The global hybrid electric car market has experienced significant growth and transformation, driven by strengthening emission norms, increase in demand for efficient transportation, and surge in R&D activities. Hybrid electric cars, designed to offer high fuel efficiency and performance, play a pivotal role in the modern transportation landscape.
The global hybrid electric car market size was valued at USD 229.2 billion in 2022, and is projected to reach USD 489.8 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032. Strengthening emission norms coupled with increase in demand for efficient transportation and increasing R&D activities drive the growth of the global hybrid electric car market.
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The market for hybrid electric vehicles is anticipated to witness a moderate growth rate in the coming years, owing to the rising research and development activities in this industry and the strengthening of emission standards on a global scale. However, the growing popularity of electric vehicles will probably hinder market expansion throughout the forecast period. While an increase in demand for hybrid electric cars creates more demand for its maintenance and aftersales services, creating additional revenue generation opportunities for companies operating in the market.
Segment Review:
Based on the powertrain, the parallel hybrid segment held the highest market share in 2022, accounting for two-fifths of the global hybrid electric car market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the combined hybrid segment is estimated to grow at the fastest CAGR of 8.5%, owing to combined hybrid ability to offer the driver to switch between engine and electric motor at any given time, this ability is increasing the demand for combined hybrids, which are extensively being used in performance cars and luxury cars.
Based on the degree of hybridization, the fully hybrid segment held the highest market share in 2022, accounting for more than half of the global hybrid electric car market, and is anticipated to grow at the highest CAGR of 8.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to its lower greenhouse gas emissions and lower environmental impact. Similarly, fully hybrid electric cars are also a strong competitor to fully electric cars, and hence, the demand for fully hybrid is increasing as it allows users to shift to electric motor or ICE mode at any time.
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Regional Insights:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 accounting for more than two-fifths of the global hybrid electric car market due to the growing car ownership in the Asia-Pacific region, along with government support for the adoption of hybrid vehicles.
However, LAMEA is expected to grow at the highest CAGR of 9.3% during the review period due to technological advancement and growing income level in the region.
Key Industry Players:
Key players covered in the hybrid electric car market report include TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd, Mercedes-Benz Group AG (Former Daimler AG), BMW AG, Ford Motor Company, Hyundai Motor Company, Volkswagen Group, Kia Corporation, Nissan Motor Co., Ltd., and AB Volvo. The companies have adopted strategies such as product launches, contracts, expansions, agreements, and others to improve their market positioning.
