According to a new report from Markets and Markets, the global hybrid vehicle market will reach 4.169 million vehicles in 2018, and the market size is expected to reach 7.593 million by 2025, with a compound annual growth rate of 8.94% over the period.
The hybrid vehicle market is driven by many factors, such as better fuel efficiency, longer mileage than other electric vehicles, less emissions, and government incentives related to hybrid cars and power infrastructure.
According to the power system, parallel hybrid vehicles will become one of the fastest growing markets, benefiting from less complex systems and their high performance. Parallel hybrid vehicles are also suitable for long-distance driving. And since the engine and the battery are directly connected to the motor, the energy conversion loss in the parallel hybrid system is minimal. Regenerative braking systems are the most commonly used technology in hybrid vehicles. Compared with plug-in hybrid electric vehicles, the use of regenerative braking systems and the low cost of micro and mild hybrid vehicles will drive the demand for parallel hybrid vehicles. Therefore, the parallel hybrid car segment will dominate the hybrid vehicle market during the forecast period.
According to the type of vehicle, the passenger vehicle segment will lead the hybrid vehicle market. This increase can be attributed to the high demand for personal travel, improved per capita income, and improved lifestyle. High sales of passenger cars, strict emission regulations, and growing demand for large and medium-sized cars have driven market growth. In addition, many countries’ governments are providing purchase subsidies and tax refunds for the purchase or rental of hybrid vehicles.
By region, the Asia Pacific region represents the largest market for green technology in the world. The growth of hybrid vehicles in the region was mainly attributed to the huge sales of Japan and China. In response to increasing emissions, various countries in the region will focus on the deployment of large numbers of low-emission vehicles in the coming years. In addition, the Asia Pacific region is the focus of Toyota, Honda, Nissan, Kia, BYD, Hyundai and other major manufacturers of hybrid vehicles. Toyota has the highest share of global hybrid vehicle sales. In addition, Asian governments have also promoted growth in the hybrid vehicle market by providing subsidies.
The hybrid vehicle market is dominated by a few global players, including Toyota (Japan), Ford (USA), Volvo (Sweden), Continental Group (Germany), Daimler (Germany), Delphi (UK) and others.
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