Hybrid electric cars have both, internal combustion engine and electric powertrains. The goal of hybrid technology is to make cars use less fuel, put out less pollution, and run better generally. Some hybrid electric systems are set up in different ways, but the most popular ones are parallel hybrids and series hybrids. This growth can be attributed to strengthening emission norms across the world, an increase in demand for efficient transportation due to the increasing price of fossil fuels, and increasing research and development activities carried out by the companies operating in the market. However, increase in trend toward electric vehicles is hindering the market growth. Furthermore, increase in demand for hybrids is expected to create additional revenue-generation opportunities for maintenance and other services, and increase in price of fossil fuel is expected to provide market growth opportunities for the players operating in the market.
The strengthening of government rules and regulations toward reducing emissions from traditional internal combustion engine vehicles positively drives the consumer demand toward hybrid electric cars. As hybrid electric cars use two fuel sources, they can be switched to drive on electricity in areas where emission norms are stricter. Similarly, the vehicle can be shifted for use as fuel-powered when required. For instance, in April 2020, India Introduced BS6 norms, which outline a permissible level of pollutants from a vehicle, especially from a vehicle using diesel and petrol as fuel. In addition, the country introduced a vehicle scrapping policy that outlines that older commercial vehicles need to be re-registered after 15 years; if the vehicles are found unfit, they are expected to be scrapped. Rise in such strengthening emissions norms by the government positively affect the demand for hybrid electric cars.
Likewise, In recent year the increasing prices of fossil fuel has led to a major shift of people's focus from conventional internal combustion engines towards electric and hybrid vehicles. The major reason for the growth of crude oil price hikes can be linked to the depletion of crude oil reserves and increasing fuel prices, which are majorly controlled by OPEC countries, it is anticipated that the prices of crude oil will keep increasing in the future due to various factors. The increase in fuel prices has led consumers to explore alternative fuel options such as hybrid electric cars. Thus, the rising price of fossil fuel is anticipated to create growth opportunities for companies operating in the market.
In addition, a rise in income level among consumers globally, along with technological advancement in hybrid vehicle technology, is anticipated to increase the demand for hybrid electric cars during the forecast period. To support the demand for fuel-efficient mid-level hybrid electric cars, companies around the world are developing technologies to cut down the cost of production.
Russia-Ukraine war impact
The conflict has disrupted supply chains, especially for components and materials sourced from Ukraine and Russia. This can result in delays and increased costs for hybrid electric car manufacturers, as they may struggle to obtain critical parts or materials required for production. Economic uncertainty, trade disruptions, and geopolitical tensions can lead to reduced economic growth in the affected regions. This can result in a decrease in demand for new hybrid electric vehicles.
However, these challenges can drive innovation and adaptation in the hybrid electric car industry. Manufacturers may develop more resilient and versatile cars, and consumers may invest in the technology.
The hybrid electric car market is segmented on the basis of powertrain, degree of hybridization, and vehicle type. By powertrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. On the basis of degree of hybridization, the market is fragmented into fully hybrid, and mild hybrid. By vehicle type, the market is divided into standard hybrids, luxury hybrids, and performance hybrids. Region-wise, the hybrid electric car market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market are TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd, Mercedes-Benz Group AG (Former Daimler AG), BMW AG, Ford Motor Company, Hyundai Motor Company, Volkswagen Group, Kia Corporation, Nissan Motor Co., Ltd., and AB Volvo.
The strengthening of government rules and regulations toward reducing emissions from traditional internal combustion engine vehicles positively drives the consumer demand toward hybrid electric cars. As hybrid electric cars use two fuel sources, they can be switched to drive on electricity in areas where emission norms are stricter. Similarly, the vehicle can be shifted for use as fuel-powered when required. For instance, in April 2020, India Introduced BS6 norms, which outline a permissible level of pollutants from a vehicle, especially from a vehicle using diesel and petrol as fuel. In addition, the country introduced a vehicle scrapping policy that outlines that older commercial vehicles need to be re-registered after 15 years; if the vehicles are found unfit, they are expected to be scrapped. Rise in such strengthening emissions norms by the government positively affect the demand for hybrid electric cars.
Likewise, In recent year the increasing prices of fossil fuel has led to a major shift of people's focus from conventional internal combustion engines towards electric and hybrid vehicles. The major reason for the growth of crude oil price hikes can be linked to the depletion of crude oil reserves and increasing fuel prices, which are majorly controlled by OPEC countries, it is anticipated that the prices of crude oil will keep increasing in the future due to various factors. The increase in fuel prices has led consumers to explore alternative fuel options such as hybrid electric cars. Thus, the rising price of fossil fuel is anticipated to create growth opportunities for companies operating in the market.
In addition, a rise in income level among consumers globally, along with technological advancement in hybrid vehicle technology, is anticipated to increase the demand for hybrid electric cars during the forecast period. To support the demand for fuel-efficient mid-level hybrid electric cars, companies around the world are developing technologies to cut down the cost of production.
Russia-Ukraine war impact
The conflict has disrupted supply chains, especially for components and materials sourced from Ukraine and Russia. This can result in delays and increased costs for hybrid electric car manufacturers, as they may struggle to obtain critical parts or materials required for production. Economic uncertainty, trade disruptions, and geopolitical tensions can lead to reduced economic growth in the affected regions. This can result in a decrease in demand for new hybrid electric vehicles.
However, these challenges can drive innovation and adaptation in the hybrid electric car industry. Manufacturers may develop more resilient and versatile cars, and consumers may invest in the technology.
The hybrid electric car market is segmented on the basis of powertrain, degree of hybridization, and vehicle type. By powertrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. On the basis of degree of hybridization, the market is fragmented into fully hybrid, and mild hybrid. By vehicle type, the market is divided into standard hybrids, luxury hybrids, and performance hybrids. Region-wise, the hybrid electric car market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market are TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd, Mercedes-Benz Group AG (Former Daimler AG), BMW AG, Ford Motor Company, Hyundai Motor Company, Volkswagen Group, Kia Corporation, Nissan Motor Co., Ltd., and AB Volvo.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hybrid electric car market analysis from 2022 to 2032 to identify the prevailing hybrid electric car market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hybrid electric car market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hybrid electric car market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Upcoming/New Entrant by Regions
- New Product Development/Product Matrix of Key Players
- Brands Share Analysis
- SWOT Analysis
Key Market Segments
By Degree of Hybridization
- Fully Hybrid
- Mild Hybrid
By Vehicle Type
- Standard Hybrids
- Luxury Hybrid
- Performance Hybrid
By Powertrain
- Series Hybrid
- Parallel Hybrid
- Combined Hybrid
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Honda Motor Co., Ltd.
- Mercedes-Benz Group AG (former Daimler AG)
- BMW AG
- Hyundai Motor Company
- Kia Corporation
- Nissan Motor Co., Ltd.
- Toyota Motor Corporation
- Ford Motor Company
- Volkswagen Group
- AB Volvo
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HYBRID ELECTRIC CAR MARKET, BY POWERTRAIN
CHAPTER 5: HYBRID ELECTRIC CAR MARKET, BY DEGREE OF HYBRIDIZATION
CHAPTER 6: HYBRID ELECTRIC CAR MARKET, BY VEHICLE TYPE
CHAPTER 7: HYBRID ELECTRIC CAR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Honda Motor Co., Ltd.
- Mercedes-Benz Group AG (former Daimler AG)
- BMW AG
- Hyundai Motor Company
- Kia Corporation
- Nissan Motor Co., Ltd.
- Toyota Motor Corporation
- Ford Motor Company
- Volkswagen Group
- AB Volvo
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
