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The hybrid car market share is expected to increase by 1271.96 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.41%.
This hybrid car market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hybrid car market segmentation by type (HEV and PHEV) and geography (APAC, North America, Europe, MEA, and South America). The hybrid car market report also offers information on several market vendors, including AB Volvo, BMW AG, Continental AG, Daimler AG, Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Stellantis NV, Toyota Motor Corp., and Volkswagen AG among others.
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The increasing emission norms is notably driving the hybrid car market growth, although factors such as high vehicle cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hybrid car industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hybrid Car Market Driver
The increasing emission norms is one of the key drivers supporting the hybrid car market growth. The growing awareness among consumers about environmental protection, along with the stringent emission regulations implemented by regulatory bodies, is forcing OEMs to manufacture hybrid and electric vehicles as they emit fewer greenhouse gases than gasoline and diesel vehicles. For instance, Dubai's Roads and Transport Authority announced that it has converted half of the emirate's cabs to hybrid vehicles by 2021. Likewise, the US and Europe are focusing on lowering emission limits to reduce the greenhouse effect and are also focusing on improving vehicle fuel consumption. For instance, the US Department of Transportation has set the Corporate Average Fuel Economy (CAFE) standards for vehicles. These factors will fuel the growth of the global hybrid car market during the forecast period.
Key Hybrid Car Market Trend
Rising investments in hybrid cars is another factor supporting the hybrid car market growth. Gasoline prices rose to an average of $3.4 per gallon in December 2021, up from $2.28 per gallon in December 2020. In stop-and-go traffic, the average commuter travels 40 miles round trip to work. The typical automobile has a 10- to 12-gallon tank that costs $35 to $40 to fill. The average gasoline engine uses more gasoline per mile in stop-and-go traffic when stepping on the accelerator, which is often needed during stop-and-go traffic. Thus, with the rise in gasoline prices, consumers are shifting toward hybrid cars, as they offer fuel savings and reduce the daily spend on gasoline. These factors are fueling the demand for hybrid vehicles, which will continue during the forecast period.
Key Hybrid Car Market Challenge
High vehicle cost is one of the factors hindering the hybrid car market growth. A hybrid vehicle can cost up to 20% more than a traditional gas engine-powered vehicle. The battery is the essential component of a hybrid vehicle, such as a plug-in hybrid car. It raises the vehicle's cost, making it more expensive than diesel and gasoline-powered automobiles. The additional equipment necessary to create the vehicle, such as an electric motor and a high-voltage battery pack, also contributes to the high cost. Hybrid automobiles require additional equipment to enable features such as regenerative braking, which raises the price even further. Such high costs of the equipment will hinder the market growth during the forecast period.
This hybrid car market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the hybrid car market growth as a part of the global automotive market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hybrid car market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hybrid car market encompasses successful business strategies deployed by the key vendors. The hybrid car market is concentrated and the vendors are deploying growth strategies such as price, quality, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hybrid car market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hybrid car market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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45% of the market's growth will originate from APAC during the forecast period. Japan, China, and South Korea (Republic of Korea) are the key markets for hybrid car market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Rising disposable incomes will facilitate the hybrid car market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, owing to the COVID-19 pandemic, the production of automobiles and related components was temporarily stopped or reduced to prevent community transmission through social gatherings. However, with the gradual decrease in the number of COVID-19 cases, and with the lifting of nationwide lockdowns, factories and manufacturing units were reopened. Moreover, the increase in the sales of passenger vehicles to avoid public transport will drive the market growth during the forecast period.
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The hybrid car market share growth by the HEV segment will be significant during the forecast period. HEVs combine the benefits of high fuel economy and low tailpipe emissions with the power and range of conventional vehicles. In an HEV, the extra power provided by the electric motor may allow for a smaller combustion engine. The battery can also power auxiliary loads and reduce engine idling when the vehicle is stopped. Together, these features result in better fuel economy without sacrificing performance. Such factors will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hybrid car market size and actionable market insights on post COVID-19 impact on each segment.
