Global Hybrid Cars Market Analysis & Trends - Industry Forecast to 2028

Global Hybrid Cars Market Analysis & Trends - Industry Forecast to 2028

Hybrid Cars: Market Size

From $247.29 billion in 2020, the global Hybrid Cars market is projected to reach $1,205.69 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 21.9% from 2020 - 2028 timeframe. Some of the prominent trends that the market is witnessing include fuel efficiency and affordability, rising concerns over increasing air pollutions, and growing production capacity of hybrid vehicles.

Global Hybrid Cars Market: Market Dynamics
Moreover, some of the major car manufacturers have reaped revenues in the hybrid cars market by commercializing plug-in hybrids. In developed nations, players are leaning on strengthening their manufacturing capacity by shifting their units to local production. This is particularly significant from the aspect of meeting a substantial cross-section of demands in the regional markets and with reduced cost of shipping for several of the raw materials used. In recent few years, there is a remarkable growth in awareness among worldwide population regarding environmental issues. As a result, people are inclined toward the use of products that are environment-friendly in nature. This scenario is generating prominent demand for hybrid cars from all across the globe. Owing to this factor, the global hybrid cars market is likely to grow at promising pace in the forthcoming years. Also stringent emission standards in various countries and government encouragement in adoption of hybrid cars by providing subsides and incentives are some of the factors that are driving the growth of the hybrid car market. Increasing manufacturing capabilities for plug-in hybrids, series parallel hybrid cars, and series hybrid models are also expected to drive the growth of the Hybrid Cars market.

On the other hand, the high initial cost of hybrid cars and availability of electric cars are likely to obstruct the profit boundaries. In addition, technological advancements in hybrid cars and reduction in pricing of hybrid car will further boost for the Hybrid Cars market.

Impact of COVID-19 on Hybrid Cars
The COVID-19 pandemic has showed adverse impact on the overall growth of the global hybrid cars market. The key players engaged in this market are dealing with many issues such as stoppage in production activities, sudden drop in sales, and thereby lowered revenues. Nevertheless, market players are strategizing their moves to regain their production activities by taking all necessary precautions stated by regional government authorities. Therefore, the market is anticipated to recover from the recent pandemic and show promising growth in the forthcoming years. Automakers are in the midst of rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic. Negative ramifications of the COVID-19 pandemic have compelled automotive companies to rely on local production capabilities to reduce dependence on other countries for components, reduce shipping costs, and other expenditure.

By Vehicle Type
Electric Vehicle (EV) Segment Dominate the Market in 2020
The electric vehicle (EV) segment made huge revenue in 2020 and growing its prominence during the forecast period. In electric vehicle, the plug-in hybrid car held the largest share. A plug-in hybrid car, also known as a PHEV (Plug-in Hybrid Electric Vehicle), is a car that uses both a conventional combustion engine and a battery-powered electric motor to provide power to the wheels. With excellent fuel economy and a variety of incentives, plug-in hybrids can be well worth the money. A plug-in hybrid can be recharged by literally plugging it into a home charging station or using a public charging station. A plug-in hybrid offers a greater pure electric range owing to a larger battery pack and electric motor.

By Geography
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the increasing awareness among consumers regarding the benefits of eco-friendly vehicles, particularly in China and Japan, coupled with government’s incentives and subsidies. In addition, increasing government support toward the purchase of hybrid cars in Japan and China is another factor likely to trigger growth of this market in upcoming years. Moreover, China and India has highest population across the globe, which increases the adoption rate of the ICE, hybrid and electric vehicles, which is expected to witness highest growth for hybrid cars market during forecast period. In addition, governments in Asia Pacific region are providing incentive for adoption of low or zero emission vehicles, which also contributes in the hybrid cars market growth.

List of the Key Players Profiled in the Market Include:
• Allison Transmission
• BorgWarner Inc.
• Continental AG
• Daimler AG
• Ford Motor Company
• Honda Motor Co. Ltd.
• Hyundai Motor Co.
• Nissan Motor Co. Ltd.
• Toyota Motor Corp.
• Volkswagen AG
• Volvo Group
• ZF Friedrichshafen AG

List of the Regions/Countries Profiled in the Market Include:
North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others