Hybrid Vehicle Market Size to Record 7.3% CAGR Over 2023-2030; Trend of Vehicle Electrification in Emerging Markets to Fuel Market Progress

The global hybrid vehicle market size touched USD 227.94 billion in 2022 and is predicted to reach USD 271.80 billion in 2023. The market is anticipated to touch USD 443.91 billion by 2030, recording a CAGR of 7.3% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Hybrid Vehicle Market Size, Share, COVID-19 Impact Analysis, By Vehicle Type (Passenger Car & Commercial Vehicle), By Electric Powertrain (Parallel & Series-Parallel), By Degree of Hybridization (Mild, Full & Plug-in Hybrid), By Components (Body, Chassis, Powertrain, Electronics and Others) and Regional Forecast, 2023-2030”.

Countries across the world are becoming more aware of the harmful effects of carbon emissions released into the environment by fossil-fueled vehicles. Carbon emissions not only increase the level of pollution, but are also one of the main reasons behind severe environmental issues, such as global warming and climate change. Car manufacturing companies are seeing a major shift in customers’ preferences as they are looking for eco-friendly and fuel efficient vehicles. It has prompted them to increase their investments in various advanced technologies to make environmentally friendly automobiles. These factors are predicted to drive the hybrid vehicle market growth.

Delays in New Vehicle Production During COVID-19 Slowed Market Growth

The automotive sector was one of the most badly affected industries during the COVID-19 pandemic. This is because many people stopped going out, which not only decreased the number of on-road vehicles drastically, but also reduced the revenue margins of automakers. Since the COVID-19 outbreak caused severe supply chain disruptions, carmakers had to delay the production of new vehicles due to shortage of raw materials and workers. These factors further decelerated the market’s growth during this period.

Toyota Motor North America Built New USD 50 Million R&D Facility in Michigan

In June 2023, Toyota Motor North America, Inc. announced investing around USD 50 million to construct a new laboratory facility in Michigan, the company’s North American R&D headquarters. This new facility will evaluate batteries for North American electric and electrified/hybrid vehicles.

Trend of Vehicle Electrification in Emerging Markets to Fuel Market Progress

Developing countries, such as India and China are increasing their focus on decreasing their carbon footprint. They are also receiving their governments’ support in this regard, in the form of tax-free lithium-ion battery components, tax credits, and incentives on production of eco-friendly vehicles. Moreover, a rising number of end-users in the commercial sector are using hybrid vehicles to decrease their carbon emissions as well.  These developments are expected to fuel the market’s growth during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/hybrid-vehicle-market-105435

Key Market Players to Focus on Innovations to Retain Their Leading Position

The leading companies operating in this market include Toyota Motor Company, AB Volvo, Volkswagen AG, Honda Motor Co., Ltd., BYD Company Ltd., and Hyundai Motor Company. These automakers are trying to introduce technological innovations to enhance the performance of their hybrid vehicles and focused on expanding their supply chain networks. They are also entering strategic partnership deals to retain their top position in the market.

Notable Industry Development:

• April 2023 - German luxury carmaker Mercedes announced the launch of AMG GT 63 S E Performance hybrid model that brings together a gasoline engine and an electric motor. It is the flagship model of the AMG GT line, boasts a hybrid powertrain, and offers sports car-like performance. The model has a 204-horsepower electric motor offering a range of 7.5 miles and a 639-horsepower, 4.0 lite Turbocharged V8 IC engine.

List of the Companies Profiled in the Report:

• Toyota Motor Corporation (Japan)
• Honda Motor Co., Ltd. (Japan)
• BYD Company Ltd. (China)
• Ford Motor Company (U.S.)
• Hyundai Motor Company (South Korea)
• Kia Motors Corporation (South Korea)
• Nissan Motor Corporation (Japan)
• Daimler AG (Germany)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)

Further Report Findings

• Asia Pacific is predicted to hold the largest share of the global market as the regional governments are introducing a wide range of favorable initiatives and schemes to support the production of these vehicles.
• The market in North America is also estimated to record a commendable growth rate in the global market during the forecast period as the regional governments are funding various infrastructure development initiatives to support the sales of hybrid vehicles.
• The passenger car segment is set to capture a dominant hybrid vehicle market share during the forecast period as hybrid cars use the electric motor intermittently, thereby offering owners considerable fuel cost savings.

Table of Segmentation