The Hybrid Electric Car Market Reach USD 489.7 Billion by 2032, Growing with 7.8% CAGR

Allied Market Research published a new report, titled, " The Hybrid Electric Car Market Reach USD 489.7 Billion by 2032, Growing with 7.8% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global hybrid electric car market size was valued at $229.2 billion in 2022, and is projected to reach $489.8 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 𝟐𝟖𝟒 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A14585

The hybrid electric car market is segmented on the basis of powertrain, degree of hybridization, and vehicle type. By powertrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. On the basis of degree of hybridization, the market is fragmented into fully hybrid, and mild hybrid. By vehicle type, the market is divided into standard hybrids, luxury hybrids, and performance hybrids. Region-wise, the hybrid electric car industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 accounting for more than two-fifths of the global hybrid electric car market due to the growing car ownership in the Asia-Pacific region, along with government support for the adoption of hybrid vehicles. However, LAMEA is expected to grow at the highest CAGR of 9.3% during the review period due to technological advancement and growing income level in the region.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A14585

Based on the powertrain, the parallel hybrid segment held the highest market share in 2022, accounting for two-fifths of the global hybrid electric car market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the combined hybrid segment is estimated to grow at the fastest CAGR of 8.5%, owing to combined hybrid ability to offer the driver to switch between engine and electric motor at any given time, this ability is increasing the demand for combined hybrids, which are extensively being used in performance cars and luxury cars.

Based on the degree of hybridization, the fully hybrid segment held the highest market share in 2022, accounting for more than half of the global hybrid electric car market, and is anticipated to grow at the highest CAGR of 8.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to its lower greenhouse gas emissions and lower environmental impact. Similarly, fully hybrid electric cars are also a strong competitor to fully electric cars, and hence, the demand for fully hybrid is increasing as it allows users to shift to electric motor or ICE mode at any time.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A14585

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

● In May 2022, Honda Motor Co., Ltd. introduced the hybrid electric car City to the Indian market. It is the first vehicle in the mainstream market category equipped with standard powerful hybrid electric technology, featuring a self-charging two-motor strong hybrid system paired with a 1.5-liter petrol engine.

● In January 2023, TOYOTA MOTOR CORPORATION launched the all-new Prius HEV in Japan, equipped with the latest fifth-generation hybrid system. The Prius achieves great fuel efficiency and enhanced performance on low-friction road surfaces.

● In May 2023, Kia Corporation showcased its new lineup of HEVs in Saudi Arabia, featuring models like K5, K8, Sorento, and Niro Plus. These new models aim to achieve a fuel economy of up to 40%, reflecting Kia Corporation's commitment to reducing carbon emissions and expanding its eco-friendly car offerings.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟖𝟒 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/hybrid-electric-car-market/purchase-options

𝐑𝐮𝐬𝐬𝐢𝐚-𝐔𝐤𝐫𝐚𝐢𝐧𝐞 𝐖𝐚𝐫 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨

● The impact of the Russia-Ukraine conflict has been notably adverse for the automotive sector, not only affecting Ukraine and Russia but also sending ripples across neighboring nations and beyond. Disruptions in supply chains have emerged due to the close proximity of vital manufacturing and supply centers in both countries.

● The conflict has led to delays and increased costs for hybrid electric car manufacturers, as they may struggle to obtain critical parts or materials required for production. Economic uncertainty, trade disruptions, and geopolitical tensions can lead to reduced economic growth in the affected regions.

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𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐕 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/micro-electric-vehicle-market-A53576 - Global Opportunity Analysis and Industry Forecast, 2022-2031

https://www.alliedmarketresearch.com/low-speed-electric-vehicles-market - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/electric-vehicle-market - Global Opportunity Analysis and Industry Forecast, 2021-2030

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