Hybrid and Electric Car Market Size, Share, Growth, and Industry Growth by Type (Extended Hybrid and Electric Car, Parallel Hybrid and Electric Car, and Mixed Hybrid and Electric Car) By Application (Passenger Cars, Light Commercial Vehicles, and Others) Regional Forecast From 2023 To 2030

Updated On: 01 April 2024

HYBRID AND ELECTRIC CAR MARKET REPORT OVERVIEW

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The global hybrid and electric car market size is expected to be USD 2,78,310 million in 2022 and the market is projected to touch USD 1,03,6460 million by 2028, exhibiting a CAGR of 24.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with vehicle leasing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

A hybrid and electric car is a form of hybrid vehicle that syndicates a predictable inner combustion engine (ICE) system with an electrical force system. A hybrid vehicle uses more than a single form of control source. The most common kinds of hybrid vehicles use a mixture of an inner combustion engine (ICE) and an electric engine. Hybrid vehicles are planned for improved fuel effectiveness, more control, and least emissions. These vehicles capture electrical energy created from altered bases, such as regenerative braking systems and engines. They can preserve energy by closing down the engine when the car is parked, idle, or when the electric motor’s energy is adequate to drive the vehicle deprived of support from the ICE.

COVID-19 Impact: Lockdown Restrictions during the Pandemic to Hamper Automobile Sales 

An outbreak of COVID-19 pandemic affected market progress across the world. In the starting of 2020, the automotive industry faced difficulties owing to complete lockdown and travel restrictions. The COVID-19 pandemic has delayed the progress of the hybrid vehicle market as unceasing lockdowns and closures of industrial units ensued in a failure in fabrication levels of these vehicles. Moreover, supply chain intricacies have subsidized the amplified price of hybrid vehicles. Strict social distance protocols and working from culture to hamper market growth. Demand for lease cars reduced during the pandemic. Shutdown of the automotive industry reduced hybrid and electric car market growth.

LATEST TRENDS

"Increasing Demand of Eco friendly Vehicles to Foster Market Expansion"

The rising air pollution stages owing to exhaust emissions from vehicles, along with the growing environmentally friendly awareness amongst the crowds about increasing pollution stages, symbolize one of the main aspects completely prompting the acceptance of HEVs. This can also be credited to fast development, growing acquiring power of individuals, and improving road systems. Numerous leading producers are progressively capitalizing in R&D actions to mature original vehicles with silent processes, high-performance devices, and better fuel effectiveness. Apart from this, governments of several nations are executing strict emission guidelines and fuel economy rules and proposing buying grants, related enticements, tax refunds, and utility amount discounts. Therefore, it is boosting the adoption of HEVs worldwide.

HYBRID AND ELECTRIC CAR MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into Extended Hybrid and Electric Car, Parallel Hybrid and Electric Car, and Mixed Hybrid and Electric Car. 

• By Application

Based on the application, the market is divided into Passenger Cars, Light Commercial Vehicles, and Others.

DRIVING FACTORS

"Government Regulations to Surge Market Growth"

Some of the key aspects motivating the development of the market are the portrayal of severe emission and fuel economy standards and government motivations for encouraging the acquisition and adoption of hybrid vehicles. Furthermore, with governments taking severe engagements, in the procedure of regulation and inducements, along with the augmented initiatives for the provision of public charging stations for electric vehicles. Furthermore, constant expansions in the EV charging frame are primary to increasing funds by power sector investors in automobile services and charging hardware, which are expected to drive the hybrid and electric car market.

"Increasing Awareness of Global Warming to Expand Market Growth"

The increasing per capita income and disposable income globally, the increasing demand for individual vehicles and passenger cars, growing fleet of automotive vehicles, the carbon emission rate is also increasing. Owing to surging fuel charges and increasing awareness concerning global warming, the demand for substitute vehicles is increasing at a rapid pace. Meanwhile hybrid vehicles deliver improved fuel efficiency and have less carbon emission rate, the demand for hybrid electric vehicles is surging globally. Numerous producers are also concentrating on the expansion and outline of numerous models of hybrid vehicles in order to sustain growth of electro mobility solutions.

RESTRAINING FACTORS

"Substitute of Product to Hamper Market Growth"

The increasing demand for Battery and Fuel Cell Electric Vehicles will be one of the main challenges for the development of hybrid vehicles.

HYBRID AND ELECTRIC CAR MARKET REGIONAL INSIGHTS

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"Presence of Prominent Players to Drive Market in Asia Pacific  "

Asia Pacific is expected to dominate hybrid and electric car market share. The market growth in the region can be credited to the augmented sales of hybrid vehicles in China, South Korea, and Japan. Furthermore, the region is home to foremost players in the hybrid vehicles market, such as Honda, Toyota, Kia, Nissan, BYD, and Hyundai. Toyota has the highest share in hybrid vehicle sales globally. Furthermore, the government is backing up the development by providing subsidies. The bulk adoption of hybrid vehicle technology by Japan and China will also enhance the market.

North America is anticipated to have a sizable market share. The U.S. will observe foremost progression as the R&D activities in the region have made way for substantial approvals in substructure, charges, and product invention.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Continental (Germany)
• Magna (Canada)
• DENSO (Japan)
• BOSCH (Germany)
• Allison (U.S.)
• Aptiv (Ireland)
• Mahindra Electric (India)
• Hitachi (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.