The HEV market is anticipated to grow at a significant CAGR of 28.7% during the forecast period (2022-2028). An HEV is a vehicle that uses energy stored in batteries to power it. It uses both an internal combustion engine and an electric propulsion system to run. Regenerative braking, which turns the energy wasted during coasting and braking into electricity, is used to charge the battery. HEVs offer lower fuel consumption, carbon emissions, and maintenance costs than combustion engine-based vehicles, making them more cost-effective even at moderate speeds. One of the key factors driving the market includes the growing demand for fuel-efficient cars throughout the globe. Furthermore, rising consumer awareness of environmental issues is helping to propel the industry forward. As a result, more focus is being placed on developing novel designs and modern technology to provide zero- and low-emission cars with silent operation and high-performance engines.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Honda Cars launched its latest City e: HEV sedan for the Indian market, marking the company’s entry into the country’s mainstream strong HEV industry. The business, which operates in India through a wholly-owned subsidiary, has begun taking reservations for the vehicle. According to the company, the vehicle would include a self-charging two-motor robust hybrid system coupled to a 1.5-liter petrol engine with 126 PS of peak output and 26.5 km per liter of fuel economy. A high-performance front camera with a wide-angle, far-reaching detecting system to scan the road ahead and inform the driver to reduce the danger of accidents would also be included in the vehicle.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Propulsion Type
- By Configuration Type
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Toyota Motor Corp., Honda Motor Co. Ltd., Ford Motor Co., Volkswagen Aktiengesellschaft, General Motors Co., Hyundai Motor Co., and Nissan Motor Co. Ltd., among others.
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Global HEV Market Report by Segment
By Propulsion Type
- Full Hybrids
- Mild Hybrids
- Plug-in Hybrids
- Others
By Configuration Type
- Series HEV
- Parallel HEV
- Combination HEV
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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