According to the latest report by IMARC Group “Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global hybrid electric vehicle market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 30% during 2021-2026.
A hybrid electric vehicle (HEV) refers to an automobile powered by combining an internal combustion engine (ICE) with an electric motor. It uses the energy stored in batteries that are charged through regenerative braking. This mechanism converts kinetic energy into electric energy, which can be utilized to power auxiliary loads and minimize idle emissions. HEVs run on clean energy, which offers lower carbon emissions, better performance and mileage, reduced maintenance costs, and decreased fuel consumption.
The rising levels of air pollution are inflating the demand for fuel-efficient vehicles across the globe, which is primarily driving the HEV market growth. This is further supported by growing environmental consciousness among consumers and the implementation of favorable policies by governments of various nations to promote the adoption of electric vehicles (EVs). Additionally, extensive research and development (R&D) activities to develop innovative vehicles with improved fuel efficiency and enhanced performanceis acting as another growth-inducing factor. Apart from this, rapid urbanization and rising disposable incomes of the consumersare further creating a positive outlook for the market.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hybrid Electric Vehicle Market Coverage and Segmentation 2021-2026:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Toyota Motor Corporation
- Honda Motor Co. Ltd.
- Ford Motor Company
- Volkswagen Aktiengesellschaft
- General Motors Company
- Hyundai Motor Company
- Nissan Motor Corporation Ltd.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Propulsion Type:
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
Breakup by Configuration Type:
- Series HEV
- Parallel HEV
- Combination HEV
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Breakup by Power Source:
- Stored Electricity
- On Board Electric Generator
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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