Hybrid Electric Vehicle (Hev) Market Size to grow by USD 456.4 billion between 2024-2028
According to a research report “ Hybrid Electric Vehicle (Hev) Market” by Vehicle Type (Passenger cars, Commercial vehicles) Propulsion (Full HEVs, Mild HEVs, PHEVs) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 456.4 billion, at a CAGR of 23.87% during the forecast period. In the business world, on-road vehicles are identified as significant contributors to greenhouse gas (GHG) emissions, particularly carbon dioxide (CO2), which is the leading cause of global warming and climatic changes. To mitigate the environmental impact of these emissions, the focus is on reducing vehicular fuel consumption, a major contributor to GHG emissions. The adoption of green vehicles, such as Hybrid Electric Vehicles (HEVs), is a key solution. HEVs operate using electricity, hybrid energy, and alternative power sources like solar, wind energy, or biofuels, thereby significantly reducing CO2 emissions and promoting sustainable transportation.
Browse market data tables, figures, and in-depth TOC on “Hybrid Electric Vehicle (Hev) Market” by Vehicle Type (Passenger cars, Commercial vehicles) Propulsion (Full HEVs, Mild HEVs, PHEVs) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Vehicle Type, the Passenger cars segment is projected to dominate the market size in 2024
The Hybrid Electric Vehicle (HEV) market represents a significant growth opportunity for businesses in the automotive sector. These vehicles, which combine traditional internal combustion engines with electric motors, offer improved fuel efficiency, reduced emissions, and a more sustainable transportation solution. According to recent market research, the global HEV market is projected to expand at a robust CAGR through 2026, driven by increasing consumer demand for eco-friendly vehicles and government initiatives to reduce carbon emissions. Businesses that invest in HEV technology and innovation will be well-positioned to capitalize on this trend and capture a larger market share.
By Propulsion, Full HEVs segment is expected to hold the largest market size for the year 2024
The Hybrid Electric Vehicle (HEV) market represents a significant growth opportunity for businesses in the automotive sector. These vehicles, which combine traditional internal combustion engines with electric motors, offer improved fuel efficiency and reduced emissions. According to market research, the global HEV market is projected to expand at a CAGR of over 12% from 2021 to 2028, driven by increasing environmental concerns and government incentives for eco-friendly transportation solutions. Companies that invest in HEV technology and innovation will be well-positioned to capitalize on this trend and meet the evolving demands of consumers.
APAC is forecasted to hold the largest market size by region in 2024
The Hybrid Electric Vehicle (HEV) market represents a significant growth opportunity for businesses in the automotive industry. These vehicles, which combine traditional internal combustion engines with electric motors, offer improved fuel efficiency, reduced emissions, and a more sustainable transportation solution. Market trends indicate a rising demand for HEVs, driven by increasing environmental consciousness and government incentives for green technologies. Companies that invest in HEV research, development, and production stand to gain a competitive edge in the evolving automotive landscape.
The Hybrid Electric Vehicle (Hev) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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 Hybrid Electric Vehicle (HEV) market is witnessing significant growth due to the increasing demand for electronics and advanced powertrain technologies in vehicles. HEVs use a combination of an Internal Combustion Engine (ICE) and electric powertrain, with parallel series hybrids being the most common type. Parallel hybrids allow the engine and electric motor to work together, providing performance enhancements and reducing vehicle emissions. Public transit vehicles, commercial vehicles, passenger cars, and even two-wheelers are adopting HEV technology. Battery Electric Vehicles (BEVs) are also gaining popularity, but HEVs offer the advantage of extended driving range and quick refueling. HEVs use batteries and electric motors for propulsion, with lithium-ion batteries being the most common choice due to their high energy density and long life. OEMs are investing in research and development of battery technology to improve the performance and reduce the cost of HEVs. HEVs offer several benefits, including reduced emissions of particulate matter, nitrogen oxides, and carbon dioxide, which contribute to air pollution and climate change. Governments are offering subsidies, grants, and tax incentives to promote the adoption of HEVs and other electric vehicles. Renewable energy sources like wind and solar are being integrated into HEVs for charging and even for vehicle propulsion during low-speed operation. Regenerative braking and vehicle-to-grid technologies are also being explored to optimize the use of stored electricity. HEVs offer a balance between the benefits of electric propulsion systems and the convenience of internal combustion engines. With continued advancements in technology and increasing focus on reducing vehicle emissions, the HEV market is expected to grow significantly in the coming years.
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