Hybrid Electric Vehicle Market Size, Share & Analysis Report, 2023-2032
The global hybrid electric vehicle market size was exhibited at USD 68.71 billion in 2022 and is projected to hit around USD 457.33 billion by 2032, growing at a CAGR of 20.87% during the forecast period 2023 to 2032.
Key Pointers:
Hybrid Electric Vehicle Market Report Scope
|
Report Coverage |
Details |
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Market Size in 2023 |
USD 83.06 Billion |
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Market Size by 2032 |
USD 457.33 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 20.87% |
|
Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
Type, Application, Power Source, Powertrain, Vehicle |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
ZF, Delphi, BorgWarner, Continenta, Schaeffler, Ford, Toyota, Continental, Volvo, Honda, Hyundai, Daimler, Nissan |
A hybrid electric vehicle (HEV) is an automobile powered by a combination of an internal combustion engine (ICE) and an electric motor. It relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. It has less fuel consumption, carbon-based emissions, and maintenance costs than vehicles solely powered by an ICE. As a result, it is gaining immense traction as an environment-friendly alternative to conventional vehicles.
Market Dynamics
Driver: Increasing emission norms
Growing awareness of the emissions has led the regulatory bodies to implement stringent emission regulations. The rising stringency in emission norms for vehicles is forcing OEMs to manufacture hybrid and electric vehicles. Hybrid vehicles emit fewer greenhouse gases than gasoline and diesel vehicles.
The governments in the US and Europe are concentrating on lowering emission limits to decrease the greenhouse gas effect and are also focusing on improving the fuel economy of vehicles. For instance, the US Department of Transportation has set the Corporate Average Fuel Economy (CAFE) standards for vehicles.
Restraint: Rising demand for BEVs and FCEVs
The increasing demand for Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) will be one of the major challenges for the growth of hybrid vehicles. There are many models and types of BEVs such as hatchbacks, sedans, and SUVs in the passenger car segment. Automotive manufacturers such as BYD (China), Tesla (US), and Volkswagen (Germany) are focusing more on the development of BEVs.
The advantages of FCEVs is a high driving range, fast refueling, noiseless operation, and zero-emission of greenhouse gases and air pollutants. These benefits are positively impacting the demand for FCEVs. Moreover, governments are taking initiatives and promoting fuel cells for transportation, which can further boost the demand for fuel cells in the automotive and transportation sectors. For instance, the government of California launched the Clean Vehicle Rebate Project. The project includes rebate funding for low-income consumers and rebates for the purchase or lease of FCEVs.
Opportunity: Growth in developing markets
Hybrid vehicles offer immense opportunities for growth in the markets of developing countries because of initiatives and support from governments (e.g., incentives in sales and manufacturing, tax rebates, increased focus on deploying hybrid commercial vehicles). The Indian government is providing incentives of approximately USD 446 on the purchase of hybrid and electric vehicles in India. The Brazilian government is encouraging the purchase of hybrid vehicles such as plug-in hybrid, hybrid electric, and CNG hybrid by reducing the tax rate. The Mumbai Metropolitan Region Development Authority (MMRDA), India, has awarded a contract to Tata Motors for supplying 25 Tata Starbus Diesel Series Hybrid Electric Buses.
Challenges: High vehicle cost
The challenge faced by the hybrid vehicle market is high cost. A hybrid vehicle such as a plug-in hybrid vehicle has the battery as its central component. The battery increases the cost of the vehicle, making it costlier than diesel- and gasoline-powered vehicles. The price difference is due to parts such as battery and regenerative brake price. However, there has been a significant decrease in the cost of batteries in the past few years. Also, battery manufacturers are taking initiatives and carrying out R&D operations to decrease the cost of batteries.
Some of the prominent players in the Hybrid Electric Vehicle Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Hybrid Electric Vehicle market.
