Hybrid Vehicle Market Share

APAC Market Statistics

The share of hybrid vehicle market in Asia Pacific, amongst the market in all the other regions, is projected to have the highest growth, backed by growing pollution in this region along with surge in initiatives by government in order to encourage adoption of eco-friendly vehicles. In China, motorized vehicle emissions in 2021 were about 6 million tonnes of carbon monoxide. One of China's primary sources of air pollution was motorized transportation. Hence, With more than 500,000 electric buses already in service, China is putting a plan into action to encourage electric mobility. Guangzhou, Shenzhen, and Xi'an are the three Chinese cities with 100% electric public transportation networks in 2023. Hence owing to the rising the pollution caused by vehicles and government initiatives the preference for hybrid vehicle is growing. For instance, more than half of consumers, up to 52% globally and approximately 59% in APAC, including India, indicate choosing a hybrid electric car, signalling a change in preference (HEV).  Also, during the forecast period, the hybrid vehicle market is anticipated to have considerable demand growth as a result of high-performance lithium-ion batteries in this region.

North American Market Forecast

The North America hybrid vehicle market is estimated to be the second largest, to grow at the highest share over the forecast period. The growth of the market in this region can be attributed to growing transportation. North America has more registered cars and more roads per capita than Western Europe. Road transportation is more economical than train travel over short distances. Road freight transit is becoming more and more well-liked since it offers door-to-door service. However, this also boosted pollution in this region. Hence the demand for hybrid vehicle is estimated to grow. Also, various key manufacturer of automobiles is coming up with various technology advancement in hybrid vehicles which is also estimated to increase preference for hybrid vehicles in this region.

Europe Market Forecast

Additionally, the hybrid vehicle market in Europe region is also estimated to have a significant growth over the forecast period, backed by growing awareness regarding environment among people. Also, government in this region are launching various subsidies and has banned polluting vehicles in most part. Also, businesses are working to create low-carbon options for LNG and offshore facilities in order to quicken the energy transition. During the assessment period, all of these reasons are projected to fuel the market for hybrid electric vehicles in Europe. Moreover, market participants are introducing a variety of fluids that are expressly made for hybrid and electric vehicles that could satisfy the cooling and lubrication requirements of contemporary and adaptive engines. Hence, this factor is also estimated to boost the market growth in this region.