Hybrid Electric Vehicle market to register a CAGR of 9.10%, in terms of volume, until 2027
Increasing concern for environment and rise in electrification
of vehicles coupled with sustained focus of the government on EV adoption,
along with subsidies in manufacturing will lead to the growth of hybrid electric
vehicle all over the world during the forecast period.
According to TechSci Research report, “Hybrid
Electric Vehicle Market – Global Industry Size By Hybridization Type, By
Vehicle Type, By Powertrain, By Propulsion, By Region, Competition, Forecast
& Opportunities, 2017-2027F”, Global Hybrid Electric Vehicle Market is anticipated to register a CAGR of
9.10%, in terms of volume 13.32 million during the forecast period, owing to
sustainable government regulations. China, being the largest hybrid electric
vehicle producer and market in the world, is expected to grow at a CAGR of 7.75%
during the forecast period. According to the government of China, the country
is planning to improve the productivity of hybrid electric vehicles, providing subsidies
to ease purchasing of vehicles and hence, sustained growth is expected in the country.
Strengthening of financial state of global automotive industry by loan waivers,
availability of subsidized rate of commodities and growing popularity of bank financing
will be the key factors responsible for the growth of hybrid electric vehicle market
worldwide for next five years.
Global hybrid electric vehicle market is classified
based on hybridization type, vehicle type, by powertrain type, by propulsion
type, and by region. Based on hybridization type the market is segmented into
mild-hybrid electric vehicle (MHEV) and full-hybrid electric vehicle (FHEV). Based on vehicle type, the market is segmented
into two wheelers, passenger car, light commercial vehicles, and medium and
heavy commercial vehicle. Increase in sales of electric passenger cars due to
presence of huge population and growing disposable income is driving the growth
of passenger car segment.
Browse 188 market data Figures spread through 110 Pages and an in-depth TOC on "Global Hybrid Electric Vehicle Market"
In terms of hybridization, FHEV was
the fastest growing segment during the forecast period. During the
forecast period, the mild-hybrid sector is expected to account for the
highest volume of the market. During the forecast period, the full-hybrid
market is anticipated to witness the faster growth at a CAGR of 9.18%. The
expansion of the full-hybrid market can be ascribed to ongoing technological
advancements that have improved fuel economy and decreased emissions.
On the basis of powertrain type,
market is segmented among parallel hybrid, series-parallel hybrid, and series
hybrid. Owing to the rising use of regenerative braking technology, this market
is probably going to expand. When the brakes are applied, regenerative braking
technology recovers the energy needed to recharge the battery. It lessens the
need for external power infrastructure and as a result, the regenerative
braking system is the most widely employed technology in hybrid automobiles.
The market for parallel hybrids will increase due to the utilisation of the
regenerative braking system and the lower cost of micro and mild hybrids
compared to PHEVs.
By region, the market is distributed
into Asia-Pacific, Europe, North America, South America, Middle East &
Africa. With
China accounting for the largest market share in 2021, APAC is predicted
to have the quickest rate of growth for the hybrid car industry. The rising
sales of hybrid automobiles in Japan, China, and South Korea are responsible
for the market expansion in the area. Major participants in the market for
hybrid vehicles, including Toyota Motor Corporation,
Honda Motor Co., Ltd., Nissan Motor Co., are all based in the Asia-Pacific
region. Worldwide sales of hybrid vehicles are dominated by Toyota Motor
Corporation. Thus, the extensive use of hybrid car technology in China and
Japan is expected to propel the demand for hybrid electric vehicles in APAC
region. China is expected to register a CAGR of 7.75% and will help boost the
market during the forecast period.
Due to the implementation of
lockdown to prevent COVID-19 pandemic, sales of hybrid electric vehicles fell
at the end of first and beginning of second quarter in most of the countries in
2021. Nevertheless, in most of the regions across the globe, the market
recovered substantially at the end of second quarter and almost completely by
the third quarter. Hence, giving positive outlook to the market forecast for
the year 2022.
Toyota Motor Corporation company
holds the largest share in the global hybrid electric, electric vehicle followed by Volkswagen AG, Honda Motor Co., Ltd.,
Nissan Motor Co., Ltd., Groupe Renault, BMW AG, Suzuki Motor Corporation,
Wuling Motors Holdings Limited, AB Volvo, and The General Motors Company.
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Toyota Motor Corporation dominated
the market in the year 2021, due to its remarkable dealership network, which
offers a wide range of economical yet qualitative products with adaptive
technological demands of their customers as well as withstanding government’s safety
norms. The demand for hybrid electric vehicles is expected to increase globally
in the coming years, on account of increased adaption of green energy
technology, which is expected to drive market growth”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Global Hybrid Electric Vehicle By
Hybridization Type (MHEV, FHEV), By Vehicle Type (PC, LCV, M&HCV), By
Powertrain (Parallel Hybrid, Series-Parallel Hybrid, Series Hybrid), By
Propulsion (Diesel Hybrid, Petrol Hybrid), By Region, Competition, Forecast
& Opportunities, 2017-2027F” has evaluated the future growth potential of global
hybrid electric vehicle market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Hybrid
Electric Vehicle Market.
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