According to Latest report by IMARC Group, The global hybrid electric vehicle market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 30% during 2021-2026.

Hybrid electric vehicles (HEVs) are a type of vehicles that are powered by an internal combustion engine (ICE) and an electric motor. These vehicles use regenerative braking and automatic start-stop features that aid in preventing energy wastage. Furthermore, the excess energy from the engine is stored in batteries, thus resulting in better fuel economy. HEVs are considered an effective alternative to conventional vehicles as they require less power and produce low tailpipe emissions.

Market Trends

The rising environmental consciousness is one of the key factors driving the market growth. In addition to this, stringent governmental regulations regarding greenhouse gas (GHG) emissions and favorable policies supporting sustainable development are also catalyzing the demand for HEVs. For instance, governments of various countries are offering incentives, such as tax rebates, on the purchase of HEV, which is driving the market growth. Furthermore, manufacturers are focusing on introducing innovations, such as zero- and low-emission vehicles with soundless operations and high-performance engines, which is expected to create a positive outlook for the market in the coming years.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Hybrid Electric Vehicle Market 2021-2026 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Toyota Motor Corporation (TM)
  • Honda Motor Company, Ltd. (HMC)
  • Ford Motor Company (F)
  • VOLKSWAGEN AG ST O.N. (VOW.DE)
  • General Motors Company (GM)
  • HYUNDAI MOTOR CO (HYMTF)
  • NISSAN MOTOR CO (NSANY)

For more information about this report visit: https://www.imarcgroup.com/hybrid-electric-vehicle-market

The report has segmented the market on the basis of Propulsion Type, Configuration Type, Vehicle Type, Power Source and Region.

Breakup by Propulsion Type:

  1. Full Hybrids
  2. Mild Hybrids
  3. Plug-in Hybrids
  4. Others

Breakup by Configuration Type:

  1. Series HEV
  2. Parallel HEV
  3. Combination HEV

Breakup by Vehicle Type:

  1. Passenger Cars
  2. Commercial Vehicles
  3. Two Wheelers
  4. Others

Breakup by Power Source:

  1. Stored Electricity
  2. On Board Electric Generator

Breakup by Region:

  1. North America
  2. South Korea
  3. United Kingdom
  4. Latin America
  5. Middle East and Africa

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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