The Global Hybrid Vehicles Market was worth US$ 421.05 billion in 2022 and is anticipated to reach a valuation of US$ 1,424.21 billion by 2028 and is predicted to register a CAGR of 22.78% during 2023-2028.

The internal combustion engine and consequently, the electric generator, which aid in the operation of the electrical motor, are two or more different types of power sources that are frequently included in hybrid vehicles. Fuels like gasoline or diesel are frequently used to power gasoline or diesel engines, which in turn power electrical trains connected to an electric generator. The electric motor is eventually driven by the electrical generator. The first guiding concept for hybrid vehicles is that diverse engine power sources operate effectively at various engine speeds. After that, the timing of changing from one fuel to the other results in the car engine operating at its most efficient level.

Market Drivers and Restraints:

The market for hybrid vehicles is expanding globally thanks to a number of factors. First, as a result of the increase in gasoline prices, consumers are seeking hybrid cars to reduce their running costs. Second, the governments of developed nations are attempting to lessen their carbon footprint by implementing hybrid vehicle options, which may result in less pollution. Thirdly, in order to protect longer-term sales, automakers are looking for newer, more affordable technologies for cars, such as hybrid vehicles, due to the scarcity of fossil fuels as a result of excessive usage. Last but not least, hybrid vehicles make it simple to boost efficiency in terms of engine performance and fuel consumption.

The benefits provided by hybrid vehicles, such as extended range, lower emissions, and better fuel efficiency, are also a driving force in the market. Government measures pertaining to hybrid vehicles are projected to further enhance the global market given the increased demand for mid- and large-sized PHEV and NGV cars.

The low fuel economy and serviceability of hybrid vehicles, together with the high production costs associated with electric vehicles, limit market expansion. However, future opportunities for the expansion of market participants for hybrid vehicles, such as system integrators, vehicle manufacturers, engine manufacturers, and component suppliers, are anticipated to arise as a result of proactive government initiatives and advancements in electric vehicle technology.

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The report is segmented as follows:

The Hybrid Vehicles Market is segmented by Electric Powertrain type; the Market is segmented by Component type; the Market is segmented by Propulsion; the Market is segmented by Degree of Hybridization; the Market is segmented by Vehicle Type:

By Electric Powertrain type (Parallel Hybrid, Series Hybrid)

By Component Type (Battery, Electric Motor, Transmission)

By Propulsion (HEV, PHEV, NGV)

By Degree of Hybridization (Full Hybrid, Micro Hybrid, Mild Hybrid)

By Vehicle Type (Passenger Car, Commercial Vehicle)

Market Regional Segmentation:

The market for hybrid automobiles in North America is anticipated to expand steadily during the forecasted time frame. More emphasis is being placed on zero-emission automobiles by the local governments. North America's market is predicted to be dominated by the US and Canada. The Asia-Pacific region is anticipated to grow rapidly during the projection period. The removal of subsidies for the purchase of electric vehicles, however, may impede the market's growth within the region in nations like China and India. For instance, in India, the FAME program's mild-hybrid vehicle incentives were eliminated by the government in 2017.

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Impact of the COVID-19 pandemic on the market:

As the COVID-19 pandemic solidified attitudes about the environment by displaying cleaner air and lower pollution levels during the lockdown, it had a favourable effect on the market for hybrid vehicles. Their concern for the environment has grown as a result of COVID-19, and they are now planning to buy more environmentally friendly electric and hybrid automobiles. Due to manufacturers' plans to introduce new models to draw in customers, the forecast term is anticipated to be hopeful.

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