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Global Hybrid Electric Car Market: Size, Share, Development, Growth, and Demand Forecast to 2023
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Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.
The hybrid electric car market is expected to witness the highest growth in Europe, with a CAGR of 28.5% during the forecast period, owing to stringent emission norms, increased and improved offerings of HEVs from automakers, and growing sense of environmental concern among customers in the region. In addition, continuous decline in the sales of diesel vehicles in the European region after the Volkswagen emission scandal in September 2015 and the expected launch of new HEV models by Renault, Volkswagen, PSA, Mercedes-Benz, and Volvo is further boosting the hybrid electric car market growth.
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The penetration of the hybrid electric car market in emerging economies, such as China, India, Indonesia, Brazil, and South Korea, is in the formative stage. However, there is a high scope for the market growth in developing countries, owing to stringent emission norms, high gasoline prices, and high demand for passenger cars in these regions.
Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.
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