The global hybrid vehicle market was valued at USD 250.1 billion in 2020 and is anticipated to reach USD 1169.65 billion by 2027, thus growing at a CAGR of 22.10% during the forecast period 2021-2027. The hybrid vehicle is a vehicle exhausting two diverse forms of power i.e., an internal combustion engine (ICE) and an electric motor. The global hybrid vehicle market is growing at a substantial pace, owing to its fuel efficiency, more power, and emits less carbon dioxide than conventional petrol and diesel engine vehicles.

The COVID-19 pandemic has adversely impacted the automobile industry as many manufacturing and production units had stopped production due to disruption in the supply chain and lack of labor force. However, after the relaxation in the lockdown people are shifting towards valuable and functional vehicles with the help of fuels and electric motors and are ditching the mode of public transport. Thus, the market is growing for hybrid vehicles during the forecast period.

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Mounting emission norms, continuous reduction in the price of electric batteries, mounting alarm about environmental pollution, increasing rate of acceptance of fuel cell vehicles, rising adoption of hybrid vehicles, and optimal fuel competence are the major and key growth drivers for the hybrid vehicle market.

Hybrid vehicles are providing promising opportunities for the growth in markets of developing economies because of the government initiatives and support in the form of grants and rebates and rising price of fuels is pushing the customers to opt for hybrid vehicles.

Geographically, Asia-Pacific is the largest hybrid vehicle market as it is home to various industry players such as Toyota, Honda, Nissan, Hyundai, and Kia. Amplified sale of hybrid vehicles in Japan, South Korea, and China, a shift in lifestyle, rise in disposable income, mounting alertness about the advantages of a hybrid vehicle, higher fuel price, and government support and grants are also up surging growth of the Asia-Pacific hybrid vehicle market.

Ford is investing USD 11 billion in electrification, with plans to add 40 hybrid and fully electric vehicles to its lineup by 2022.

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 strategic step to promote hybrid cars as a bridge to fully electric vehicles.

Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental and Schaefler are the key players offering hybrid vehicle.

Source: VynZ Research