Hybrid Revolution Accelerates: Global Market to Hit $489.7 Billion by 2032, Riding the Wave of 7.8% CAGR Growth

According to a new report published by Allied Market Research, titled, "Hybrid Electric Car Market," The hybrid electric car market was valued at $229.2 billion in 2022, and is estimated to reach $489.8 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

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Prime determinants of growth

The global hybrid electric car market has experienced significant growth and transformation, driven by strengthening emission norms, increase in demand for efficient transportation, and surge in R&D activities. Hybrid electric cars, designed to offer high fuel efficiency and performance, play a pivotal role in the modern transportation landscape.

The market for hybrid electric vehicles is anticipated to witness a moderate growth rate in the coming years, owing to the rising research and development activities in this industry and the strengthening of emission standards on a global scale. However, the growing popularity of electric vehicles will probably hinder market expansion throughout the forecast period. While an increase in demand for hybrid electric cars creates more demand for its maintenance and aftersales services, creating additional revenue generation opportunities for companies operating in the market.

Increasing in research and development activities is forecast to positively drive the hybrid electric car market during the study period. For instance, on March 2023, Automobili Lamborghini, to mark its 60th anniversary, unveiled Revuelto. The new car is a V12 hybrid that offers highly efficient aerodynamic design, super performance and latest technology offerings. The supercar is equipped with three electric motors and a 12 cylinder engine for high performance applications. The 127 CV/Liter combustion engine works in synergy with two front electric motors, which are powered by lithium-ion batteries pack of 4500 W/kg, which also supports fully electric dive mode. The supercar can accelerate from 0-100 in 2.5 seconds and reach top speed of 350 km/h. The supercar is an important launch for the company as it aligns with its 'Direzione Cor Tauri' strategy, which aligns with the company's goal towards decarbonization of future car models and electrified future.

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The hybrid electric car market is fragmented 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. Based on Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.

The parallel hybrid segment to maintain its leadership status throughout the forecast period

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.

The standard hybrid segment to maintain its leadership throughout the forecast period

Based on the vehicle type, the standard hybrid segment held the highest market share in 2022, accounting for nearly three-fifths of the global hybrid electric car market. However, the luxury hybrid segment is anticipated to grow at the fastest CAGR of 8.3% during the forecast period owing to increase in the inclination of consumers for luxury product ranges. In addition, companies operating in the market are also developing technologies that are fuel-efficient and provide luxury at the same time.

Currently, the steep increase in the cost of petroleum-related products has resulted in consumers focus from conventional vehicle towards hybrid, electric and other alternative fuel vehicles. The steep increase in price of petroleum and other fossil fuel is due to depletion of oil reserves and increasing dominance of OPEC countries which majorly control price and production of fossil fuel and related products. The demand for fuel will continue to surge in coming years. Therefore, the rising price of fossil fuel is anticipated to create growth opportunities for companies operating in the market.

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Asia-Pacific to maintain its dominance by 2032

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.

Leading Market Players: -

TOYOTA MOTOR CORPORATION
Honda Motor Co., Ltd
Mercedes-Benz Group AG (Former Daimler AG)
BMW AG
Ford Motor Company
Hyundai Motor Company
Volkswagen Group
Kia Corporation
Nissan Motor Co., Ltd.
AB Volvo.

The report provides a detailed analysis of these key players in the global hybrid electric car market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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