Hybrid Electric Vehicle Market Size to Surpass 10.0 Million Units by 2032 | Exhibiting CAGR of 28%

IMARC Group's report titled "𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐓𝐲𝐩𝐞 (𝐅𝐮𝐥𝐥 𝐇𝐲𝐛𝐫𝐢𝐝𝐬, 𝐌𝐢𝐥𝐝 𝐇𝐲𝐛𝐫𝐢𝐝𝐬, 𝐏𝐥𝐮𝐠-𝐢𝐧 𝐇𝐲𝐛𝐫𝐢𝐝𝐬, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐂𝐨𝐧𝐟𝐢𝐠𝐮𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐲𝐩𝐞 (𝐒𝐞𝐫𝐢𝐞𝐬 𝐇𝐄𝐕, 𝐏𝐚𝐫𝐚𝐥𝐥𝐞𝐥 𝐇𝐄𝐕, 𝐂𝐨𝐦𝐛𝐢𝐧𝐚𝐭𝐢𝐨𝐧 𝐇𝐄𝐕), 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞 (𝐏𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐂𝐚𝐫𝐬, 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬, 𝐓𝐰𝐨-𝐖𝐡𝐞𝐞𝐥𝐞𝐫𝐬, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐏𝐨𝐰𝐞𝐫 𝐒𝐨𝐮𝐫𝐜𝐞 (𝐒𝐭𝐨𝐫𝐞𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲, 𝐎𝐧 𝐁𝐨𝐚𝐫𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐨𝐫), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐", The hybrid electric vehicle market size reached 10.0 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 98.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 28% during 2024-2032.

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

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐂𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐚𝐧𝐝 𝐄𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬:

Increasing concerns about pollution and climate change represents one of the key factors impelling the market growth. Hybrid electric vehicles (HEVs) offer an eco-friendly alternative to conventional vehicles by significantly reducing greenhouse gas emissions and air pollutants. This aspect is particularly important in urban areas, where air quality is a major public health concern. The governing bodies around the world are responding to these environmental challenges by implementing stricter emission regulations. These regulations often include incentives for hybrid and electric vehicle production and ownership, such as tax breaks, subsidies, and infrastructure support. This regulatory landscape is encouraging both automobile manufacturers and individuals to shift towards hybrid vehicles.

𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐧𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞:

The rising advancement in battery technology is bolstering the market growth. Modern HEVs are equipped with more efficient, durable, and cost-effective batteries, significantly enhancing their appeal. Lithium-ion (Li-on) batteries, which have higher energy densities and longer lifespans than traditional nickel-metal hydride batteries (NiMH), are becoming more prevalent in hybrid vehicles. These advancements result in longer driving ranges, shorter charging times, and overall better vehicle performance, making HEVs increasingly competitive with conventional vehicles. Additionally, technological improvements in powertrain systems, energy recovery mechanisms, and electronic controls contribute to better fuel efficiency and driving experience. These battery technologies are reducing the cost of HEVs, making them more accessible to a broader range of buyers.

𝐂𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐚𝐧𝐝 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬:

The rising shift in buyer preferences and the growing awareness about the benefits of hybrid vehicles is bolstering the market growth. Buyers are becoming more informed and environmentally conscious, seeking vehicles that are not only eco-friendly but also cost-effective in the long run. HEVs, with their lower fuel consumption and reduced maintenance costs, meet these criteria. The growing awareness about the long-term economic benefits, coupled with the desire to reduce carbon footprints, is encouraging buyers to opt for hybrid vehicles over traditional gasoline or diesel cars. Moreover, the rising availability of a variety and quality of hybrid models is offering buyers a wide range of choices to suit different needs and preferences.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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

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

𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐲 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐓𝐲𝐩𝐞:

Full Hybrids
Mild Hybrids
Plug-in Hybrids
Others

Plug-in hybrids hold the biggest market share due to their flexibility in using both electricity and gasoline, offering a balance of range and efficiency attractive to individuals.

𝐁𝐲 𝐂𝐨𝐧𝐟𝐢𝐠𝐮𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐲𝐩𝐞:

Series HEV
Parallel HEV
Combination HEV

Parallel HEVs dominate the market share as they are easier to manufacture and maintain, providing a cost-effective hybrid solution.

𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞:

Passenger Cars
Commercial Vehicles
Two-Wheelers
Others

Passenger cars represent the largest segment, attributed to rising demand, diverse model offerings, and increasing supportive government incentives.

𝐁𝐲 𝐏𝐨𝐰𝐞𝐫 𝐒𝐨𝐮𝐫𝐜𝐞:

Stored Electricity
On Board Electric Generator

Stored electricity accounts for the majority of the market share as it enables lower emissions and fuel consumption, aligning with global trends towards sustainable transportation.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

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

North America dominates the market on account of the growing awareness, increasing government incentives for green vehicles, and advanced infrastructure supporting electric and hybrid vehicles.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

The growing incorporation of artificial intelligence (AI) and machine learning (ML) technologies to enhance various aspects of HEVs, such as battery management systems, energy efficiency, and predictive maintenance, is positively influencing the market. AI algorithms optimize battery usage and charging patterns, improving the overall efficiency and lifespan of the vehicle. Additionally, AI-driven features like autonomous driving capabilities and advanced driver-assistance systems (ADAS) are becoming standard in HEVs. This trend towards smart, AI-powered vehicles is not only elevating the driving experience but also playing a crucial role in attracting tech-savvy buyers who seek cutting-edge automotive technology.

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐁𝐲 𝐈𝐌𝐀𝐑𝐂 𝐆𝐫𝐨𝐮𝐩

𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐁𝐮𝐬 𝐃𝐨𝐨𝐫 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/autonomous-bus-door-system-market

𝐑𝐞𝐚𝐫 𝐒𝐩𝐨𝐢𝐥𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/rear-spoiler-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐟𝐨𝐭𝐚𝐢𝐧𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/automotive-infotainment-market

𝐀𝐠𝐫𝐢𝐜𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐓𝐢𝐫𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/agricultural-tires-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐢𝐫𝐢𝐧𝐠 𝐇𝐚𝐫𝐧𝐞𝐬𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/automotive-wiring-harness-market

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐰𝐨-𝐰𝐡𝐞𝐞𝐥𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/electric-two-wheeler-market

𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/autonomous-vehicle-market

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐁𝐨𝐚𝐭 𝐀𝐧𝐝 𝐒𝐡𝐢𝐩 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.imarcgroup.com/electric-boat-ship-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

IMARC Group

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