- Passenger car segment to be the largest segment of the hybrid vehicle market, by vehicle type.
- The PHEV is estimated to be the fastest growing segment of the hybrid vehicle market, by propulsion, in terms of volume.
- Asia Pacific is estimated to be the fastest-growing market for hybrid vehicles.
The Hybrid Vehicle Market is projected to grow at a CAGR of 8.94% during the forecast period (2018–2025), to reach a market size of 7,593 thousand units by 2025. The key growth drivers for the market are demand for zero-emission vehicles, stringent emission norms, government subsidies, better fuel efficiency, and longer driving range. The continuous increase in the sales of hybrid vehicles by major manufacturers such as Toyota, Nissan and others are propelling the growth of the overall hybrid vehicle market.
The trend in hybrid vehicles is growing toward PHEVs and Natural Gas Vehicles (NGVs). It is seen that the demand for hybrid vehicles is either falling or growing slowly. This is possibly due to the continuous decrease in the battery price as developed nations are focusing more on zero-emission vehicles to cope with stringent emission standards.
- Government Initiatives Pertaining to Hybrid Vehicles
- Growth in Developing Markets
The commercial vehicle segment is the fastest-growing a segment of the hybrid vehicle market
Though the passenger car market is estimated to be the largest in the hybrid vehicle market, the commercial vehicle market is estimated to be the fastest-growing market. The developments in terms of reducing emissions are also being seen in the commercial vehicle segment. OEMs such as Volvo, Scania, Daimler, and others are focusing on developing hybrid commercial vehicles to cope with the stringent emission norms. Also, a significant rise in the freight sector has boosted the demand for commercial long haulage trucks. OEMs are developing hybrid trucks with benefits such as low emission and high fuel efficiency. This would enable high growth in the freight sector which relatively will increase the demand for hybrid commercial vehicles.
The parallel hybrid segment is estimated to be the fastest growing and the largest market in the hybrid vehicle market during the forecast period
The parallel hybrid type is estimated to be the largest market. The low deployment cost of mild hybrids is expected to drive the growth of the parallel hybrid segment of the hybrid vehicle market. Also, the use of the regenerative braking system and the lesser cost of micro and mild hybrids compared to PHEVs are likely to boost the demand for parallel hybrids.
- Publish 3 Press Releases Over 2 weeks for $21
- Publish 2 Press Releases for $16 – Best PR Deal on the Internet?
- Publish Your Press Release on Google & Communal News for Just $11!
- Social Media Management – Business Brand Basic Package
- 401k Plans Fiduciary Review Services – 4 Hour Consult
- Build 5 Page WordPress Website for only $199
- Excel Spreadsheets & Automation VBA/Macros
- Publish 3 Press Releases for $20! – Connects with Google news, Goolge & Bing Organic Search plus Social Media Websites
- Social Media Business Boot Camp – Learn how to Leverage Social Media for Business Returns
- $12 for Google News & More Press Release – Possibly the Best PR Deal on the Internet
The report provides detailed profiles of the following companies:
- Toyota (Japan)
- Ford (US)
- Daimler (Germany)
- Volvo (Sweden)
- Hyundai (South Korea)
- Honda (Japan)
- Continental (Germany)
- ZF (Germany)
- Allison Transmission (US)
- BorgWarner (Germany)
- Schaeffler (Germany)
- Bosch (Germany)
- Mitsubishi (Japan)
- GM (US)
- Magna (Canada) and many more…
The Asia Pacific is projected to be the fastest-growing regional the market for a hybrid vehicle
Asia Pacific is estimated to be the fastest-growing market for hybrid vehicles, with Japan accounting for the largest market share in 2018. The market growth in the region can be attributed to the increased focus on the development of hybrid vehicle technology. The Asia Pacific region is home to major hybrid vehicle manufacturers, such as Toyota, Honda, Nissan, Kia, BYD, and Hyundai. Also, the government in the region is supporting the development of PHEVs and NGVs by providing purchase grants and tax rebates. The support from the government and increasing sales are likely to boost the hybrid vehicle market in the region.
The market for HEVs is increasing due to high sales volume in the US, Japan, and China. Moreover, developing countries such as Mexico, India and Brazil are also deploying hybrid vehicles to cope with the increasingly stringent emission standards as these vehicles are inexpensive compared to PHEVs and EVs.
- Auto OEMs
- Companies operating in the hybrid vehicle ecosystem
- Country-level governments and other policymakers
- Country-level industry associations and experts
- Distributors and suppliers of hybrid vehicle components
- Electric Vehicle manufacturers
- Manufacturers of hybrid vehicle components
- Manufacturers of hybrid vehicles
- Raw material manufacturers
- Raw material suppliers
To speak to our analyst for a discussion on the above findings, click Speak to Analyst