May 09, 2022
According to the market assessment report titled ‘Global Hybrid Vehicle Market (Value, Volume) - Analysis By Degree of Hybridization (Mild, Micro, Full), Electric Powertrain, Vehicle Type, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’ available with MarketStudyReport, global hybrid vehicle market was valued at USD 146.34 billion in 2020 and is anticipated to showcase a robust growth through 2026.
Burgeoning production of consumer electronics and automobile, preference for hybrid vehicles, coupled with stringent government regulations are propelling the global hybrid vehicle market growth.
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Moreover, increasing penetration of hybrid vehicles for commercial as well as passenger applications, incorporation of automation across manufacturing vertical, and technological advancements in the field are augmenting the industry outlook.
Apart from growth drivers, the research report also sheds light on current and foreseeable challenges that may severely affect the growth trajectory of the industry, while also delivering precise solutions for the same to circumvent the impact.
Speaking of degree of hybridization, the mild segment of global hybrid vehicle industry held a decent revenue share in the recent past and is poised to grow modestly through 2026, attributable to presence of numerous OEMs and ODMs across industries.
Moving on to type of electric powertrain, the parallel sub-segment is reckoned to record rapid growth during the analysis period, owing to increasing deployment of parallel electric powertrain technology in highly populated nations.
From a regional standpoint, Asia Pacific hybrid vehicle market is anticipated to expand exponentially during the assessment timeframe, owing to higher disposable income levels, booming urban population, mounting manufacturing activities in countries like India, China and Japan, along with increasing focus on elimination of errors by industry players.
The competitive terrain of this business sphere is majorly influenced by key players such as Honda Motor Company Ltd., Nissan Motor Co. Ltd., Volvo Cars, Volkswagen Group, Toyota Motor Corporation, Hyundai Motor Company, Mercedes Benz Group AG, Groupe Renault, and BYD Co. Ltd.