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Hybrid Electric Car Market Company Assessment and Industry Analysis 2023

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Puneet Shah
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Global hybrid electric car market is projected to reach $1,38,023.3 million value by 2023, P&S Intelligence.

Falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of hybrid electric car market globally.

Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.

Insights on market segments

Full hybrid electric vehicles (HEVs) dominated the hybrid electric car market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs. Other factors contributing to the increasing demand for mild hybrid cars are easy mechanical integration of components and powertrains, electric power steering, electric turbocharger/supercharger, and electric air conditioning, at a low cost.

Hybrid hatchbacks have largely dominated the hybrid electric car market, owing to consumer preference toward small cars in major HEV markets, such as Japan. Hatchback HEVs are expected to continue their dominance in the hybrid electric car market with a CAGR of 16.6%, owing to their low cost compared to other car types and the upcoming launch of several new hatchback HEV models during the forecast period.

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The hybrid electric car market is expected to witness the highest growth in Europe, with a CAGR of 28.5% during the forecast period, owing to stringent emission norms, increased and improved offerings of HEVs from automakers, and growing sense of environmental concern among customers in the region. In addition, continuous decline in the sales of diesel vehicles in the European region after the Volkswagen emission scandal in September 2015 and the expected launch of new HEV models by Renault, Volkswagen, PSA, Mercedes-Benz, and Volvo is further boosting the hybrid electric car market growth.

The penetration of the hybrid electric car market in emerging economies, such as China, India, Indonesia, Brazil, and South Korea, is in the formative stage. However, there is a high scope for the market growth in developing countries, owing to stringent emission norms, high gasoline prices, and high demand for passenger cars in these regions. Many automakers are planning to enter these markets with their new and existing hybrid car models. For instance, Maruti Suzuki plans to launch several hybrid cars in India by 2020.

The abovementioned factors are anticipated to provide potential growth opportunities to the hybrid electric car market in the forecast period.

Hybrid Electric Car Market – Competitive Landscape

Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.

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