Latest News- Hybrid Electric Vehicle (HEV) Market: Passenger cars is expected to lead the Vehicle Type segment during 2024-2028

The Hybrid Electric Vehicle (HEV) Market is being driven by Push toward adoption of green (eco-friendly) vehicles

The Hybrid Electric Vehicle (HEV) Market is expected to grow at a CAGR of 23.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 456.4 billion. The hybrid electric vehicle (HEV) market is experiencing a significant shift towards fuel cell vehicles (FCVs) or fuel cell electric vehicles (FCEVs). These advanced HEVs utilize fuel cells to generate electricity, which powers the electric motor in conjunction with the battery. Fuel cells operate by combining oxygen from the air with compressed hydrogen, producing only water and heat as emissions. Toyota and Hyundai are pioneering OEMs in this sector, having commercially produced and leased FCVs respectively. With more manufacturers entering the market, the FCV segment is projected for substantial growth during the forecast period. 

Get more information on Hybrid Electric Vehicle (HEV) Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Propulsion
  • Full HEVs
  • Mild HEVs
  • PHEVs
• Geography
  • APAC
    • China
  • Europe
    • France
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Push toward adoption of green (eco-friendly) vehicles
• Stringent regulations on emissions and fuel efficiency
• Charging infrastructures for PHEV

However, the market also witnesses some limitations, which are as follows:

• High total cost of ownership of HEVs
• Cost-to-weight ratio high for hybrid vehicles than ICE vehicles
• Range anxiety, battery performance, and replacement schedule issues

Benefits of Buying Global Hybrid Electric Vehicle (HEV) Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Hybrid Electric Vehicle (HEV) Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Hybrid Electric Vehicle (HEV) market is witnessing significant growth due to increasing environmental concerns and the need to reduce vehicle emissions. HEVs use both an Internal Combustion Engine (ICE) and an electric powertrain. Parallel HEVs and Series HEVs are two types of hybrids, with parallel hybrids using both the ICE and electric motor to power the wheels at the same time, while series hybrids use the ICE to charge the battery and the electric motor for propulsion. Plug-in hybrids, a subset of HEVs, can be charged from an external power source and offer greater electric-only driving range. Public transit vehicles and OEMs are increasingly adopting HEVs, including buses and commercial vehicles. Battery Electric Vehicles (BEVs) are another alternative, but HEVs offer the benefits of reduced emissions without the range anxiety associated with BEVs. HEVs use various battery technologies, including Lithium-ion batteries, and offer features like regenerative braking and Vehicle to Grid (V2G) capabilities. Mild hybrids and full hybrids are other categories of HEVs, with mild hybrids offering limited electric propulsion and full hybrids offering greater electric-only driving range. The market for HEVs is expected to continue growing as OEMs invest in improving battery technology and electric motor efficiency.

Market Research Overview

The global automobile manufacturing industry encompasses businesses specializing in the production of passenger cars, commercial vehicles, and all-terrain vehicles. Notably, this sector excludes motorcycle, scooter, e-bike, trike, and three-wheeler manufacturers. According to Technavio, the market size of automobile manufacturers is determined by the consolidated revenue generated from the sales of passenger cars, commercial vehicles, and all-terrain vehicles. Key growth drivers for the global automobile manufacturing industry include the adoption of advanced features, such as increasing electronic components, secured safety systems, autonomous capabilities, emission standardization, enhanced fuel efficiency through electronic fuel control, and vehicle customization, which are increasingly attracting customers to vehicle ownership.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/