By Type
By Application
By Power Source
By Powertrain
By Vehicle
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hybrid Electric Vehicle Market
5.1. COVID-19 Landscape: Hybrid Electric Vehicle Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hybrid Electric Vehicle Market, By Type
8.1. Hybrid Electric Vehicle Market, by Type, 2023-2032
8.1.1. Full Hybrids
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Mild Hybrids
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Plug-in Hybrids
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Hybrid Electric Vehicle Market, By Application
9.1. Hybrid Electric Vehicle Market, by Application, 2023-2032
9.1.1. Battery
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Electric Motor
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Transmission
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Hybrid Electric Vehicle Market, By Power Source
10.1. Hybrid Electric Vehicle Market, by Power Source, 2023-2032
10.1.1. Stored Electricity HEVs
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. On-Board Electric Generator HEVs
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Hybrid Electric Vehicle Market, By Powertrain
11.1. Hybrid Electric Vehicle Market, by Powertrain, 2023-2032
11.1.1. Series Hybrid Electric Vehicles
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Parallel Hybrid Electric Vehicles
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Combined Hybrid Electric Vehicles
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Hybrid Electric Vehicle Market, By Vehicle
12.1. Hybrid Electric Vehicle Market, by Vehicle, 2023-2032
12.1.1. Hybrid Electric Passenger Cars
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. Commercial Hybrid Electric Vehicles
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. Hybrid Electric Two Wheelers
12.1.3.1. Market Revenue and Forecast (2020-2032)
12.1.4. Other HEVs (Golf Cart, etc.)
12.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Hybrid Electric Vehicle Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Type (2020-2032)
13.1.2. Market Revenue and Forecast, by Application (2020-2032)
13.1.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.1.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.1.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Type (2020-2032)
13.1.6.2. Market Revenue and Forecast, by Application (2020-2032)
13.1.6.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.1.6.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.1.7. Market Revenue and Forecast, by Vehicle (2020-2032)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Type (2020-2032)
13.1.8.2. Market Revenue and Forecast, by Application (2020-2032)
13.1.8.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.1.8.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.1.8.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Type (2020-2032)
13.2.2. Market Revenue and Forecast, by Application (2020-2032)
13.2.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.2.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.2.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
13.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
13.2.6.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.2.7. Market Revenue and Forecast, by Powertrain (2020-2032)
13.2.8. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Type (2020-2032)
13.2.9.2. Market Revenue and Forecast, by Application (2020-2032)
13.2.9.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.2.10. Market Revenue and Forecast, by Powertrain (2020-2032)
13.2.11. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Type (2020-2032)
13.2.12.2. Market Revenue and Forecast, by Application (2020-2032)
13.2.12.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.2.12.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.2.13. Market Revenue and Forecast, by Vehicle (2020-2032)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Type (2020-2032)
13.2.14.2. Market Revenue and Forecast, by Application (2020-2032)
13.2.14.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.2.14.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.2.15. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Type (2020-2032)
13.3.2. Market Revenue and Forecast, by Application (2020-2032)
13.3.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.3.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.3.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
13.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
13.3.6.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.3.6.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.3.7. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Type (2020-2032)
13.3.8.2. Market Revenue and Forecast, by Application (2020-2032)
13.3.8.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.3.8.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.3.9. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Type (2020-2032)
13.3.10.2. Market Revenue and Forecast, by Application (2020-2032)
13.3.10.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.3.10.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.3.10.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Type (2020-2032)
13.3.11.2. Market Revenue and Forecast, by Application (2020-2032)
13.3.11.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.3.11.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.3.11.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Type (2020-2032)
13.4.2. Market Revenue and Forecast, by Application (2020-2032)
13.4.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.4.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.4.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
13.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
13.4.6.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.4.6.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.4.7. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Type (2020-2032)
13.4.8.2. Market Revenue and Forecast, by Application (2020-2032)
13.4.8.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.4.8.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.4.9. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Type (2020-2032)
13.4.10.2. Market Revenue and Forecast, by Application (2020-2032)
13.4.10.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.4.10.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.4.10.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Type (2020-2032)
13.4.11.2. Market Revenue and Forecast, by Application (2020-2032)
13.4.11.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.4.11.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.4.11.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Type (2020-2032)
13.5.2. Market Revenue and Forecast, by Application (2020-2032)
13.5.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.5.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.5.5. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Type (2020-2032)
13.5.6.2. Market Revenue and Forecast, by Application (2020-2032)
13.5.6.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.5.6.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.5.7. Market Revenue and Forecast, by Vehicle (2020-2032)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Type (2020-2032)
13.5.8.2. Market Revenue and Forecast, by Application (2020-2032)
13.5.8.3. Market Revenue and Forecast, by Power Source (2020-2032)
13.5.8.4. Market Revenue and Forecast, by Powertrain (2020-2032)
13.5.8.5. Market Revenue and Forecast, by Vehicle (2020-2032)
Chapter 14. Company Profiles
14.1. ZF
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Delphi
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. BorgWarner
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Continenta
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Schaeffler
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Ford
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Toyota
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Continental
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Volvo
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Honda
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers