The hybrid vehicles market consists of vehicles that have both electric and gasoline engines. Hybrid vehicles help reduce emissions and improve fuel efficiency over conventional gasoline-powered vehicles. They provide the advantages of both conventional vehicles in terms of range and electric vehicles in terms of emissions and efficiency. With governments around the world focusing on reducing emissions and promoting sustainable mobility, the demand for hybrid vehicles is increasing steadily. The Global hybrid vehicles market is estimated to be valued at US$ 536.13 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the hybrid vehicles market are Wings Corporation, Lion Corporation, and Procter & Gamble Co. Wings Corporation is one of the leading manufacturers of hybrid vehicles globally. Lion Corporation is focused on expanding its hybrid electric bus fleet across North America and Europe. Procter & Gamble Co produces hybrid trucks and delivery vehicles.
The key opportunity in the hybrid vehicles market lies in the increasing focus on reducing emissions from transportation. With stringent emission norms around the world, hybrid vehicles provide an attractive alternative to conventional vehicles. Automakers are introducing several new hybrid models across segments to capture this growing demand.
Globally, the hybrid vehicles market is expanding rapidly led by countries like China, USA, and Japan. With concerns around sustainability rising, other regions like Europe and Asia Pacific are also witnessing solid growth. Major automakers are ramping up hybrid production capacities across key markets to tap the widespread expansion opportunity.
Market drivers:
The rising environmental concerns related to emissions from vehicles are a major market driver. Hybrid vehicles help reduce emissions significantly compared to conventional vehicles and help address this issue. Furthermore, hybrid vehicles also provide better fuel efficiency which reduces the operating costs for owners.
Market restraints:
High initial costs of hybrid vehicles compared to conventional vehicles is a major restraint. The battery and electric powertrain components make hybrids more expensive. There is also a lack of standardization and developing charging infrastructure which has deterred some customers. Range anxiety continues to be a concern for some potential buyers.
Segment Analysis
The Hybrid Vehicle Market Growth can be segmented based on vehicle type into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). The HEVs segment dominates the market presently as they are more affordable compared to PHEVs and BEVs for consumers. HEVs have both an electric motor as well as an internal combustion engine, which allows them to switch between electric and gas modes seamlessly and effectively. This reduces range anxiety for drivers as they can switch to gas mode if the battery is running low.
Global Analysis
Regionally, Asia Pacific is expected to be the fastest growing as well as dominating regional hybrid vehicles market during the forecast period. This can be attributed to the presence of countries like China, Japan, and South Korea in the region. These countries are pioneers in hybrid technology and have competitive automotive industries with leading OEMs focusing on production and sales of hybrid vehicles. Furthermore, supportive government policies promoting use of electric vehicles in countries like China and Japan are also promoting market growth. Factors like growing environmental concerns and rising fuel prices are further accelerating hybrid vehicle adoption in the region.
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