According to a market report, published by Sheer Analytics and Insights, The global hybrid electric market vehicle was valued at $150.9 billion in 2021 and it is expected to reach $1560.8 billion at a CAGR of 21.5% between 2022 and 2032. There are many advantages to hybrid electric vehicles, including lower operating and maintenance expenses and fewer emissions. With advancements in technology, the selection of electric vehicles is constantly growing, yet many customers in various locations still favor mild or fully hybrid models. One of the major factors favoring the adoption of HEVs is the rising air pollution levels brought on by vehicle exhaust emissions as well as the growing environmental consciousness among the general public about rising pollution levels. This is also explained by the quick urbanization, rising personal incomes, and increasing road networks. In addition to this, governments in many nations are putting strict emission controls and fuel economy standards into place as well as providing purchase grants, incentive programs, tax breaks, and utility bill reductions. This in turn is promoting the use of HEVs all across the world.
Moreover, Due to their superior fuel efficiency, less tailpipe emissions, and increased performance, gasoline hybrid vehicles are preferred over diesel hybrid ones. Only a small portion of the energy in gasoline is used by a car to run. The internal combustion engine and an electric motor, which uses the energy stored in the batteries, are combined to create hybrid automobiles. The regenerative braking system is used to generate the energy that is stored in the batteries. The hybrid electric car features a kinetic energy-based regenerative braking mechanism. Energy generated by a moving vehicle is converted to electric energy and stored in batteries. In addition, hybrid cars offer dual power, which can come from the motor, the engine, or both depending on how the car is operating.
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The implementation of strict pollution and fuel economy standards as well as government incentives for promoting the purchase and adoption of hybrid cars are some of the main drivers fueling the growth of the market under study. The industry under study is anticipated to expand rapidly due to governments' strict activities, including regulation, subsidies, and greater efforts to provide public charging stations for electric vehicles. In addition, major companies in the hybrid car market, including Toyota, Honda, Nissan, Kia, BYD, and Hyundai, are based in the Asia-Pacific area, which fosters a favorable business environment.
On the other hand, since gasoline is a fossil fuel, it is not a source of energy that can be renewed and is likely to run out in the future. The creation and utilization of alternative fuel sources are crucial for promoting sustainable development. Utilizing electric vehicles, which don't require gas and are more cost-effective than traditional automobiles, is part of this. But one of the essential conditions for ensuring the adoption of electric vehicles is the development of a strong electric vehicle infrastructure. Unfortunately, the majority of developing nations lack suitable EV charging infrastructure at the moment and have not yet caught up to meet the demand, which is impeding the expansion of the market for electric vehicles.
Some new developments in the global hybrid electric vehicle market:
- On 17th October, 2022, Toyota introduces the first hybrid electric/flex fuel vehicle in India. A flex-fuel engine and an electric drivetrain are features of an FFV-SHEV. This configuration increases both the amount of ethanol used and the fuel economy because it can operate in its EV mode for a significant amount of time while the engine is off. Additionally, this appears to be addressing the frequently raised issue of finding a long-term alternate fuel source for vehicles.
- On 1st November, 2022, the launch of the new EV Fluid line of electric and hybrid vehicles, as well as electric bikes, in India has been announced by TotalEnergies Marketing India Private Limited. The specially formulated EV fluids have good compatibility with copper coils and the new polymer materials used in EVs, as well as improved electrical qualities against short circuits and static electricity.
According to the study, key players dominating the global hybrid electric vehicle market are Allison Transmission (U.S), AB Volvo (Sweden), BMW AG (Germany), BYD Ltd (China), BorgWarner (U.S), Ford Motor (U.S), Groupe Renault (France), Greaves Cotton (India), Hyundai Motor Group (South Korea), Hero Electric (India), Honda Motor Company (Japan), INA-Holding Schaeffler (Germany), Lucid Motors (U.S), Lexus (Japan), Mercedes Benz Group (Germany), Porsche SE (Germany), Suzuki (Japan), Tesla (U.S), WM Motor (China), Wanxiang Group Corp (China), among others.
The Global Hybrid Electric Vehicle Market Has Been Segmented Into:
The Global Hybrid Electric Vehicle Market – by Propulsion Type:
- Full Hybrids
- Mild Hybrids
- Plug-In Hybrids
- Others
The Global Hybrid Electric Vehicle Market – by Vehicle Type:
- Passenger Car
- Commercial Car
- Others
The Global Hybrid Electric Vehicle Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/hybrid-electric-vehicle-market-21
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