Falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of hybrid electric car market globally.
Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.
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Insights on market segments
Full hybrid electric vehicles (HEVs) dominated the hybrid electric car market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs.
Nickel–metal hydride (NiMH) batteries powered hybrid electric cars accounted for a larger share in the market during the historical period, owing to their lower cost, higher durability, and more safety features than lithium-ion (Li-ion) batteries.
Hybrid hatchbacks have largely dominated the hybrid electric car market, owing to consumer preference toward small cars in major HEV markets, such as Japan. Hatchback HEVs are expected to continue their dominance in the hybrid electric car market with a CAGR of 16.6%, owing to their low cost compared to other car types and the upcoming launch of several new hatchback HEV models during the forecast period.
The market will witness fastest growth in Europe
The hybrid electric car market is expected to witness the highest growth in Europe, with a CAGR of 28.5% during the forecast period, owing to stringent emission norms, increased and improved offerings of HEVs from automakers, and growing sense of environmental concern among customers in the region.
Increased fuel economy is expected to drive the market growth
The increased fuel economy offered by hybrid electric cars compared to conventional cars, owing to the incorporation of a battery and associated electric systems, is driving the growth of hybrid electric car market. They do not run entirely off the engine but use an electric motor during the start/stop/idling period, which reduces the fuel consumption by 15–40%.
High market scope in developing and emerging economies is expected to provide growth opportunities to the market
The penetration of the hybrid electric car market in emerging economies, such as China, India, Indonesia, Brazil, and South Korea, is in the formative stage. However, there is a high scope for the market growth in developing countries, owing to stringent emission norms, high gasoline prices, and high demand for passenger cars in these regions. Many automakers are planning to enter these markets with their new and existing hybrid car models. For instance, Maruti Suzuki plans to launch several hybrid cars in India by 2020.
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Hybrid Electric Car Market - Competitive Landscape
Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.
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