Hybrid vehicles incorporate an electric motor and battery to improve fuel efficiency. They reduce dependency on fossil fuels and emissions. Hybrid vehicles offer numerous advantages such as higher mileage, lower maintenance costs, and reduced carbon footprint. The increasing concerns regarding pollution and depletion of fossil fuels have accelerated the adoption of hybrid vehicles.
The global Hybrid Vehicles Market is estimated to be valued at US$ 465.39 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the hybrid vehicles market is the increasing government initiatives and subsidies to promote hybrid vehicles. Various governments across the globe are offering tax rebates, purchase grants, carpool access, and low-emission vehicle incentives to accelerate the adoption of hybrid vehicles. For instance, the European Union has targeted to cut down carbon emissions from transportation by 60% from 1990 levels by 2050. It is promoting the use of hybrid vehicles and providing purchase incentives up to $7,500. Similarly, the government of India is providing a tax incentive of up to 15% for electric and hybrid vehicles. Such initiatives are encouraging automakers to develop hybrid vehicles while boosting their sales. This is accelerating the hybrid vehicles market growth significantly.
Segment Analysis
The global hybrid vehicle market is dominated by the passenger cars segment. Within passenger cars, hybrid electric vehicles (HEVs) dominate due to their suitability for daily commutes and efficiency in urban environments. HEVs combine a conventional internal combustion engine system with an electric propulsion system to attain higher fuel efficiency than non-hybrid vehicles without compromising on performance. Their dominance is expected to continue owing to rising fossil fuel prices and stringent emission regulations aimed at curbing pollution from transport sector.
Key Takeaways
The Global Hybrid Vehicles Market Size is estimated to be valued at US$ 465.39 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the global hybrid vehicles market and is expected to maintain its leading position during the forecast period. This is attributed to presence of major automobile manufacturers as well as supportive government policies and initiatives to promote electric vehicles in countries such as China and Japan.
Key players operating in the hybrid vehicles market are Wings Corporation, Lion Corporation, and Procter & Gamble Co. Wings Corporation is a leading manufacturer of hybrid electric vehicles in Japan. It offers a wide range of HEVs and PHEVs for both personal and commercial use. Lion Corporation is a large automobile company headquartered in Korea that produces hybrid buses and trucks. Procter & Gamble Co is a major American consumer goods company that has recently diversified into producing electric vehicle batteries and motors.
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