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Hybrid Car Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.41% |
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Market growth 2022-2026 |
1271.96 th units |
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Market structure |
Concentrated |
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YoY growth (%) |
6.97 |
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Regional analysis |
APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 45% |
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Key consumer countries |
US, Japan, Germany, China, and South Korea (Republic of Korea) |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, BMW AG, Continental AG, Daimler AG, Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Stellantis NV, Toyota Motor Corp., and Volkswagen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market Characteristics
**2.2 Value Chain Analysis
*Exhibit 10: Value chain analysis: Global Automotive Market
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Automobile manufacturers
*2.2.4 Distribution and logistics
*2.2.5 Marketing and sales
*2.2.6 Aftermarket and service
*2.2.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 13: Global- Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 - 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of the buyer
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of the supplier
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Type
**5.1 Market segments
*Exhibit 22: Type- Market share 2020-2025 (%)
**5.2 Comparison by Type
*Exhibit 23: Comparison by Type
**5.3 HEV - Market size and forecast 2021-2026
*Exhibit 24: HEV - Market size and forecast 2021-2026 (thousand units)
*Exhibit 25: HEV - Year-over-year growth 2021-2026 (%)
**5.4 PHEV - Market size and forecast 2021-2026
*Exhibit 26: PHEV - Market size and forecast 2021-2026 (thousand units)
*Exhibit 27: PHEV - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Type
*Exhibit 28: Market opportunity by Type
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 32: APAC - Market size and forecast 2021-2026 (thousand units)
*Exhibit 33: APAC - Year-over-year growth 2021-2026 (%)
**7.4 North America - Market size and forecast 2021-2026
*Exhibit 34: North America - Market size and forecast 2021-2026 (thousand units)
*Exhibit 35: North America - Year-over-year growth 2021-2026 (%)
**7.5 Europe - Market size and forecast 2021-2026
*Exhibit 36: Europe - Market size and forecast 2021-2026 (thousand units)
*Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
**7.6 MEA - Market size and forecast 2021-2026
*Exhibit 38: MEA - Market size and forecast 2021-2026 (thousand units)
*Exhibit 39: MEA - Year-over-year growth 2021-2026 (%)
**7.7 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 (thousand units)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 42: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 43: Market opportunity by geography (thousand units)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing emission norms
*8.1.2 High popularity of luxury vehicles
*8.1.3 Incentives offered to enhance the adoption rates of HEVs
**8.2 Market challenges
*8.2.1 High vehicle cost
*8.2.2 Rising demand for Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs)
*8.2.3 Less awareness amongst consumers
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Rising investments in hybrid cars
*8.3.2 Rising preferences towards the usages of green vehicles
*8.3.3 Rising Demand for Lightweight Vehicles
***9. Vendor Landscape
**9.1 Competitive Scenario
**9.2 Overview
*Exhibit 45: Vendor landscape
**9.3 Landscape disruption
*Exhibit 46: ?Landscape disruption?
*Exhibit 47: Industry Risk
***10. Vendor Analysis
**10.1 Vendors Covered
*Exhibit 48: Vendor Landscape
**10.2 Market positioning of vendors
*Exhibit 49: ?Market positioning of vendors?
**10.3 AB Volvo
*Exhibit 50: AB Volvo - Overview
*Exhibit 51: AB Volvo - Business segments
*Exhibit 52: AB Volvo - Key news
*Exhibit 53: AB Volvo - Key offerings
*Exhibit 54: AB Volvo - Segment focus
**10.4 BMW AG
*Exhibit 55: BMW AG - Overview
*Exhibit 56: BMW AG - Business segments
*Exhibit 57: BMW AG - Key offerings
*Exhibit 58: BMW AG - Segment focus
**10.5 Continental AG
*Exhibit 59: Continental AG - Overview
*Exhibit 60: Continental AG - Business segments
*Exhibit 61: Continental AG- Key news
*Exhibit 62: Continental AG - Key offerings
*Exhibit 63: Continental AG - Segment focus
**10.6 Daimler AG
*Exhibit 64: Daimler AG - Overview
*Exhibit 65: Daimler AG - Business segments
*Exhibit 66: Daimler AG - Key offerings
*Exhibit 67: Daimler AG - Segment focus
**10.7 Ford Motor Co.
*Exhibit 68: Ford Motor Co. - Overview
*Exhibit 69: Ford Motor Co. - Business segments
*Exhibit 70: Ford Motor Co.- Key news
*Exhibit 71: Ford Motor Co. - Key offerings
*Exhibit 72: Ford Motor Co. - Segment focus
**10.8 Honda Motor Co. Ltd.
*Exhibit 73: Honda Motor Co. Ltd. - Overview
*Exhibit 74: Honda Motor Co. Ltd. - Business segments
*Exhibit 75: Honda Motor Co. Ltd.- Key news
*Exhibit 76: Honda Motor Co. Ltd. - Key offerings
*Exhibit 77: Honda Motor Co. Ltd. - Segment focus
**10.9 Hyundai Motor Co.
*Exhibit 78: Hyundai Motor Co. - Overview
*Exhibit 79: Hyundai Motor Co. - Business segments
*Exhibit 80: Hyundai Motor Co. - Key news
*Exhibit 81: Hyundai Motor Co. - Key offerings
*Exhibit 82: Hyundai Motor Co. - Segment focus
**10.10 Stellantis NV
*Exhibit 83: Stellantis NV - Overview
*Exhibit 84: Stellantis NV - Business segments
*Exhibit 85: Stellantis NV- Key news
*Exhibit 86: Stellantis NV - Key offerings
*Exhibit 87: Stellantis NV - Segment focus
**10.11 Toyota Motor Corp.
*Exhibit 88: Toyota Motor Corp. - Overview
*Exhibit 89: Toyota Motor Corp. - Business segments
*Exhibit 90: Toyota Motor Corp.- Key news
*Exhibit 91: Toyota Motor Corp. - Key offerings
*Exhibit 92: Toyota Motor Corp. - Segment focus
**10.12 Volkswagen AG
*Exhibit 93: Volkswagen AG - Overview
*Exhibit 94: Volkswagen AG - Business segments
*Exhibit 95: Volkswagen AG- Key news
*Exhibit 96: Volkswagen AG - Key offerings
*Exhibit 97: Volkswagen AG - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 98: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 99: ?Research Methodology
*Exhibit 100: ??Validation techniques employed for market sizing?
*Exhibit 101: ??Information sources
**11.4 List of abbreviations
*Exhibit 102: List of abbreviations
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