The global hybrid cars market is projected to surpass US$ 2.1 Trn by 2031, expanding at a CAGR of 21.9% during the forecast period. Hybrid vehicles can use either electric motor, internal combustion, or natural gas engine as its power source. The plug-in hybrid vehicles falls under zero emission vehicles, which uses external power to charge its battery and other hybrid engines uses IC engine to power their batteries.
The rising demand for fuel-efficient vehicles and increasing government regulations to curb vehicle emissions, leads to rise demand for electric and hybrid vehicles. The hybrid vehicles work on both electric motor engine as well as IC engine, as IC engines are mostly used to power the battery of the vehicles, which cause very less emission from the vehicles and hence, follows government's emission regulations. Whereas, the plug-in hybrid vehicles powers their vehicle batteries by plugging batteries to external power sources and considered as feasible solution in zero emission vehicle.
Due to onset of COVID-19 pandemic, the design and manufacturing processes of IC engine, hybrid and electric vehicles has halted. Moreover, due to lockdowns, the adoption rate of hybrid and plug-in hybrid vehicle has also reduced, which restrain the growth of the hybrid cars market. There was scarcity of raw material supply for most of the industries to carry out their manufacturing processes, which also impacted the market growth. However, the markets are reinitiated, as the global restrictions are relieved, and research, designing, and manufacturing processes are started which further anticipated to propel market growth.
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Can Hybrid Cars Transform Future of Mobility in Near Future?
Asia Pacific dominates the market in terms of consumer awareness toward environment-friendly vehicles. 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. In contrast, the hybrid cars market in Europe and North America is expected to register moderate growth rate, as the market has attained a considerable maturity level in terms of demand.
On the other hand, high cost of hybrid cars is driving the growth rate negatively. In addition, the availability of electric cars, acts as a direct substitute to hybrid cars, which is likely to impact the growth of this market. Nevertheless, the rising number of charging booth is likely to influence the global market for hybrid cars positively. Automakers should diversify their production in both hybrid and electric cars to expand their revenue streams.
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The global hybrid cars market has been segmented based on type, energy source, degree of hybridization, vehicle type, and region
Based on type, the series-parallel hybrid car segment dominated the global hybrid cars market, in terms of revenue, in 2020. The series-parallel hybrid cars has an ability of power-split, which allows power paths right from IC engine vehicle to the wheels, whereas, this power can be either electric or mechanical. In addition, the plug-in hybrid cars are expected to have fastest growth in the global hybrid cars market due to rising demand of consumers for battery-operated vehicles.
Based on energy source, the ICE hybrid car segment dominated the global hybrid cars market, in terms of revenue, in 2020. The ICE vehicles has highest adoption rate across the globe, which enhances the market growth. Moreover, IC engine helps the hybrid cars to power the electric motors and act as a generator to recharge the vehicle batteries, therefore, it has highest demand in the market.
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