The Global Hybrid Vehicles Market is estimated to reach 6,272 (Thousand) Units in 2024 at a CAGR of 9.3 %, predicts forencis research (FSR).

Hybrid vehicles use two or more engines who work simultaneously to provide maximum power for reducing fuel consumption and volatile organic compounds (VOC) emissions. Few variants of hybrid vehicles can run completely on electric motor whereas some variants can utilize both gas engines and an electric motor which results in low fuel consumption. These vehicles are mainly powered by Internal Combustion Engine (ICE) but are assisted by an electric motor. Regenerative braking system is one of the advanced technology used in these vehicles which helps is recapturing the lost energy and generate electricity to charge the battery that helps to boost the electric motor while applying breaks.

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Hybrid Vehicles Market: Drivers & Restraints

Market Drivers:

  • Rise in Demand for Emission Free Vehicles

The market is growing on the grounds of the growing need for emission free vehicles globally. The prime contributor to air pollution is the transportation sector. As per U.S. Environmental Protection Agency (EPA) on an average, a medium-size vehicle per mile emits 411 grams of CO2 and fuel engine vehicles emits carbon monoxide (CO), sulfur oxides (SOx), nitrogen oxide (NOx) and unburned hydrocarbons (CxHy). The impact of these gases is high on global warming than CO2, which is boosting the demand for emission free vehicles. Hybrid Vehicles are environment-friendly because it emits less CO2 comparatively diesel or petrol-powered vehicles, is fueling the market demand. For instance, India’s objective by 2030 is to have all-electric car vehicles which will help in lowering the import of fuel.

  • Demand for Low Fuel Consuming Vehicles

Hybrid vehicles need less fuel which results in low emission. These vehicles run on diesel or petrol engine with an electric motor. The purpose of using them together results in low fuel consumption and conserves energy. Hybrid vehicles provide a high fuel economy which results in reducing the overall running cost. According to the International Council on Clean Transportation (ICCT), hybrid systems reduce CO2 emissions and fuel consumption by 35% which is equal to a 50% increase in fuel economy. Hence the demand for low fuel consuming vehicles is expected to drive the hybrid vehicles market during the forecast period.

Market Restraint:

  • High Production Cost

Hybrids are more expensive than petrol or diesel engine vehicles due to designing, developing, validating and building reasons. These vehicles include systems like electronic control units, electric inverters & converters, high-voltage batteries, sensors and semiconductors which are not used in conventional vehicles which results in high purchasing costs. Additional complex components add extra cost to hybrid cars. Thus high production cost impacts the market growth of the hybrid vehicles market.

Hybrid Vehicles Market: Key Segments

  • Based on Type: Parallel Hybrids, Series Hybrids, and Plug-in Hybrids.
  • Based on Component: Prime Mover, Electric Motor, Energy Storage System and Transmission System.
  • Based on Propulsion: Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs) and Natural Gas Vehicles (NGV).
  • Based on Vehicle Type: Passenger Vehicles, Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV).
  • Key Regions Covered: North America, South America, Europe, Asia-Pacific Middle East & Africa, South America with individual country-level analysis.

Hybrid Vehicles Market: Report Scope

The report on the hybrid vehicles market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered

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List of the leading companies operating in the Hybrid Vehicles Market include:

  • TOYOTA MOTOR CORPORATION (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Delphi Technologies
  • Ford Motor Company
  • Continental AG
  • ZF Friedrichshafen AG
  • AB Volvo
  • Daimler AG
  • Hyundai Motor Co
  • Honda Motor Co., Ltd.
  • BorgWarner Inc.


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Hybrid Vehicles Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Hybrid Vehicles Market, by Type

  • Parallel Hybrids
  • Series Hybrids
  • Plug-In Hybrids

Hybrid Vehicles Market, by Component

  • Battery system
  • Prime Mover
  • Electric Motor
    • DC/DC Converter
    • DC/AC Inverter
    • Controller
  • Energy Storage System
  • Transmission System 

Hybrid Vehicles Market, by Propulsion

  • Hybrid Electric Vehicles (HEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Natural Gas Vehicles (NGV) 

Hybrid Vehicles Market, by Vehicle Type

  • Passenger Vehicles
    • Internal Combustion Engine (ICE)
    • Electric Vehicles
  • Light Commercial Vehicles (LCV)
    • Internal Combustion Engine (ICE)
    • Electric Vehicles
  • Heavy Commercial Vehicles (HCV)
    • Internal Combustion Engine (ICE)
    • Electric Vehicles

Hybrid Vehicles Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
  • South America (Brazil, Argentina, Rest of South America)

Table of Content:

