Press release
Hybrid Truck Market Expansion Outlook: $31.58 Billion in 2029
Hybrid Truck Market
What Is the Projected CAGR for the Hybrid Truck Market from 2024 to 2025?
The size of the hybrid truck industry has seen robust growth recently. The market, valued at $23.41 billion in 2024, is projected to increase to $24.65 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.3%. Factors such as fuel efficiency norms, environmental laws, cost reduction, operational effectiveness, government benefits and subsidies, and the surge in understanding of the carbon footprint have contributed to its growth during the historical period.
What are the Expected Market Size and CAGR for Hybrid Truck by 2029?
Forecasts show a robust expansion in the hybrid truck market in the upcoming years. The market's valuation is predicted to reach $31.58 billion by 2029, witnessing a compound annual growth rate (CAGR) of 6.4%. Factors such as battery technology advancements, enhancements in green logistics, worldwide shift towards environmentally-friendly transportation, strict emission regulations, along with economic and regulatory backing, will drive the growth in the forecasted period. Additionally, the outlook period will witness trends like adoption of autonomous and semi-autonomous features, fuel economy through aerodynamic design, inception of regenerative braking systems, emphasis on last-mile delivery solutions, and application of predictive maintenance technologies.
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Which Factors Are Driving the Global Hybrid Truck Market Expansion?
The increase in government rules and measures against diesel and gasoline-powered automobiles is likely to boost the hybrid truck market's growth. The introduction of government regulations around greenhouse gas emissions and pollution control is prompting truck producers to build vehicles that use alternative fuels. These rules and guidelines are facilitating the expansion of the hybrid truck market. In March 2023, as per the World Economic Forum, a non-government organization based in Switzerland, EU nations ratified a groundbreaking law mandating zero CO2 emissions from all new vehicles by 2035, effectively prohibiting diesel and petrol vehicles. The law also requires a 55% reduction in CO2 emissions by 2030, relative to 2021 levels. Consequently, the ascension in government rules and measures against fuel-powered automobiles is spurring the growth of the hybrid truck market.
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Which Segment Currently Holds the Largest Share of the Hybrid Truck Market?
The hybrid truck market covered in this report is segmented -
1) By Technology Type: Parallel Hybrid, Series Hybrid, Series-Parallel Hybrid, Plug-In-Hybrid
2) By Vehicle Type: Light Duty Truck, Heavy Duty Truck
3) By Application: Construction, Pick Up And Delivery Vehicle
Subsegments:
1) By Parallel Hybrid: Mild Hybrid, Full Hybrid
2) By Series Hybrid: Range-Extender Hybrid
3) By Series-Parallel Hybrid: Combination Of Electric And Combustion Engines
4) By Plug-In Hybrid: Rechargeable Hybrid With External Power Source, Extended Electric Range Hybrid
Which Major Trends Are Shaping the Future of the Hybrid Truck Industry?
Progress in technology is a critical movement in the hybrid truck market. Leading companies in the field are creating high-tech engines and motors, such as hybrid powertrain technology with zero emissions, to maintain their market standing. To illustrate, in May 2022, US Hybrid, an American firm that produces power conversion systems, introduced a near-zero-emission, natural gas-fueled parallel hybrid powertrain technology targeted for drayage and long-haul trucks. This latest innovation offers more power, reduces fuel consumption, boosts efficiency, and achieves near-zero emissions. With this pioneering technology, long-haul fleet operators can avail near-zero-emission roadside charging support, providing flexibility and convenience for fleet customers.
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Which Key Players Dominate the Hybrid Truck Industry Globally?
Major companies operating in the hybrid truck market market include AB Volvo Group, Daimler Truck Holding AG, Nissan Motor Co., BYD Auto Industry Company Limited, DAF NV., Dongfeng Motor Corporation Ltd., Hino Motors Ltd., Chevrolet, Nikola Corporation, Toyota Motor Corporation, Ford Motor Company, Mitsubishi Motors Corporation, Liebherr, General Motors, Fiat Chrysler Automobiles, Peterbilt, Freightliner, Isuzu Motors Limited, Industrial Vehicles Corporation, Foton Motor, Ashok Leyland, Tata Motors Limited, Navistar International Corporation, Hyliion, Dongfeng Motor Corporation, First Automobile Works, Shanghai Automotive Industry Corporation, Eicher Motors, Volkswagen Truck & Bus GmbH, Stellantis
What Are the Fastest-Growing Regions in the Hybrid Truck Market?
North America was the largest region in the hybrid truck market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global hybrid truck market during the forecast period. The regions covered in the hybrid truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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