Hybrid Product Portfolio of OEMs by Propulsion (ICE, HEV, PHEV, and BEV), Body Type (Hatchback, Sedan, SUV, MPV), and Region (Europe, NA, China, Asia (excl. China), and RoW) - Global Forecast to 2030

The hybrid market is projected to grow from 12.4 million units in 2024 to 28.5 million units by 2030 at a CAGR of 15.0%. The overall market growth is propelled by the continuously increasing adoption of hybrid vehicles owing to their characteristics. Hybrids offer superior efficiency without range anxiety, charging, or battery discharge. Additionally, the inclination toward sustainable powertrains will help the hybrid market grow in the coming years.

“SUVs will be the fastest-growing segment in the hybrid market.”

SUVs have already proved to be the preferred body type amongst new customers. The SUV market is expected to experience growth driven by various factors. The automotive industry is constantly pressured to adapt to changes due to technological advancements and end-user preferences. Adopting hybrid SUVs is the key factor that has witnessed a rapid change in the automotive market. In line with the hybrid sector, developing and manufacturing cars with minimum emissions and meeting the government regulations for customers are crucial for OEMs and vehicle-providing companies.

Further, introducing hybrid technology SUVs with enhanced operating features and lower emission levels is shifting the trends in the automotive market. Moreover, OEMs are focused on increasing the vehicle's mileage by introducing functionality that can be operated through hybrid vehicle optimization.

""Europe and China are the largest hybrid markets.""

Europe is the leader in the adoption of advanced technologies. Similarly, in the case of hybrids, Europe is leading the adoption race. The region is a market leader, especially in hybrid SUVs. The adoption of hybrids is attributed to stringent emission norms set by the governments of the countries in Europe. Moreover, OEMs and governments are keen to achieve zero-emission targets in the near future. Strict EU emissions regulations have forced automakers to prioritize launches of hybrids in the respective markets. This is where hybrids are vital in a smooth transition from ICEs to BEVs.

China is closer to Europe in terms of hybrid sales. However, unlike 48V mild or full/strong hybrids in Europe, China is focused on plug-in hybrids (PHEVs). This is owing to China's superior EV supply chain, from car manufacturing to battery manufacturing. China dominates the PHEV offerings, where BYD leads the market.

The European region is also home to the majority of key hybrid automotive OEMs, such as Volkswagen (Germany), Mercedes-Benz (Germany), Stellantis (Netherlands), BMW (Germany), and Renault Group (France). China is also a major automotive manufacturing hub and home to most key hybrid automotive OEMs, such as BYD, Geely Group, Great Wall Motors (GMW), Changan, and SAIC Motors.

The ongoing developments in the automotive sector, coupled with the presence of key OEMs, will drive the growth of the hybrid market in the European and Chinese regions.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.

• By Company Type: Equipment Manufacturers - 90% and Others – 10%.
• By Designation: C-level - 40%, Directors- 40%, and Others – 20%
• By Region: Americas - 20%, Europe - 30%, Asia Pacific - 30%, and Middle East & RoW–20%

Established players such as Toyota (Japan), General Motors (US), Volkswagen (Germany), Hyundai Group (South Korea), and Ford Motors (US) lead the hybrid market.

Key Benefits of Buying the Report:

The report will help market leaders and new entrants with information on the closest approximations of the volume sales for the overall automotive market and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of Key Drivers (Rapid electrification of vehicles is fueling the demand for hybrid vehicles, Government restrictions on emission and sustainable driving fuel options), Restraints (Higher cost of PHEVs), opportunities (Advancements in battery, Advancements in hybrid optimization technology and rapid adoption of alternate fuel options), and Challenges (Supply chain issues of battery raw material and battery related issues in hybrid cars) influencing the growth of hybrid market.

Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new products & services in the hybrid market.

Market Development: Comprehensive information about the lucrative market – the report analyzes the hybrid market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hybrid market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Toyota (Japan), General Motors (US), Volkswagen (Germany), Hyundai Group (South Korea), and Ford Motors (US), among others, in the hybrid market.