Hybrid Electric Car Market Outlook and Opportunities in Grooming Regions 2023

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MARKET SEGMENTATION
By Hybridization
  • Full
  • Mild
By Battery
  • NiMH
  • Li-ion
By Type
  • Hatchback
  • Sedan
  • Others (Include sport utility vehicles (SUVs), multi-purpose vehicles (MPVs), and Crossovers)
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.
How is the market growing, geographically?
The market will witness fastest growth in Europe
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.
What are the factors impacting the growth of this market?
Increased fuel economy is expected to drive the market growth
The increased fuel economy offered by hybrid electric cars compared to conventional cars, owing to the incorporation of a battery and associated electric systems, is driving the growth of hybrid electric car market. They do not run entirely off the engine but use an electric motor during the start/stop/idling period, which reduces the fuel consumption by 15–40%. Additionally, the new-generation models deliver better fuel efficiency than the previous-generation models, which further drives the growth of the hybrid electric car market.
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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