Published by Jessica Weisman-Pitts
Posted on February 23, 2023
6 min readLast updated: February 2, 2026
Due to the high demand for electric mobility, rising fuel prices, and strict regulations set by governments in various regions, the worldwide market for hybrid vehicles is expanding quickly. Additionally, compared to conventional cars, hybrid vehicles are quieter and more fuel-efficient.
Due to the high demand for electric mobility, rising fuel prices, and strict regulations set by governments in various regions, the worldwide market for hybrid vehicles is expanding quickly. Additionally, compared to conventional cars, hybrid vehicles are quieter and more fuel-efficient.
NEWARK, Del: The global hybrid vehicles market is expected to create a lucrative growth opportunity over the estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The market is anticipated to be valued at US$ 192.7 Bn in 2022 and is expected to reach a valuation of US$ 1,362.3 Bn by 2032.
According to the historical analysis ranging from 2015 to 2021, the hybrid vehicles market exhibited growth at a robust CAGR of 11.4% and is projected to accelerate during the current estimation period at a phenomenal CAGR of 21.6% throughout the forecast period. This surging year-on-year growth in 2022 is expected to bolster even further as governments from all over the world are rapidly taking initiatives to reduce carbon footprints in the transportation sector.
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The widespread adoption of luxury vehicles combined with the enforcement of severe emission-related regulations and high demand for electric vehicles are all contributing to the expansion of the hybrid vehicles market. The hybrid vehicle market is predicted to hold around 25% to 30% of the global electric vehicles market. The growing trend of plug-in hybrid vehicles is expected to push sales in the global hybrid vehicles market in the next decade.
Key Takeaways
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Competitive Landscape
Over the last few years, there has been a surging number of acquisitions and growth strategies in order to increase the development & production of hybrid vehicles. Several major firms are meticulously working on innovations and new technological developments. Some of the growth strategies used by key firms include contracts & agreements, new product developments, and partnerships to strengthen their market positions.
Key Companies Profiled:
More Insights into the Hybrid Vehicles Market
The U.S. is expected to dominate the automotive market and incorporates high penetration of technologically advanced and high-cost products. The U.S. government is supporting growth in the hybrid vehicles market by investing in the construction sector since the adoption of electric vehicles increases the demand for charging infrastructure in a variety of settings, including homes, workplaces, and public places. As per FMI, the U.S. hybrid vehicles market is expected to surpass revenues worth US$ 36.5 Bn by the end of 2022.
The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per Japanese consumers, hybrid vehicles are known to be dependable, safe, and simple to use. They are also willing to pay a premium price as they believe these vehicles offer good value.
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Key Segments Covered in Hybrid Vehicles Market Analysis
By Product Type:
By Vehicle Type:
By Engine Type:
By Powertrain Configuration:
Table of Content
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Material Roadmap
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Plug-in Hybrid Electric Vehicles (PHEV) Market Size : is projected to have a healthy-paced CAGR of 18.5% during the forecast period.
CNG and LPG Vehicles Market Share : is anticipated to reach a high of US$ 8153.1 million by the year 2032.
Automotive Display Units Market Demand : is forecasted to witness a considerable value CAGR of 8.3% during the forecast period 2022 and 2029.
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A hybrid vehicle combines a conventional internal combustion engine with an electric propulsion system, allowing for improved fuel efficiency and reduced emissions.
Electric mobility refers to the use of electric vehicles (EVs) and hybrid vehicles that utilize electric power for propulsion, contributing to reduced carbon emissions.
A plug-in hybrid vehicle (PHEV) is a type of hybrid vehicle that can be recharged from an external power source, allowing for greater electric-only driving range.
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