addition, more hybrid models are being introduced across various vehicle segments, providing consumers with more options to choose from.
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.
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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).
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Key Segments Covered in Hybrid Vehicles Market Analysis
By Product Type:
- Hybrid Vehicles
- Plug-in Hybrid Vehicles
By Vehicle Type:
- Passenger Car
- LCV
- HCV
By Engine Type:
- Gasoline Electric
- Diesel Electric
By Powertrain Configuration:
- Parallel Hybrid
- Series Hybrid
- Power Split Hybrid
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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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