  INTRODUCTION

1.1       Research Objectives

1.2       Market Definition

1.3       Research Scope

1.4       Regional Coverage

1.5       Research Timeline

1.6       Assumptions

1.7       Limitations

2      RESEARCH DESIGN & SCOPE

2.1       Introduction

2.2       Primary Research

                                  2.2.1    Key Industry Expert Insight

2.3       Secondary Research

                                  2.3.1    Vital Data from Secondary Sources

2.4       Market Size Estimation

2.5       Data Validation & Triangulation

3      EXECUTIVE SUMMARY

4      MARKET DYNAMICS

4.1       Introduction

4.2       Drivers

                                 4.2.1.    Rise in Demand for Emission Free Vehicles

                                 4.2.2.    Demand for Low Fuel Consuming Vehicles

4.3       Restraints

                                 4.3.1.    High Production Cost

4.4       Opportunities

                                  4.4.1    Development of CNG Hybrid Agriculture Vehicle

4.5       Challenges

                                  4.5.1    High Maintenance Cost

                                  4.5.2    Presence of High Voltage Battery

5      INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS

5.1       Introduction

                                 5.1.1.    Power of Buyers

                                 5.1.2.    Power of Suppliers

                                 5.1.3.    Intensity of Competition

                                 5.1.4.    Challenges of Substitutes

                                 5.1.5.    Challenges of New Entrants

5.2       Macro-Economic Indicators

6      HYBRID VEHICLES MARKET BY TYPE, Market Size in Units (2017—2024)

6.1       Introduction

6.2       Parallel Hybrids

6.3       Series Hybrids

6.4       Plug-In Hybrids

7      HYBRID VEHICLES MARKET BY COMPONENT, Market Size in Units (2017—2024)

7.1       Introduction

7.2       Prime Mover

7.3       Electric Motor

                                  7.3.1    DC/DC Converter

                                  7.3.2    DC/AC Inverter

                                  7.3.3    Controller

7.4       Energy Storage System

7.5       Transmission System

8      HYBRID VEHICLES MARKET BY PROPULSION, Market Size in Units (2017—2024)

8.1       Introduction

8.2       Hybrid Electric Vehicles (HEVs)

8.3       Plug-In Hybrid Electric Vehicles (PHEVs)

8.4       Battery Electric Vehicles (BEVs)

8.5       Natural Gas Vehicles (NGV)

9      HYBRID VEHICLES MARKET BY VEHICLE TYPE, Market Size in Units (2017—2024)

9.1       Introduction

9.2       Passenger Vehicles

                                  9.2.1    Internal Combustion Engine (ICE)

                                  9.2.2    Electric Vehicles

9.3       Light Commercial Vehicles (LCV)

                                  9.3.1    Internal Combustion Engine (ICE)

                                  9.3.2    Electric Vehicles

9.4       Heavy Commercial Vehicles (HCV)

                                  9.4.1    Internal Combustion Engine (ICE)

                                  9.4.2    Electric Vehicles 

10   HYBRID VEHICLES MARKET BY REGION, Market Size in Units (2017—2024)

10.1     North America

                                10.1.1    US

                                10.1.2    Canada

                                10.1.3    Mexico

10.2     Europe

                                10.2.1    Germany

                                10.2.2    UK

                                10.2.3    France

                                10.2.4    Italy

                                10.2.5    Spain

                                10.2.6    Norway

                                10.2.7    Rest of Europe

10.3     Asia-Pacific

                                10.3.1    China

                                10.3.2    India

                                10.3.3    Japan

                                10.3.4    South Korea

                                10.3.5    Rest of Asia-Pacific

10.4     Middle East & Africa

                                10.4.1    Saudi Arabia

                                10.4.2    UAE

                                10.4.3    Rest of Middle East & Africa

10.5     South America

                                10.5.1    Brazil

                                10.5.2    Argentina

                                10.5.3    Rest of South America  

11   COMPETITIVE LANDSCAPE

11.1     Introduction

11.2     Market Ranking/Share Analysis of Key Companies

11.3     Company Benchmarking

12   COMPANY PROFILES

12.1     TOYOTA MOTOR CORPORATION

                                12.1.1    Company Overview

                                12.1.2    Financial Overview

                                12.1.3    Products/Solutions/Services Offered

                                12.1.4    Key Developments

                                12.1.5    SWOT Analysis

12.2     Delphi Technologies

12.3     Ford Motor Company

12.4     Continental AG

12.5     ZF Friedrichshafen AG

12.6     AB Volvo

12.7     Daimler AG

12.8     Hyundai Motor Co

12.9     Honda Motor Co., Ltd.

12.10  BorgWarner Inc.

12.11  Others

13   APPENDIX

13.1     Key Industry Expert Insights

13.2     Primary Discussion Guide

13.3     Customization Options

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