Hybrid Vehicles MarketSize and Trends

Figure 1: Global Hybrid Vehicles Market Share (%), By Region, 2022

Global Hybrid Vehicles Market Trends:

Increasing popularity of plug-in hybrid vehicles is a recent trend

With rise in per capita income as well as disposable income all over the world, the demand for passenger and personal vehicles continues to increase day by day. The number of automotive vehicle fleet is increasing due to which the carbon emissions are also increasing worldwide. Along with this, rise in fuel prices and awareness about global warming is also increasing globally. As a result, the demand for substitute vehicles is increasing, in turn driving the popularity of plug-in hybrid vehicles. This trend is likely to support growth of the market in the coming future.

Demand for parallel hybrids is another trend in the market

Parallel hybrid powertrains provide more flexibility to switch from ICE to electric motor power. It also offers higher power efficiency in long-distance cruising and driving. Parallel hybrids require only one electric motor compared to series hybrids. Moreover, its strength can be adjusted while designing as per the combustion engines. Thus, the demand for parallel hybrids is increasing, which in turn is driving growth of the global hybrid vehicles market.