Hybrid Cars Market is Anticipated to Hit USD 2.1 trillion by 2031, Expanding at a CAGR of 21.90% | Transparency Market Research Inc.
Growing awareness of environmental issues, such as climate change and air pollution, and increased demand for cleaner and more fuel-efficient transportation options are expected to drive the hybrid cars market.
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global hybrid cars market is projected to flourish at a CAGR of 21.90% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 2.1 trillion is anticipated for the market in 2031. As of 2023, the demand for hybrid cars is expected to close at US$ 447.94 billion.
The increasing population rate across the developing nations impels the use of vehicles and fuels the chances of more pollution in the region. To avoid such problems, governments are taking several steps to create awareness among consumers to opt for low or zero-emission vehicles. Rising fuel prices augment the adoption rate of electric and hybrid vehicles, further boosting the growth of the hybrid cars market.
The expansion of charging infrastructure for plug-in hybrid electric vehicles (PHEVs) and hybrid vehicles has made it easier for consumers to charge their vehicles, further promoting the adoption of hybrid technology.
Increasing consumer’s consciousness of the environment and the benefits of hybrid technology, they are increasingly choosing hybrid cars over conventional gas-powered vehicles.
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Major players that are operating in the global hybrid cars market are focusing on the expansion of their market share by engaging in collaborations, partnerships, and mergers & acquisitions.
- Volkswagen AG
- Toyota Motor Corp.
- Nissan Motor Co. Ltd.
- Honda Motor Co. Ltd.
- Hyundai Motor Co.
- Continental AG
- BorgWarner Inc.
- Ford Motor Company
- Volvo Group
- Daimler AG
- Allison Transmission
- ZF Friedrichshafen AG
Many companies are committed to reducing their carbon footprint and encouraging employees to adopt more sustainable transportation options, such as hybrid and electric vehicles. This has led to an increase in corporate fleet purchases of hybrid cars.
Advances in hybrid technology have led to improved performance, better fuel efficiency, and longer electric-only driving ranges. These developments have made hybrid cars more attractive to a wider range of consumers.
Key Takeaways from the Market Study
- As of 2022, the hybrid cars market was valued at US$ 367.46 billion
- Based on type, the series-parallel hybrid car segment dominated the global hybrid cars market in revenue in 2022.
- Based on energy sources, the ICE hybrid car segment dominated the global hybrid cars market in terms of revenue in 2022
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Hybrid Cars Market: Regional Analysis
- The Asia Pacific region has dominated the global hybrid cars market in terms of revenue for 2020, as this region has the highest adoption of ICE and hybrid vehicles, and there is rising awareness regarding environment-friendly or zero-emission vehicles. Moreover, China and India have the highest population globally, which increases the adoption rate of ICE, hybrid, and electric vehicles, which is expected to witness the highest growth for the hybrid cars market during the forecast period.
- North America is expected to account for significant growth in the hybrid car market. This growth is driven by government incentives, tax credits, and rebates offered at federal and state levels. Consumer preferences for fuel-efficient vehicles and environmental concerns have also contributed to the popularity of hybrids in North America. The availability of charging infrastructure and the increasing number of hybrid models from various automakers further boost the market.
Key Developments in Hybrid Cars Market
- Toyota has pioneered hybrid technology with its Prius model, which has become an iconic hybrid vehicle. The company continues to invest in hybrid technology and offers a wide range of hybrid models, including the Prius, Camry Hybrid, RAV4 Hybrid, and Highlander Hybrid. Toyota has been focusing on improving fuel efficiency and expanding its hybrid lineup.
- Honda offers hybrid vehicles like the Honda Insight and Honda Clarity. The company has been working on improving its hybrid technology to enhance fuel efficiency and performance. Honda is also exploring plug-in hybrid and electric vehicle options.
- Volkswagen has introduced hybrid versions of its popular models, including the Volkswagen Passat GTE and Golf GTE. The group, including brands like Audi and Porsche, has been actively developing hybrid and plug-in technology.
Hybrid Cars Market: Key Segments
- ICE Hybrid
- Fuel Cell Hybrid
- Solar Hybrid
- Natural Gas Hybrid
Degree of Hybridization
- Full Hybrid
- Micro Hybrid
- Mild Hybrid
- Passenger Vehicle
- Light Commercial Vehicle
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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