The latest market report published by Credence Research “Global Hybrid Electric Vehicles Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global hybrid electric vehicles market generated revenue of around USD 250.20 billion in 2020 and anticipated to grow at a CAGR of over 28.21% during the forecast period from 2021 to 2027 to reach around USD 1,170.34 billion in 2027.
Global Hybrid Electric Vehicles Market, 2020 – 2027 (USD Billion)
Browse the full report at https://www.credenceresearch.com/report/hybrid-electric-vehicles-market
Description of a hybrid vehicle is one that has multiple power sources. An electric motor coupled with ICE is used in the most popular forms of hybrid vehicles. Designing of hybrid vehicles is way more fuel efficient, have more capacity, and emit less pollutant. Electric energy is captured by these vehicles from a variety of sources, including regenerative braking systems and generators. When the car is stationary, idle, or the electric motor’s energy is adequate to move the vehicle without support from the ICE, they can save energy by turning off the engine.
Key Trends in Global Hybrid Electric Vehicles Market
Increasing Levels of Global Warming
Increased global warming concerns have coincided with a surge in interest in HEVs, as well as advancements in battery technology and integration. The advancement of these advanced computer systems would result in increased performance and a seamless synchronization between the two propulsion systems. Advanced batteries, such as nickel-metal hydride (NiMH), can now provide significantly higher energy densities and cycle life. When these features are combined in a HEV, they can greatly reduce CO2 emissions.
Introduction of Various Emission Norms
As public understanding of pollution grows, regulatory bodies are enacting more stringent emission regulations. OEMs are being forced to produce hybrid and electric vehicles as pollution regulations become more stringent. Gasoline and diesel vehicles release more greenhouse gases than hybrid vehicles.
Governments in the United States and Europe are focused on lowering emission limits to reduce greenhouse gas emissions, as well as improving vehicle fuel economy. The Corporate Average Fuel Economy (CAFE) requirements for automobiles, for example, were established by the US Department of Transportation.
Global Hybrid Electric Vehicles Market by Hybrid Type Insights
Mild-hybrid, Micro-hybrid, Full-hybrid, and Plug-in hybrid are some of the hybrid type of Hybrid Electric Vehicles. The demand for hybrid electric vehicles is dominated by full hybrid electric vehicles. The plug-in hybrid electric vehicle market, on the other hand, is expected to grow rapidly. A full hybrid electric vehicle is similar to a mild hybrid electric vehicle, but it has a larger alternator, electric motor, and battery pack, as well as a fuel efficiency of 40 to 45 percent. Quick trips are better served by a plug-in hybrid electric car. It has a downsized combustion engine and large electrical components in its configuration.
Full-hybrid Segment to Dominate the global Hybrid Electric Vehicles market
Global Hybrid Electric Vehicles Market by Hybrid Type, 2020
Global Hybrid Electric Vehicles Market by Vehicle Type Insights
Global Hybrid Electric Vehicles market is segmented based on Vehicle Type as Passenger Cars and Commercial Vehicles. Passenger Cars accounted for the largest share of global market in 2020 owing to following social distancing due to the spread of COVID-19.
Global Hybrid Electric Vehicles Market Share by Vehicle Type, 2020
Global Hybrid Electric Vehicles Market by Regional Insights
North America dominates the industry, followed by Europe. In these areas, new fuel emission regulations and the per capita income are expected to boost the hybrid electric vehicle market. The market in Asia Pacific, on the other hand, is expected to grow rapidly during the forecast period. Nissan, Kia, Toyota, Honda, BYD, and Hyundai are among the key players in the hybrid vehicle market in the Asia Pacific region. Toyota has the largest market share for electric vehicles in the world. Furthermore, Asian governments encourage development by offering subsidies. The industry would also benefit from Japan and China’s widespread use of hybrid vehicle technology.
Global Hybrid Electric Vehicles Market Competitive Landscape
Most prominent players in the global hybrid electric vehicles market include Toyota, Ford Motor Company, Mahindra & Mahindra Ltd, Honda Motor Company, Porsche, BMW AG, Lexus, Hyundai Motor Company, Mercedes-Benz, Infiniti, General Motors, and Volkswagen. The report covers very detailed profiles of these key players.
Global Hybrid Electric Vehicles Market, Company Distribution Network, 2020
Global Hybrid Electric Vehicles Market by Hybrid Type, 2015 – 2027
· Plug-in hybrid
Global Hybrid Electric Vehicles Market by Vehicle Type, 2015 – 2027
· Passenger Cars
· Commercial Vehicles
Global Hybrid Electric Vehicles Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Hybrid Electric Vehicles Market: Key Players
· Ford Motor Company
· Mahindra & Mahindra Ltd
· Honda Motor Company
· BMW AG
· Hyundai Motor Company