According to the latest report by IMARC Group titled, “Hybrid Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global hybrid electric vehicles (HEVs) market to register a CAGR of more than 45% during 2020-2025.
Hybrid electric vehicles (HEVs) are a type of vehicles that are powered by an internal combustion engine (ICE) and an electric motor. These vehicles use regenerative braking and automatic start-stop features that aid in preventing energy wastage. Furthermore, the excess energy from the engine is stored in batteries, thus resulting in better fuel economy. HEVs are considered an effective alternative to conventional vehicles as they require less power and produce low tailpipe emissions.
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Global Hybrid Electric Vehicle Market Trends
The rising environmental consciousness is one of the key factors driving the market growth. In addition to this, stringent governmental regulations regarding greenhouse gas (GHG) emissions and favorable policies supporting sustainable development are also catalyzing the demand for HEVs. For instance, governments of various countries are offering incentives, such as tax rebates, on the purchase of HEV, which is driving the market growth. Furthermore, manufacturers are focusing on introducing innovations, such as zero- and low-emission vehicles with soundless operations and high-performance engines, which is expected to create a positive outlook for the market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The report has segmented the market on the basis of Propulsion Type, Deployment Type, Configuration Type, Vehicle Type, Power Source and Region.
Breakup by Propulsion Type:
1. Full Hybrids
2. Mild Hybrids
3. Plug-in Hybrids
Breakup by Configuration Type:
1. Series HEV
2. Parallel HEV
3. Combination HEV
Breakup by Vehicle Type:
1. Passenger Cars
2. Commercial Vehicles
3. Two Wheelers
Breakup by Power Source:
1. Stored Electricity
2. On Board Electric Generator
Breakup by Region:
1. North America
2. South Korea
3. United Kingdom
4. Latin America
5. Middle East and Africa
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Toyota Motor Corporation, Honda Motor Co. Ltd., Ford Motor Company, Volkswagen Aktiengesellschaft, General Motors Company, Hyundai Motor Company, Nissan Motor Corporation Ltd., etc.
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