Hybrid Electric Vehicle Market Estimated to Reach 31.2 Million Units By 2027 | CAGR of 31.9%

According to the latest report by IMARC Group "Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global hybrid electric vehicle market reached a volume of 5.5 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 31.2 Million Units by 2027, exhibiting a CAGR of 31.9% during 2022-2027.

A hybrid electric vehicle (HEV) refers to an automobile that is powered by a combination of an ICE or internal combustion engine and an electric motor. It generally relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. The hybrid electric vehicle has less fuel consumption, carbon-based emissions, and maintenance costs than vehicles solely powered by an ICE. Consequently, it is gaining extensive traction as an environment-friendly alternative to conventional vehicles.

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Hybrid Electric Vehicle Market Trends and Drivers:

The rising air pollution levels, owing to exhaust emissions from automobiles, and the growing consumer environmental consciousness are among the key factors stimulating the hybrid electric vehicle market. Moreover, the inflating purchasing power of individuals and improving road networks are acting as significant growth-inducing factors. Besides this, government bodies across numerous countries are implementing stringent emission regulations as well as fuel economy norms and offering purchase grants, related incentives, tax rebates, utility rate reductions, etc., which is positively influencing the global market.

Furthermore, the development of innovative vehicles with soundless operations, high-performance engines, improved fuel efficiency, etc., by several leading manufacturers and extensive R&D activities are also propelling the market growth. Besides this, the emerging trend of fuel-efficient and cost-effective commute options is further bolstering the global market. Additionally, continuous improvements in the EV charging infrastructures are leading to extensive investments by power sector stakeholders in automobile utilities and charging hardware, which is expected to fuel the hybrid electric vehicle market over the forecasted period.

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

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This release was published on openPR.