PUNE, India, April 14, 2023 (GLOBE NEWSWIRE) — Worldwide Hybrid vehicle market It is expected to grow significantly in size to reach USD 280.75 billion by 2027. Fortune Business Insights in its report titled “Hybrid Vehicle Market Forecast 2020-2027” has identified the market as USD 157.48 billion in 2019 and is likely to exhibit GRCA. 10.0% between 2020 and 2027. Increasing focus on vehicle electrification programs and increasing adoption of eco-friendly solutions by many automotive manufacturers will boost product demand across the globe.
The negative impact of the global pandemic, COVID-19, has been felt in many economies facing unprecedented losses. Due to the lockdown announced by the government agency, some industries have stopped operating due to limited operations. However, concerted efforts by the government and industries are likely to help bring the economy back on track and resume industrial activities.
Key Industry Developments:
November 2020 – Nissan Motor Corporation introduced the new Note hatchback, a redesigned version of its best-selling Note model in Japan. E-power hybrid technology has been installed in the vehicle.
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| Report coverage | Details |
| Forecast period | 2020-2027 |
| Forecast period 2020 to 2027 CAGR | 10.0% |
| 2027 price projection | USD 280.75 billion |
| base year | 2019 |
| Market size in 2019 | USD 157.48 billion |
| Historical data for | 2016-2018 |
| Number of pages | 200 |
| Sections covered | Hybrid Vehicle Market Size, Share and COVID-19 Impact Analysis, by Electric Powertrain (Parallel, Series), Degree of Hybridization (Full, Mild, Micro), Vehicle Type (Passenger Car, Commercial Vehicle) |
| Growth drivers | Increasing focus on vehicle electrification programs to drive growth |
| Expansion of facilities by well-known companies to increase production |
Drivers and restrictions –
The Indian government announced a tax incentive of up to USD 3,423 on the purchase of electric and hybrid vehicles, while the Brazilian government offers tax breaks on the purchase of hybrid, electric, and plug-in vehicles under its Rota 2030 program. Such automotive electrification initiatives by government agencies worldwide are leading to increased adoption of clean-source vehicles. These vehicles emit low emissions and offer good fuel efficiency through hybrid engine modules that include both petrol and electricity. In addition, increased investment in R&D activities by companies to develop advanced hybrid automotive vehicles will support global hybrid vehicle market growth during the forecast period.
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Report coverage
The global market for automotive fuel cell stack report provides a detailed analysis of several factors such as major drivers and restraints affecting the growth. Additionally, the report provides insights into the regional analysis that covers various regions, contributing to the growth of the market. It includes the competitive landscape including the leading companies and the adoption of collaboration strategies by them to introduce new products, announce partnerships and further contribute to market growth. Furthermore, the research analyst has adopted several research methods such as PORTER’S Five Point Analysis and PESTEL to gain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Additional report findings:
- North America is expected to hold a significant global hybrid vehicle market share during the forecast period. This is due to the increasing adoption of advanced technologies and the implementation of special state incentives for the development and sale of hybrid cars in the region.
- In 2019, the Asia Pacific market was USD 79.96 billion. The region is expected to augur well for the adoption of advanced hybrid vehicles due to increasing production of vehicles and growing demand for environment-friendly transportation. area.
- Depending on the degree of hybridization, the full hybrid segment is expected to hold a large share of the market supported by the many advantages of full hybrid vehicles that include better performance and improved fuel efficiency, including reduced emissions.
Sections
Based on the electric powertrain, the hybrid vehicles market is segmented into parallel and series. Based on the degree of hybridization, the market is segmented into full-hybrid, mild-hybrid, and micro-hybrid. On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles. Finally, on the basis of region, the market is segmented into North America, Asia-Pacific, Europe, and Rest of the World.
Regional Insights –
The Asia Pacific market is characterized by government initiatives to promote the manufacture and sale of eco-friendly vehicles. In India, for example, the second phase of the FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) scheme began in April 2019, with a budget of INR 10,000 crore. Similarly, in China, the share of hybrid buses in public transport has increased rapidly over the past few years, due to the new energy vehicle mandate. Hence, these factors are expected to fuel the growth of the Asia Pacific market at a high CAGR during the forecast period.
North America market is expected to show good growth during the forecast period. The US accounted for the majority of the market share with 400,746 hybrid vehicles sold in 2019. This represents a 15% increase over 2018. State incentives for vehicle purchase and infrastructure development, benefits such as parking incentives and fuel savings, have boosted sales of these vehicles in the region. Hence, these factors are fueling the growth of the regional market.
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Competitive landscape-
The market is consolidated by the presence of major companies that are actively focusing on the development of new hybrid cars. These companies are expanding their facilities to increase production rates to meet the growing demand of customers worldwide. Additionally, other major players are adopting strategies such as collaborations and partnerships which are likely to bode well for market growth during the forecast period.
List of Key Players Covered in Hybrid Vehicle Market Report:-
- Toyota Motor Corporation (Toyota City, Japan)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BYD Company Limited (Shenzhen, China)
- Lexus (Nagoya, Japan)
- Ford Motor Company (Michigan, USA)
- 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)
Hybrid vehicle market Division:-
By electric powertrain
by degree of hybridization
According to the type of vehicle
- Passenger cars
- Commercial vehicle
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Table of Contents:-
1. introduction
1.1. Research field
1.2. market segmentation
1.3. Research methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market drivers
3.2. Market restrictions
3.3. Market opportunities
4. Key insights
4.1 Major Industry Developments – Mergers, Acquisitions and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Value chain analysis
4.4 Porter’s Five Forces Analysis
4.5 SWOT Analysis
4.6 Technological Development
4.7 Pricing Analysis
4.8 Impact of COVID-19
TOC continued…
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