Hybrid Vehicle Market worth USD 1268.64 billion by 2028, registering a CAGR of 30.27% – Report by Market Research Future (MRFR)
New York, Aug. 20, 2021 (GLOBE NEWSWIRE) — Hybrid Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hybrid Vehicle Market Research Report, Electric Powertrain, Propulsion, Component Type, Degree of Hybridization, Vehicle Type and Region – Forecast till 2028” the market is projected to be worth USD 1268.64 billion by 2028, registering a CAGR of 30.27% during the forecast period (2021 – 2028), The market was valued at USD 254.16 billion in 2020.
List of the Key Companies Profiled in the Hybrid Vehicle Market Research Report are:
- Toyota Motor Corporation (Japan)
- Allison Transmission (U.S.)
- Delphi Technologies Inc. (U.K.)
- Honda Motor Company Ltd. (Japan)
- The Ford Motor Company (U.S.)
- BorgWarner Inc. (U.S.)
- AB Volvo (Sweden)
- Schaeffler Technologies AG & Co. KG (Germany)
- Continental AG (Germany)
- Daimler AG (Germany)
- Hyundai Motor Company (South Korea)
- ZF Friedrichshafen AG (Germany)
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Impact of COVID-19 Pandemic on the Global Market
The global transportation market is causing many changes in product development and the features that hybrid vehicles are built with. The new coronavirus was a public health emergency that the WHO classified as a pandemic. Due to the rapid spread of the pandemic across international borders, many businesses units’ manufacturing and production units are suffering. The pandemic is a health risk, and individuals are avoiding public transportation in order to slow its spread through local efforts. People are shifting to purchasing valuable and functional vehicles powered by fuels and electric motors.
Due to the high level of digitization, the market is flooded with hybrid vehicles that use both diesel and petrol engines. To assist the market in overcoming the pandemic, differentiation in operation is required. The government is funding such programs, and consumers are opting for similar vehicles to lower their risks of catching the coronavirus.
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Recent Developments
The European Union, in partnership with the United States Environmental Protection Agency, has established tough emission standards. As a result of these standards, the hybrid vehicle market is experiencing a significant increase in demand for the use of hybrid vehicles.
The Mumbai Metropolitan Region Development Authority (MMRDA), which is located in the Indian subcontinent (APAC region), has signed a contract with Tata Motors. According to the contract, 25 Tata Starbus Electric diesel buses will be on the road soon.
Both the Indian and Brazilian governments are choosing various types of incentives, including lowering the tax rate on CNG hybrid and plug-in vehicles. In addition, hybrid electric transport options are available. The Indian government is expected to invest USD 446 million in the project. The Brazilian government is launching new campaigns and information sessions to spread the word about the benefits of hybrid vehicles.
Several Factors Contributing to Market Growth
The hybrid vehicle industry is made up of hybrid vehicles that get their power from two or more sources. The most important is the electric generator and the internal combustion engine. Petrol and diesel used in similar generators aid in the smooth operation of the electric trains that connect to the generators. The generator also supplies power to the electric motor. The main idea of the hybrid vehicle business is that the engine works effectively with various power sources while maintaining efficiency when changing speeds. The switch inside the estimated peri helps to increase the efficiency of the automobile engine. Furthermore, the cost of the fuel used is reduced significantly. All of these factors that assist industry end-users and customers will aid hybrid vehicle market trends in gaining traction by the end of the forecast period.
Moreover, the target audience is becoming more aware of the issue of emissions. Regulatory agencies in charge of similar situations are likely to impose harsher regulations. The imposition of these stringent regulations is likely to compel OEMs to produce both electric and hybrid vehicles. Furthermore, these vehicles are known for releasing low levels of greenhouse gases, which are harmful to the environment. In comparison, diesel and gasoline vehicles pollute the environment more.
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Market Segmentation
The global hybrid vehicle market has been segmented into electric powertrain, propulsion, and component type.
By electric powertrain, the global hybrid vehicle market has been segmented into parallel and series.
By propulsion, the global hybrid vehicle market has been segmented into HEV, PHEV, and NGV.
By component type, the global hybrid vehicle market has been segmented into electric motor, transmission, and battery.
Regional Analysis
APAC to Lead the Global Market
Due to the global spread of hybrid vehicle market activities, the APAC region is predicted to have the highest growth by the end of the global forecast in 2023. The region is heavily populated, with the bulk of residents falling into the middle class. They are the largest purchasers of hybrid vehicles. As a result, the volume of automotive sales in this region is predicted to expand steadily. The rising prices of fuel are causing customers to choose and operate hybrid vehicles.
Segmentation of Market covered in the research:
Hybrid Vehicle Market Report: Information by Electric Powertrain (Parallel, Series), by Propulsion (HEV, PHEV, NGV), by Component Type (Electric Motor, Transmission, Battery), by Degree of Hybridization, by Vehicle Type & by Region – Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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