Hybrid Vehicle Market Analysis

Vehicle Type (Passenger Cars, Commercial Vehicles)

The global hybrid vehicle market is segmented and analyzed for demand and supply by vehicle type into passenger cars, and commercial vehicles. Out of which, the commercial vehicles segment is anticipated to garner the highest revenue by the end of 2037. The growth of the segment can be attributed to growing electrification of commercial vehicles. Moreover, large number of people prefer travelling from commercial vehicles since they are more convenient than private vehicles. However, commercial buses and trucks are known for causing most of the automobile pollution. The most polluting types of vehicles are freight vehicles. In the winter, vehicles make about 24% of the PM2.5 pollutions, while cargo trucks are responsible for approximately 48% of the total. Hence the demand for hybrid commercial vehicles is estimated to increase. Global automakers are making every effort to lower carbon emissions, leading to the daily development of more environmentally friendly vehicles. To the commercial vehicle industry, this tendency is quickly spreading. This is owing to the fact that they always drive further than personal vehicles and that they follow predetermined routes, which created a need for hydrogen trucks and buses. Commercial vehicles would therefore probably change in the near future and switch to eco-friendly power sources.

Hybrid Type (Micro-Hybrid, Mild-Hybrid, Full-Hybrid, Plug-In Hybrid)

The global hybrid vehicle market is also segmented and analyzed for demand and supply by hybrid type into micro-hybrid, mild-hybrid, full-hybrid, and plug-in hybrid. Amongst which, the full-hybrid segment is expected to have the significant growth over the forecast period. Full hybrids are hybrid electric vehicles with more powerful electric motors and larger batteries. They could therefore operate only with an electric motor for a limited range of speeds. Although they often cost more than mild hybrids, they have additional features and significantly better fuel efficiency advantages. An FHEV's ability to convert to its internal combustion engine if users need to go farther or quicker is one of its main advantages. An FHEV could be the best option if users require longer range than a standard entry-level BEV could provide. One could keep using the electric engine to save money, but if users need to go farther, they could also switch to the gasoline mode. Hence this is estimated to boost the demand for full hybrid vehicles further boosting the market growth.

Our in-depth analysis of the global hybrid vehicle market includes the following segments: