Hybrid Electric Car Market worth USD 489.8 Billion by 2023-2032 | Exclusive Report By Allied Market Research

Strengthening emission norms coupled with increase in demand for efficient transportation and increasing R&D activities drive the growth of the market.

OREGON, DE, UNITED STATES, March 10, 2025 /EINPresswire.com/ -- 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.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A14585

The market for hybrid electric vehicles is anticipated to witness a moderate growth rate in the coming years, owing to the rising research and development activities in this industry and the strengthening of emission standards on a global scale. However, the growing popularity of electric vehicles will probably hinder market expansion throughout the forecast period. While an increase in demand for hybrid electric cars creates more demand for its maintenance and aftersales services, creating additional revenue generation opportunities for companies operating in the market.

Furthermore, the hybrid electric car market is very competitive with presence of several prominent industry players which are focusing on product differentiation, strategic partnerships and innovating their product offerings to maintain their market positions.

The hybrid electric car market is fragmented on the basis of powertrain, degree of hybridization, and vehicle type. By powertrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. On the basis of degree of hybridization, the market is fragmented into fully hybrid, and mild hybrid. By vehicle type, the market is divided into standard hybrids, luxury hybrids, and performance hybrids. Based on Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.

Increasing in research and development activities is forecast to positively drive the hybrid electric car market during the study period. For instance, on March 2023, Automobili Lamborghini, to mark its 60th anniversary, unveiled Revuelto. The new car is a V12 hybrid that offers highly efficient aerodynamic design, super performance and latest technology offerings. The supercar is equipped with three electric motors and a 12 cylinder engine for high performance applications. The 127 CV/Liter combustion engine works in synergy with two front electric motors, which are powered by lithium-ion batteries pack of 4500 W/kg, which also supports fully electric dive mode. The supercar can accelerate from 0-100 in 2.5 seconds and reach top speed of 350 km/h. The supercar is an important launch for the company as it aligns with its ‘Direzione Cor Tauri’ strategy, which aligns with the company's goal towards decarbonization of future car models and electrified future.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A14585

Key players covered in the hybrid electric car market report include TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd, Mercedes-Benz Group AG (Former Daimler AG), BMW AG, Ford Motor Company, Hyundai Motor Company, Volkswagen Group, Kia Corporation, Nissan Motor Co., Ltd., and AB Volvo. The companies have adopted strategies such as product launches, contracts, expansions, agreements, and others to improve their market positioning.

Currently, the steep increase in the cost of petroleum-related products has resulted in consumers focus from conventional vehicle towards hybrid, electric and other alternative fuel vehicles. The steep increase in price of petroleum and other fossil fuel is due to depletion of oil reserves and increasing dominance of OPEC countries which majorly control price and production of fossil fuel and related products. The demand for fuel will continue to surge in coming years. Therefore, the rising price of fossil fuel is anticipated to create growth opportunities for companies operating in the market.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 accounting for more than two-fifths of the global hybrid electric car market due to the growing car ownership in the Asia-Pacific region, along with government support for the adoption of hybrid vehicles.

However, LAMEA is expected to grow at the highest CAGR of 9.3% during the review period due to technological advancement and growing income level in the region.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/hybrid-electric-car-market/purchase-options

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐕 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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