logo
logo
Sign in

Rising demand for eco-friendly vehicles to boost the growth of Hybrid Vehicles market

avatar
Purvaja
Rising demand for eco-friendly vehicles to boost the growth of Hybrid Vehicles market

The global Hybrid Vehicles Market is estimated to be valued at US$ 465.39 Bn in 2023 and is expected to exhibit a CAGR of 18.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Hybrid vehicles have engines and electric motors that work together or independently to propel the vehicle. They offer significant benefits like higher fuel economy and lower emissions than conventional gasoline powered vehicles. Hybrid vehicles utilize both gasoline and electricity to power the vehicle. The electric motor works in conjunction with the gasoline engine to improve performance and fuel efficiency. They help reduce oil consumption and carbon emissions. With growing concerns about environmental pollution and rising fuel prices, demand for hybrid vehicles has increased significantly.


Market key trends:

One of the major trends in the hybrid vehicles market is the increasing demand for plug-in hybrid electric vehicles (PHEVs). PHEVs have higher battery capacity than conventional hybrids which allows them to be charged from an external electric power source in addition to being powered by the gasoline engine. This enhances their electric range and fuel efficiency substantially. Manufacturers are also focusing on developing more advanced lithium-ion battery technologies to increase electric driving range and performance of hybrid vehicles. Government initiatives supporting electric vehicles along with declining battery prices are further expected to boost adoption of hybrid vehicles globally during the forecast period.

Porter’s Analysis

Threat of new entrants: The hybrid vehicles market has high barrier for new entrants due to already established key players and high investment costs required for R&D.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative fuel vehicles and options from key players.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components from different suppliers globally.

Threat of new substitutes: Threat from new substitutes like electric vehicles is high as supportive government policies are driving adoption of electric vehicles worldwide.

Competitive rivalry: The hybrid vehicles market experiences high competitive rivalry due to presence of established automakers globally competing on technology, pricing and quality.


Key Takeaways

The Global Hybrid Vehicles Market Demand is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing governmental support for adoption of alternate fuel vehicles and restrictions on fossil fuel vehicles.


Regional analysis: Asia Pacific dominates the global hybrid vehicles market and is expected to grow at fastest pace during forecast period led by China, Japan and India. Governments in Asia Pacific region offer attractive subsidies for hybrid vehicles contributing to their growth. Europe follows Asia Pacific in adoption of hybrid vehicles with Germany dominating hybrid vehicles sales in Europe.


Key players operating in the hybrid vehicles market are Toyota Motor Corporation, Nissan Motor Co. Ltd., Honda Motor Company Ltd., Hyundai Motor Company, Kia Motors Corporation, Daimler AG, Volvo Group, Volkswagen Group, BMW AG, Ford Motor Company, Mitsubishi Motors Corporation, and BYD Co. Ltd. Toyota Motor Corporation is the leading player globally, contributing over 50% market share, owing to its strong hybrid vehicle portfolio including Prius, Camry etc.

Read More:

https://www.marketwebjournal.com/hybrid-vehicles-market-growth-market-size-share-analysis/

collect
0
avatar
Purvaja
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more