Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- According to the report, Hybrid Vehicles market size is projected to reach USD 280.75 billion by 2027. The Global Hybrid Vehicles Market was worth USD 157.48 billion in 2019 and will exhibit a CAGR of 10% during the forecast period. Factors such as the growing concern on vehicular emissions and the increasing focus on the development of hybrid and electric infrastructure globally will favor the adoption of the product.
Shutdown of Automotive Industries Leads to Negative Growth of -8.34% in 2020 amid COVID-19
The lockdown announced by the government agencies in 2020 to contain the spread of the coronavirus has had a dramatic impact on several economies. Several markets crumbled under the economic instability and disrupted supply chain. Automotive sector was one of the most hit markets worldwide. Halted production and reduced labor force had a negative impact on the global market for hybrid type of vehicles. The market registered a negative growth rate of -8.34% in 2020.
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Based on the electric powertrain, the market is bifurcated into parallel and series. On the basis of degree of hybridization, the market is segmented into a full-hybrid, mild-hybrid, and micro-hybrid.
Based on the degree of hybridization, the full-hybrid segment is expected to hold a significant global hybrid vehicle market share in the forthcoming years. This is owing to the several benefits such as improved fuel efficiency and better performance offered by these types of vehicles that is leading to a higher adoption worldwide.
On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. Finally, based on the region, the market is segregated into North America, Asia-Pacific, Europe, Rest of the World.
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Rising Concerns on Vehicular Emissions to Aid Growth
According to the Union of Concerned Scientists, trucks and cars in the U.S. account for over one-fifth of overall emissions, emitting about 24 pounds of global warming gases for every gallon of gas. The rising concern over the surging vehicular emissions propels the companies to adopt advanced sustainable solutions. This has led to the rapid-paced development of innovative hybrid cars. These cars can run on both electric and conventional fuels.
Besides, the increasing focus on the development of electric infrastructures is anticipated to bode well for the global hybrid vehicle market growth during the forecast period. For instance, in May 2021, Ofgem, the British energy market regulation, announced an investment of around USD 425 million in the development of over 200 low-carbon infrastructures for electric and hybrid transportation.
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North America – The region is expected to hold a considerable position in the market during the forecast period. This is due to the growing demand for hybrid type of vehicles in countries such as the U.S. For instance, around 400,746 hybrid cars were sold in the U.S. in 2019.
Asia-Pacific – The market in the region is expected to gain traction owing to the presence of established automotive manufacturers in countries such as India and China. Moreover, the growing adoption of green automotive solutions is likely to propel the demand for advanced hybrid vehicles in the region between 2021 and 2028.
Product Launches by Major Companies to Strengthen Their Market Positions
The market comprises small, medium, and large companies striving to maintain their position by introducing innovative hybrid vehicles to cater to the growing consumer demands. Moreover, adoption of strategies such as merger and acquisition, facility expansion, and partnership by other key players will contribute to the market growth.
List of Key Companies Covered in the Hybrid Vehicles Market Report:
- Toyota Motor Corporation (Toyota City, Japan)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BYD Company Ltd. (Shenzhen, China)
- Lexus (Nagoya, Japan)
- Ford Motor Company (Michigan, US)
- Hyundai Motor Company (Seoul, South Korea)
- Kia Motors Corporation (Seoul, South Korea)
- Nissan Motor Corporation (Kanagawa, Japan)
- Daimler AG (Stuttgart, Germany)
- Volkswagen AG (Wolfsburg, Germany)
- AB Volvo (Gothenburg, Sweden)
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Global Hybrid Vehicles Market Segmentation:
By Electric Powertrain Type:
- Parallel
- Series
By Degree of Hybridization:
- Full
- Mild
- Micro
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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