Hybrid Vehicles Market is Estimated to Reach 6,272 (Thousand) Units in 2024

Hybrid Vehicles Market is Estimated to Reach 6,272 (Thousand) Units in 2024

The Global Hybrid Vehicles Market is estimated to reach 6,272 (Thousand) Units in 2024 at a CAGR of 9.3 %, predicts forencis research (FSR).

Hybrid vehicles use two or more engines who work simultaneously to provide maximum power for reducing fuel consumption and volatile organic compounds (VOC) emissions. Few variants of hybrid vehicles can run completely on electric motor whereas some variants can utilize both gas engines and an electric motor which results in low fuel consumption. These vehicles are mainly powered by Internal Combustion Engine (ICE) but are assisted by an electric motor. Regenerative braking system is one of the advanced technology used in these vehicles which helps is recapturing the lost energy and generate electricity to charge the battery that helps to boost the electric motor while applying breaks.

Hybrid Vehicles Market: Drivers & Restraints

Market Drivers:

Rise in Demand for Emission Free Vehicles

The market is growing on the grounds of the growing need for emission free vehicles globally. The prime contributor to air pollution is the transportation sector. As per U.S. Environmental Protection Agency (EPA) on an average, a medium-size vehicle per mile emits 411 grams of CO2 and fuel engine vehicles emits carbon monoxide (CO), sulfur oxides (SOx), nitrogen oxide (NOx) and unburned hydrocarbons (CxHy). The impact of these gases is high on global warming than CO2, which is boosting the demand for emission free vehicles. Hybrid Vehicles are environment-friendly because it emits less CO2 comparatively diesel or petrol-powered vehicles, is fueling the market demand. For instance, India’s objective by 2030 is to have all-electric car vehicles which will help in lowering the import of fuel.

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Demand for Low Fuel Consuming Vehicles

Hybrid vehicles need less fuel which results in low emission. These vehicles run on diesel or petrol engine with an electric motor. The purpose of using them together results in low fuel consumption and conserves energy. Hybrid vehicles provide a high fuel economy which results in reducing the overall running cost. According to the International Council on Clean Transportation (ICCT), hybrid systems reduce CO2 emissions and fuel consumption by 35% which is equal to a 50% increase in fuel economy. Hence the demand for low fuel consuming vehicles is expected to drive the hybrid vehicles market during the forecast period.

Market Restraint:

High Production Cost

Hybrids are more expensive than petrol or diesel engine vehicles due to designing, developing, validating and building reasons. These vehicles include systems like electronic control units, electric inverters & converters, high-voltage batteries, sensors and semiconductors which are not used in conventional vehicles which results in high purchasing costs. Additional complex components add extra cost to hybrid cars. Thus high production cost impacts the market growth of the hybrid vehicles market.

Hybrid Vehicles Market: Key Segments

  • Based on Type: Parallel Hybrids, Series Hybrids, and Plug-in Hybrids.
  • Based on Component: Prime Mover, Electric Motor, Energy Storage System and Transmission System.
  • Based on Propulsion: Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs) and Natural Gas Vehicles (NGV).
  • Based on Vehicle Type: Passenger Vehicles, Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV).
  • Key Regions Covered: North America, South America, Europe, Asia-Pacific Middle East & Africa, South America with individual country-level analysis.

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Hybrid Vehicles Market: Report Scope

The report on the hybrid vehicles market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

List of the leading companies operating in the Hybrid Vehicles Market include:

  • TOYOTA MOTOR CORPORATION (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Delphi Technologies
  • Ford Motor Company
  • Continental AG
  • ZF Friedrichshafen AG
  • AB Volvo
  • Daimler AG
  • Hyundai Motor Co
  • Honda Motor Co., Ltd.
  • BorgWarner Inc.
  • Other Key Companies

Hybrid Vehicles Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Hybrid Vehicles Market, by Type

  • Parallel Hybrids
  • Series Hybrids
  • Plug-In Hybrids

Hybrid Vehicles Market, by Component

Battery system

Prime Mover

Electric Motor

  • DC/DC Converter
  • DC/AC Inverter
  • Controller

Energy Storage System

Transmission System

Hybrid Vehicles Market, by Propulsion

  • Hybrid Electric Vehicles (HEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Natural Gas Vehicles (NGV)

Hybrid Vehicles Market, by Vehicle Type

Passenger Vehicles

  • Internal Combustion Engine (ICE)
  • Electric Vehicles

Light Commercial Vehicles (LCV)

  • Internal Combustion Engine (ICE)
  • Electric Vehicles

Heavy Commercial Vehicles (HCV)

  • Internal Combustion Engine (ICE)
  • Electric Vehicles

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Hybrid Vehicles Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
  • South America (Brazil, Argentina, Rest of South America)

Key Questions answered by the report

  • What are the major developments impacting the global market and its growth?
  • What will be the effects of the developments in the global market on the industry and the market players in the near and far future?
  • What are the evolving types of the global market?
  • What are the evolving applications of the global market?
  • What are the major characteristics that will affect the global market growth during the study period?
  • Who are the key global players operating in the market?
  • How are the major players leveraging in the existing global market conditions?

Table of Content

  6. HYBRID VEHICLES MARKET BY TYPE, Market Size in Units (2017–2024)
  7. HYBRID VEHICLES MARKET BY COMPONENT, Market Size in Units (2017–2024)
  8. HYBRID VEHICLES MARKET BY PROPULSION, Market Size in Units (2017–2024)
  9. HYBRID VEHICLES MARKET BY VEHICLE TYPE, Market Size in Units (2017–2024)
  10. HYBRID VEHICLES MARKET BY REGION, Market Size in Units (2017–2024)

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About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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