According to the report, the global hybrid cars market is projected to surpass US$ 2.1 Trn by 2031, expanding at a CAGR of 21.9% during the forecast period. Hybrid vehicles can use either electric motor, internal combustion, or natural gas engine as its power source. The plug-in hybrid vehicles falls under zero emission vehicles, which uses external power to charge its battery and other hybrid engines uses IC engine to power their batteries.
The rising demand for fuel-efficient vehicles and increasing government regulations to curb vehicle emissions, leads to rise demand for electric and hybrid vehicles. The hybrid vehicles work on both electric motor engine as well as IC engine, as IC engines are mostly used to power the battery of the vehicles, which cause very less emission from the vehicles and hence, follows government’s emission regulations. Whereas, the plug-in hybrid vehicles powers their vehicle batteries by plugging batteries to external power sources and considered as feasible solution in zero emission vehicle.
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Due to onset of COVID-19 pandemic, the designing and manufacturing processes of IC engine, hybrid and electric vehicles has halted. Moreover, due to lockdowns, the adoption rate of hybrid and plug-in hybrid vehicle has also reduced, which restrain the growth of the hybrid cars market. There was scarcity of raw material supply for most of the industries to carry out their manufacturing processes, which also impacted the market growth. However, the markets are reinitiated, as the global restrictions are relieved, and research, designing, and manufacturing processes are started which further anticipated to propel market growth.
Expansion of Global Hybrid Cars Market
Increasing government support and benefits to the manufacturers to produce zero emission vehicles drive the growth of hybrid cars market. The North America, Europe and other regions provides several incentives to the consumers for adoption of electric and hybrid cars. For instance, the U.S. government offers up to US$ 7,500 federal income tax credits for all the electric and plug-in hybrid electric vehicles and the U.K. government also offers around US$ 3,000 for adoption of hybrid and electric vehicles. Hence, such benefits and incentives are expected to propel the growth of the hybrid cars market.
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Based on degree of hybridization, the full hybrid car segment held a prominent share of the hybrid cars market, in terms of revenue, in 2020. The full hybrid cars has highest demand due to its reduced emission and improved fuel efficiency, as it experiences continuous upgrade of technology. Moreover, mild hybrid cars are expected to witness fastest growth during the forecast period.
In terms of vehicle type, the passenger vehicles segment held a prominent share of the hybrid cars market, in terms of revenue, in 2020. The hybrid engine is widely adopted in the passenger cars across the globe due to its highest utilization among the consumers. The developed countries has witnessed highest adoption for sedan and SUVs and the countries developing countries witnessed adoption for hatchback and sedan car, which further enhances the segmental growth.
Regional Analysis of Hybrid Cars Market
In terms of region, the global hybrid cars market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific has dominated the global hybrid cars market in terms of revenue in 2020, as this region has highest adoption of low emission vehicles. Moreover, benefits or incentives provided by the governments of different countries supports for the utilization of electric and hybrid vehicle and further drives the growth of Asia Pacific hybrid cars market. In addition, rising population, urbanization and pollution in the region creates awareness among the people to opt for zero emission or electric or hybrid vehicles that also drives the market growth.
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Hybrid Cars Market Players
Prominent players operating in the global hybrid cars market include 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, and ZF Friedrichshafen AG, among others.
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