Hybrid Electric Vehicle Market Size to Reach 40.4 Million Units, Globally, by 2028 at 30.4% CAGR

IMARC Group's report titled "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.

A hybrid electric vehicle (HEV) is an automobile that combines an internal combustion engine (typically gasoline or diesel) and an electric motor as power sources to propel the vehicle. HEVs are designed to optimize fuel efficiency and reduce emissions using an electric motor with a gasoline or diesel engine. The electric motor can assist the engine during acceleration, provide power for low-speed driving, and even recharge its battery through regenerative braking. They come in various configurations, the most common being the parallel hybrid and the series hybrid. In a parallel hybrid, the engine and the electric motor can directly power the wheels, working together or independently. In a series hybrid, the engine generates electricity to charge the battery, and the electric motor exclusively powers the wheels. In recent years, HEVs have gained immense popularity as a transitional technology towards fully electric vehicles, providing a more environmentally friendly and fuel-efficient alternative for consumers across the globe.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/hybrid-electric-vehicle-market/requestsample

Hybrid Electric Vehicle Market Trends and Drivers:

The global hybrid electric vehicle market is primarily driven by the increasing environmental awareness and concerns about carbon emissions, pushing consumers and governments to seek more fuel-efficient and eco-friendly transportation options. HEVs, with their ability to combine internal combustion engines with electric propulsion, offer reduced emissions and improved fuel economy. Moreover, the implementation of stringent fuel efficiency and emission standards and several favorable government incentives and regulations promoting electric and hybrid vehicles have accelerated the product adoption rate. Apart from this, ongoing advancements in HEV technology, including more efficient batteries, regenerative braking, and enhanced electric drivetrains that improve performance and reduce costs, represent another major growth-inducing factor. Additionally, inflating fuel prices and the volatility of oil sectors that encourage individuals to consider HEVs as a cost-effective and sustainable alternative are fostering market growth. Besides this, automakers' commitment to electric vehicle (EV) strategies, with HEVs serving as a bridge to fully electric models, is propelling market growth. Furthermore, rapid urbanization and a heightening emphasis on reducing urban air pollution are pushing cities to promote HEVs as a cleaner transportation solution, thereby contributing to market growth.

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.

The report has segmented the market into the following categories:

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

Explore full report with table of contents: https://www.imarcgroup.com/hybrid-electric-vehicle-market

Note: 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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