Hybrid Electric Car Market to Reach $489.7 Billion, Globally, by 2032 at 7.8% CAGR: Allied Market Research
WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hybrid Electric Car Market by Powertrain (Series Hybrid, Parallel Hybrid and Combined Hybrid), Degree of Hybridization (Fully Hybrid and Mild Hybrid), and Vehicle Type (Standard Hybrid, Luxury Hybrid, and Performance Hybrid): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hybrid electric car industry size generated $229.2 billion in 2022, and is anticipated to generate $489.7 billion by 2032, witnessing a CAGR of 7.8% from 2023 to 2032.
- The conflict has led to delays and increased costs for hybrid electric car manufacturers, as they may struggle to obtain critical parts or materials required for production.
- Based on the powertrain, the parallel hybrid segment held the highest market share in 2022, accounting for two-fifths of the global hybrid electric car market revenue and is estimated to maintain its leadership status throughout the forecast period.
- Based on the vehicle type, the standard hybrid segment held the highest market share in 2022, accounting for nearly three-fifths of the global hybrid electric car market .
- In May 2022, Honda Motor Co., Ltd. introduced the hybrid electric car City to the Indian market.