In 2018, the global hybrid vehicle market reached 4 million 169 thousand vehicles.
According to a new report from Markets and Markets, the global hybrid car market will reach 4 million 169 thousand in 2018, which is expected to reach 7 million 593 thousand vehicles in 2025, with a combined annual growth rate of 8.94%.
In 2018, the scale of the global hybrid electric vehicle market reached 4 million 169 thousand, and the global hybrid electric vehicle market in 2018 reached 4 million 169 thousand vehicles.
The hybrid car market is driven by a number of factors, such as better fuel efficiency, longer mileage than other electric vehicles, less emissions, and government incentives related to hybrid cars and electricity infrastructure.
According to the power system, the parallel hybrid electric vehicle will become one of the fastest growing markets, thanks to the less complex system and its high performance. Parallel hybrid electric vehicles are also suitable for long-distance driving. And because the engine and battery are directly connected to the motor, the loss of energy conversion in the parallel hybrid power system is minimal. Regenerative braking system is the most commonly used technology in hybrid electric vehicles. Compared with the plug - in hybrid electric vehicle, the use of regenerative braking system and the lower cost of micro and mild hybrid electric vehicles will promote the demand of the parallel hybrid electric vehicle. Therefore, during the forecast period, the parallel hybrid electric vehicle plate will dominate the hybrid electric vehicle market.
According to the type of vehicle, the field of passenger cars will lead the hybrid electric vehicle market. This growth can be attributed to high demand for personal travel, increased per capita income and improved lifestyle. The high volume of passenger cars, strict emission regulations and the growing demand for large and medium sized automobiles have promoted market growth. In addition, many governments are offering subsidies and tax rebates for the purchase or rental of hybrid vehicles.
By region, the Asia Pacific region represents the largest market for green technology in the world. The growth of hybrid vehicles in the region is mainly attributable to the huge sales volume of Japan and China. To cope with the increasing emissions, countries in the region will focus on deploying a large number of low emission vehicles in the next few years. In addition, the Asia Pacific region is the focus of major manufacturers of TOYOTA, Honda, Nissan, KIA, BYD, Hyundai and other hybrids. TOYOTA has the highest share of global hybrid vehicle sales. In addition, Asian governments also promote the growth of the hybrid vehicle market by providing subsidies.
The hybrid electric vehicle market is dominated by a few global players, including TOYOTA, Ford, Volvo, Continental group, Daimler, Delphi and so on.