The hybrid car market share is expected to increase by 1271.96 thousand units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.41%.
This hybrid car market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hybrid car market segmentation by type (HEV and PHEV) and geography (APAC, North America, Europe, MEA, and South America). The hybrid car market report also offers information on several market vendors, including AB Volvo, BMW AG, Continental AG, Daimler AG, Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Stellantis NV, Toyota Motor Corp., and Volkswagen AG among others.
What will the Hybrid Car Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Hybrid Car Market Size for the Forecast Period and Other Important Statistics
Hybrid Car Market: Key Drivers, Trends, and Challenges
The increasing emission norms is notably driving the hybrid car market growth, although factors such as high vehicle cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hybrid car industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hybrid Car Market Driver
The increasing emission norms is one of the key drivers supporting the hybrid car market growth. The growing awareness among consumers about environmental protection, along with the stringent emission regulations implemented by regulatory bodies, is forcing OEMs to manufacture hybrid and electric vehicles as they emit fewer greenhouse gases than gasoline and diesel vehicles. For instance, Dubai’s Roads and Transport Authority announced that it has converted half of the emirate’s cabs to hybrid vehicles by 2021. Likewise, the US and Europe are focusing on lowering emission limits to reduce the greenhouse effect and are also focusing on improving vehicle fuel consumption. For instance, the US Department of Transportation has set the Corporate Average Fuel Economy (CAFE) standards for vehicles. These factors will fuel the growth of the global hybrid car market during the forecast period.
Key Hybrid Car Market Trend
Rising investments in hybrid cars is another factor supporting the hybrid car market growth. Gasoline prices rose to an average of $3.4 per gallon in December 2021, up from $2.28 per gallon in December 2020. In stop-and-go traffic, the average commuter travels 40 miles round trip to work. The typical automobile has a 10- to 12-gallon tank that costs $35 to $40 to fill. The average gasoline engine uses more gasoline per mile in stop-and-go traffic when stepping on the accelerator, which is often needed during stop-and-go traffic. Thus, with the rise in gasoline prices, consumers are shifting toward hybrid cars, as they offer fuel savings and reduce the daily spend on gasoline. These factors are fueling the demand for hybrid vehicles, which will continue during the forecast period.
Key Hybrid Car Market Challenge
High vehicle cost is one of the factors hindering the hybrid car market growth. A hybrid vehicle can cost up to 20% more than a traditional gas engine-powered vehicle. The battery is the essential component of a hybrid vehicle, such as a plug-in hybrid car. It raises the vehicle's cost, making it more expensive than diesel and gasoline-powered automobiles. The additional equipment necessary to create the vehicle, such as an electric motor and a high-voltage battery pack, also contributes to the high cost. Hybrid automobiles require additional equipment to enable features such as regenerative braking, which raises the price even further. Such high costs of the equipment will hinder the market growth during the forecast period.
This hybrid car market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the hybrid car market growth as a part of the global automotive market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hybrid car market during the forecast period.
Who are the Major Hybrid Car Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- AB Volvo
- BMW AG
- Continental AG
- Daimler AG
- Ford Motor Co.
- Honda Motor Co. Ltd.
- Hyundai Motor Co.
- Stellantis NV
- Toyota Motor Corp.
- Volkswagen AG
This statistical study of the hybrid car market encompasses successful business strategies deployed by the key vendors. The hybrid car market is concentrated and the vendors are deploying growth strategies such as price, quality, brand identity, and distribution to compete in the market.
Product Insights and News
- AB Volvo is a public company that is headquartered in Sweden. It is a global company that generated a revenue of $41,392 million and had around 96,194 employees. Its revenue from the global hybrid car contributes to its overall revenues, along with its other offerings, but is not a key revenue stream for the company.
- AB Volvo - The company offers Hybrid Cars like XC90 Recharge.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hybrid car market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Hybrid Car Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the hybrid car market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Hybrid Car Market?
For more insights on the market share of various regions Request for a FREE sample now!
45% of the market’s growth will originate from APAC during the forecast period. Japan, China, and South Korea (Republic of Korea) are the key markets for hybrid car market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Rising disposable incomes will facilitate the hybrid car market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, owing to the COVID-19 pandemic, the production of automobiles and related components was temporarily stopped or reduced to prevent community transmission through social gatherings. However, with the gradual decrease in the number of COVID-19 cases, and with the lifting of nationwide lockdowns, factories and manufacturing units were reopened. Moreover, the increase in the sales of passenger vehicles to avoid public transport will drive the market growth during the forecast period.
What are the Revenue-generating Type Segments in the Hybrid Car Market?
To gain further insights on the market contribution of various segments Request for a FREE sample
The hybrid car market share growth by the HEV segment will be significant during the forecast period. HEVs combine the benefits of high fuel economy and low tailpipe emissions with the power and range of conventional vehicles. In an HEV, the extra power provided by the electric motor may allow for a smaller combustion engine. The battery can also power auxiliary loads and reduce engine idling when the vehicle is stopped. Together, these features result in better fuel economy without sacrificing performance. Such factors will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hybrid car market size and actionable market insights on post COVID-19 impact on each segment.
|
Hybrid Car Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.41% |
|
Market growth 2022-2026 |
1271.96 th units |
|
Market structure |
Concentrated |
|
YoY growth (%) |
6.97 |
|
Regional analysis |
APAC, North America, Europe, MEA, and South America |
|
Performing market contribution |
APAC at 45% |
|
Key consumer countries |
US, Japan, Germany, China, and South Korea (Republic of Korea) |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
AB Volvo, BMW AG, Continental AG, Daimler AG, Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Stellantis NV, Toyota Motor Corp., and Volkswagen AG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Hybrid Car Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive hybrid car market growth during the next five years
- Precise estimation of the hybrid car market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the hybrid car industry across APAC, North America, Europe, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hybrid car market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch