Hybrid Vehicle Market - Trends Forecast Till 2028

Market Overview

The Hybrid Vehicle Market was valued at USD 252.06 billion in 2020 and is expected to reach at a CAGR of 30.13% during the forecast period.

Hybrid vehicles are powered by an internal combustion engine and an electric motor, it uses energy stored in batteries where the battery is charged through regenerative braking and by the internal combustion engine. The hybrid vehicle market report covers the latest trends, covid-19 impact followed by technological developments in the market.

Growing environmental concerns, enactment of stringent emission and fuel economy norms, and increasing government initiatives are some of the factors that have supported long-term expansion for Hybrid Vehicle Market.

The outbreak of COVID-19 has hindered the growth of the hybrid vehicle market with continuous lockdowns and the subsequent economic slowdown across the world.

Regional Analysis

China registered the highest growth rate in the market for hybrid and electric vehicles. During the forecast period, the country may also witness growth in the adoption of hybrid electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• Toyota
• Nissan
• Honda
• BYD
• Mitsubishi
• BMW
• Ford
• Volvo
• Continental
• ZF
• Daimler
• Hyundai
• Schaefler
• Borgwarner
• Delphi Technologies
• Allison Transmission

Recent Developments

• In February 2020, Honda Motor Company, Ltd. has announced to begin its sales of all-new Honda Fit Hybrid vehicles. It is equipped with Honda’s 2-motor hybrid system which drives the vehicle with an electric motor, which results a better fuel efficiency and smooth drive.
• In August 2020, Paice a hybrid vehicle technology provider announced it has signed an agreement to license its patented hybrid technology to Mitsubishi Motors.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Hybrid Vehicle Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope