Hybrid Electric Vehicle Market Report 2024, Growth, Forecast by 2032

IMARC Group's report titled "Hybrid Electric Vehicle Market Report by Propulsion Type (Full Hybrids, Mild Hybrids, Plug-in Hybrids, and Others), Configuration Type (Series HEV, Parallel HEV, Combination HEV), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, and Others), Power Source (Stored Electricity, On Board Electric Generator), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global hybrid electric vehicle market report. The global market size reached 10.0 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 98.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 28% during 2024-2032.

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Factors Affecting the Growth of the Hybrid Electric Vehicle Industry:

• Environmental Concerns and Emission Regulations:

The rising concerns about environmental degradation and global warming is bolstering the market growth. The governing bodies worldwide are imposing stringent emission regulations to combat climate change, with transport contributing significantly to carbon emissions. This regulatory landscape is prompting automakers to innovate and invest in hybrid technologies. Hybrid electric vehicles (HEVs), combining internal combustion engines with electric propulsion, offer a practical solution by significantly reducing emissions compared to traditional vehicles.

Advancements in Battery Technology and Infrastructure:

Innovations in battery technology are propelling the market growth. Modern HEVs benefit from lighter, more efficient, and longer-lasting batteries, which enhance the range and performance of the vehicles while reducing costs. The development of lithium-ion (Li-on) batteries is offering higher energy densities and extended lifespans than traditional nickel-metal hydride batteries. This evolution is pivotal in making HEVs more appealing to buyers by addressing range anxiety and improving the overall driving experience. Additionally, improvements in charging infrastructure, including the increasing availability of public and home charging stations, are easing the transition to hybrid vehicles.

• Government Incentives and Support:

Many countries are offering tax reductions, subsidies, and grants to both manufacturers and buyers of HEVs. These incentives are designed to reduce the cost barrier associated with HEVs, making them more competitive with traditional combustion engine vehicles. Additionally, rebates on purchase prices, exemptions from registration and road taxes, and benefits like free parking and access to restricted zones significantly increase the attractiveness of HEVs for buyers. Furthermore, governments are investing in research and development (R&D) to advance hybrid technology, which is encouraging automotive manufacturers to increase their HEV offerings. This supportive policy environment is fostering innovation and eases the financial burden on buyers and manufacturers alike.

Leading Companies Operating in the Global Hybrid Electric Vehicles Industry:

• Toyota Motor Corporation
• Honda Motor Co. Ltd.
• Ford Motor Company
• Volkswagen Aktiengesellschaft
• General Motors Company
• Hyundai Motor Company
• Nissan Motor Corporation Ltd.

Hybrid Electric Vehicles Market Report Segmentation:

By Propulsion Type:

• Full Hybrids
• Mild Hybrids
• Plug-in Hybrids
• Others

Plug-in hybrid represents the largest segment attributed to the increasing demand for vehicles offering the flexibility of both electric and gasoline propulsion systems.

By Configuration Type:

• Series HEV
• Parallel HEV
• Combination HEV

Parallel HEV holds the biggest market share due to their efficiency and simplicity.

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles
• Two-Wheelers
• Others

Stored electricity accounts for the majority of the market share as it is supported by the growing adoption of electric vehicles (EVs) powered primarily by stored electricity in batteries, which aligns with environmental sustainability goals.

By Power Source:

• Stored Electricity
• On Board Electric Generator

Passenger cars exhibit a clear dominance in the market on account of the ubiquitous forms of transportation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America dominates the market, owing to the growing infrastructure development and increasing government incentives.

Global Hybrid Electric Vehicles Market Trends:

The increasing electrification of public and commercial transportation fleets is supporting the market growth. Cities around the world are investing in hybrid buses and taxis to reduce urban pollution and meet climate goals. This shift is driven by the need for sustainable urban mobility solutions that can accommodate high passenger volumes while minimizing environmental impact. The ability of HEVs to significantly cut emissions and operate quietly is becoming the preferred choice for public transport systems. This trend not only reflects a commitment to greener transportation but also encourages the wider adoption and acceptance of HEVs in society.

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