In recent years, the market for hybrid vehicles has experienced enormous growth. The target audience is subjected to growing awareness regarding harmful emissions. It is predicted that associated businesses' regulatory agencies will implement stricter rules. It is anticipated that OEMs will be required to produce hybrid vehicles to comply with these stricter rules. Additionally, these cars are renowned for producing less greenhouse gas pollution that harms the environment. Diesel and gasoline automobiles both pollute the environment.
According to Data Bridge Market Research the Hybrid Vehicles accounted for USD 158.47 billion in 2021, and expected to reach USD 339.7 billion by 2029. The market is expected to grow with a CAGR of 10.10% in the forecast period of 2022 to 2029.
“various Advantages Associated with Hybrid Electric Vehicle”
The hybrid electric car features a kinetic energy-based regenerative braking mechanism. Energy generated by a moving vehicle is converted to electric energy and stored in batteries. In addition, hybrid cars offer dual power, which can come from the motor, the engine, or both depending on how the car is operating. Moreover, the efficient operation of the twin-powered engine in the hybrid car helps reduce fuel consumption and conserve energy. The hybrid vehicles are made cheaper by the credits and incentives offered. Additionally, it reduces reliance on fossil fuels to a greater level. The lightweight production of hybrid vehicles results in lower energy consumption. When the hybrid vehicle is stationary or at a standstill, the engine is automatically turned off and only restarts when the accelerator is depressed. As more and more people transition to hybrid cars, the resale value offered for the hybrid vehicles is good. As a result of these factors, the demand for the hybrid electric vehicle increases, eventually driving the market growth rate.
What restraints the growth of Hybrid Vehicles Market?
“Increasing demand for fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs)”
The hybrid vehicle market is experiencing a sharp decline in demand due to increasing demand for fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs). The BEVs involve numerous models packed with numerous buildings and in-built features. As a result, the hybrid vehicles market may be hampered by increasing demands for the fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs). In various regions, the usage of battery-electric vehicles is growing year after year. Thus, the increasing popularity of fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs) will immediately influence the market growth during the forecast period.
Segmentation: Hybrid Vehicles Market
The hybrid vehicles market is segmented on the basis of type, propulsion, hybridization, component type and vehicle type.
- On the basis of type, the hybrid vehicles market is segmented into parallel hybrid, series hybrid.
- On the basis of propulsion, the hybrid vehicles market is segmented into HEV, PHEV, and NGV.
- Based on hybridization, the hybrid vehicles market is segmented into micro hybrid, mild hybrid, and full hybrid.
- Based on component type, the hybrid vehicles market is segmented into electric motors, transmission, and battery.
- Based on vehicle type, the hybrid vehicles market is segmented into passenger car, commercial vehicles.
Regional Insights: North America is expected to dominate the Hybrid Vehicles Market
North America is expected to dominate the market and is expected to grow significantly because the government is taking various initiatives so they can produce zero emission vehicles in this region. Furthermore, changing consumer attitude towards hybrid vehicles is augmenting the growth of the market because they are more concerned about environmental pollution which will further increase the market growth in this region.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 because of growth in the adoption of hybrid electric buses in this region. Moreover, increasing automotive sales owing to increasing expenditures on commercial and upcoming passenger hybrid vehicles will further drive the market growth in this region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-hybrid-vehicles-market
The Prominent Key Players Operating in the Hybrid Vehicles Market Include:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- DENSO Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list Hybrid Vehicles Market companies contact, https://www.databridgemarketresearch.com/reports/global-hybrid-vehicles-market
Research Methodology: Global Hybrid Vehicles Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
