The global hybrid vehicle market is expected to witness a CAGR of 22.10% during the forecast period. Hybrid vehicles are anticipated to make significant in-road due to consumers' rising awareness and growing eco-friendly initiatives regarding fuel emissions. Factors driving the demand for the hybrid vehicle market are the rising demand for low or zero-emission vehicles, stringent emission regulation standards, initiatives taken by the government to grant and give tax rebates for hybrid vehicles, reducing the price of batteries, and the rising investment in R&D activities.

Toyota Prius was the world's first mass-produced hybrid car, and the firm has sold 13 million hybrid cars since its introduction. The company has taken a strategic steps to promote hybrid cars as a bridge to fully electric vehicles.

The COVID-19 pandemic has negatively impacted the growth of the hybrid vehicle market due to the continuous lockdown that has caused the world economy to slow down. However, as some countries lift the blockade and manufacturers are optimistic and launch new models to attract consumers, the sale of hybrid electric vehicles has improved after June 2020.

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Browse 44 market data Tables and 30 Figures spread through 155 Pages and in-depth TOC on " Hybrid Vehicle Market by Component (Electric Motor, Battery, and Transmission), by Electric Power Train Type (Parallel Hybrid and Series Hybrid), by Propulsion (Hybrid Electric Vehicles (HEV), Natural Gas Vehicles (NGV), and Plug-In Hybrid Electric Vehicles (PHEV)), by Degree of Hybridization (Micro-Hybrid, Full Hybrid, and Mild Hybrid), by Vehicle Type (Passenger Cars and Commercial Vehicles), and Region - Global Forecast to 2027"

Based on the degree of hybridization, the global hybrid vehicle market is divided into micro-hybrid, full hybrid, and mild hybrid. The full hybrid category is anticipated to dominate the market during the forecast period owing to the mounting acceptance of fuel-efficient vehicles and reduced emission because of continuous technological advancement.

The Asia Pacific is anticipated to register the fastest growth during the forecast period as this region is highly populated and the majority of people are in the middle-class category who are the owners of hybrid vehicles. Moreover, the mass adoption of hybrid vehicle technology in countries such as China and Japan will propel the market growth of the hybrid vehicle market. It is home to various industry players such as Toyota, Honda, Nissan, Hyundai, and Kia. Nevertheless, initiatives taken by the government of Asian countries in providing rebates and subsidies have boosted the growth of the hybrid vehicle market.

Some of the major players in the global hybrid vehicle market include Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental, and Schaeffler.

Global Hybrid Vehicle Market Coverage

Component Insight and Forecast 2015-2027

Electric Motor
Battery
Transmission
Electric Power Train Type Insight and Forecast 2015-2027

Embedded
Hybrid
Propulsion Insight and Forecast 2015-2027

Hybrid Electric Vehicles (HEV)
Natural Gas Vehicles (NGV)
Plug-In Hybrid Electric Vehicles (PHEV)
Degree of Hybridization Insight and Forecast 2015-2027

Micro-Hybrid
Full Hybrid
Mild Hybrid
Vehicle Type Insight and Forecast 2015-2027

Passenger Cars
Commercial Vehicles
Geographical Segmentation

Hybrid Vehicle Market by Region

North America

By Component
By Electric Power Train Type
By Propulsion
By Degree of Hybridization
By Vehicle Type
By Country – U.S., Canada, and Mexico
Europe

By Component
By Electric Power Train Type
By Propulsion
By Degree of Hybridization
By Vehicle Type
By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
Asia-Pacific (APAC)

By Component
By Electric Power Train Type
By Propulsion
By Degree of Hybridization
By Vehicle Type
By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World (RoW)

By Component
By Electric Power Train Type
By Propulsion
By Degree of Hybridization
By Vehicle Type
By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

Source: VynZ Research