The Hybrid Electric Vehicles Market is expected to grow from USD 252.06 billion in 2020 to USD 1166.65 billion by 2026 at a CAGR of 29.13%from 2020 to 2026.
A hybrid electric vehicle (HEV) is a vehicle which runs on the energy stored in batteries. It works on the fusion of an internal combustion engine and an electric propulsion system. The battery is charged by using a regenerative braking which converts the energy, which is lost during coasting and decelerating into electricity. Compared to combustion engine-based automobiles, hybrid electric vehicles have reduced fuel consumption, CO2 emissions and maintenance costs, which make them more cost-beneficial even at low speeds. The rising demand for fuel-efficient automobiles across the world is one of the primary driving factors in the market. Furthermore, the rising environmental consciousness among consumers is also offering a boost to the hybrid electric vehicle market growth. This has resulted in an increased focus on the development of innovative designs and advanced technologies to manufacture zero and low emission vehicles with noise-less operations and high-performance engines. In addition, the enforcement of favorable government initiatives intensifying the adoption of electric vehicles (EVs) for sustainable development is also creating a positive impact for the hybrid electric vehicle market. For instance, several incentives, such as tax benefits, utility rate reductions, parking privileges and other rebates, are provided to consumers to increase the adoption rates of hybrid electric vehicles. Apart from this, the advancements in the EV charging infrastructure are resulting in significant investments by power sector shareholders in automobile utilities and charging hardware. Few other factors, such as rising disposable incomes in developing countries, rapid urbanization, and exceptional research and development (R&D) activities, are anticipated to propel the hybrid electric vehicle market in the upcoming years. On the other hand, the increasing demand for the battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) are likely to hamper the market growth.
In addition, the developing countries, such as China, Indonesia, India, Brazil and South Korea, hold a significant potential for the market players in the hybrid electric vehicle market. This is majorly owing to the high gasoline prices, stringent emission norms and high demand for passenger electric vehicles in these countries.
The global Hybrid Electric Vehicles Market is segregated on the basis of Propulsion Type as Full Hybrids, Mild Hybrids, Plug-in Hybrids and Others. Based on Configuration Type the global Hybrid Electric Vehicles Market is segmented in Series, HEV, Parallel HEV and Combination HEV. Based on Vehicle Type the global Hybrid Electric Vehicles Market is segmented in Passenger Cars, Commercial Vehicles, Two Wheelers and Others. Based on Power Source the global Hybrid Electric Vehicles Market is segmented in Stored Electricity and On Board Electric Generator.
The global Hybrid Electric Vehicles Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Hybrid Electric Vehicles Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
BMW AG, Daimler AG, Ford Motor Co., Geely Automobile Holdings Ltd. and others are among the major players in the global Hybrid Electric Vehicles Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Hybrid Electric Vehicles Market has been segmented as below:
Hybrid Electric Vehicles Market, By Propulsion Type
Hybrid Electric Vehicles Market, By Configuration Type
Hybrid Electric Vehicles Market, By Vehicle Type
Hybrid Electric Vehicles Market, By Power Source
Hybrid Electric Vehicles Market, By Region
Hybrid Electric Vehicles Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Hybrid Electric Vehicles Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Hybrid Electric Vehicles Market share. Major industry players with significant revenue share include BMW AG, Daimler AG, Ford Motor Co., Geely Automobile Holdings Ltd., General Motors Co., Honda Motor Co. Ltd. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Hybrid Electric Vehicles Market, By Propulsion Type
5.1. Key Points
5.2. Full Hybrids
5.3. Mild Hybrids
5.4. Plug-in Hybrids
5.5. Others
6. Hybrid Electric Vehicles Market, By Configuration Type
6.1. Key Points
6.2. Series HEV
6.3. Parallel HEV
6.4. Combination HEV
7. Hybrid Electric Vehicles Market, By Vehicle Type
7.1. Key Points
7.2. Passenger Cars
7.3. Commercial Vehicles
7.4. Two Wheelers
7.5. Others
8. Hybrid Electric Vehicles Market, By Power Source
8.1. Key Points
8.2. Stored Electricity
8.3. On Board Electric Generator
9. Competitive Landscape
9.1. Introduction
9.2. Start-up companies- Hybrid Electric Vehicles Market
9.3. Recent Developments
9.3.1. Mergers & Acquisitions
9.3.2. New Product Developments
9.3.3. Portfolio/Production Capacity Expansions
9.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
9.3.5. Others
10. Company Profile
10.1. BMW AG
10.2. Daimler AG
10.3. Ford Motor Co.
10.4. Geely Automobile Holdings Ltd.
10.5. General Motors Co.
10.6. Honda Motor Co. Ltd.
10.7. Hyundai Motor Co.
10.8. Mitsubishi Motors Corp.
10.9. Nissan Motor Co. Ltd.
10.10.Toyota Motor Corp.
10.11. Volkswagen Aktiengesellschaft
10.12. Mercedes-Benz
10.13. Porsche
10.14. Infiniti
10.15. Lexus
10.16. Mahindra & Mahindra Ltd
10.17. Delphi
10.18. Continental AG
10.19. BorgWarner
10.20. ZF and Schaeffler
10.21. Volvo Cars
10.22. Allison Transmission
Hybrid Electric Vehicles Market, By Propulsion Type
Hybrid Electric Vehicles Market, By Configuration Type
Hybrid Electric Vehicles Market, By Vehicle Type
Hybrid Electric Vehicles Market, By Power Source
Hybrid Electric Vehicles Market, By Company