The hybrid electric vehicle global market size was valued at USD 56.52 billion in 2021 and is projected to hit around USD 310.94 billion by 2030, growing at a CAGR of 20.86% every year.

The execution of extreme contamination and eco-friendliness norms, as well as government motivators to empower the buy and utilization of half and half vehicles, are a portion of the essential drivers driving the market's development. As open attention to discharges has developed, administrative associations have executed more severe emanation guidelines.

The hybrid electric vehicle global market size was valued at USD 56.52 billion in 2021 and is projected to hit around USD 310.94 billion by 2030, growing at a CAGR of 20.86% every year.

Key Takeaways:

➢ Gasoline hybrid vehicles projected to surpass a value of over US$ 124 million by 2030
➢ Stored electricity HEVs is growing at a CAGR of 5.4% from 2022 to 2030
➢ U.S hybrid electric vehicle is expected to grow at a CAGR of 7.5% through 2030
➢Asia Pacific region had garnered revenue share of around 41.50% in 2021
➢ In 2021, the European region accounted 19.20% revenue share

Rise of alternative powertrains (APVs)

The striking jump in the sales of BEVs appears as a testament to Europe's commitment to electrification, as all-electric vehicle sales increased by 53 in Europe, reaching a total unit of 224,147 cars. Romania witnessed an impressive 409% increase in BEV sales, while Spain followed with 110%. France and Germany also kept up the positive trend by 42.9% and 29.5%. On the other hand, Italy appeared as the only country where BEV sales dropped by 15%.

PHEVs also stayed strong, increasing the overall market share despite a 5.4% shrink in sales across Europe, accounting for 199,107 unit sales. France and Germany lost interest in PHEVs, sales declining 13% and 6.3%, respectively. In contrast, Spain and Italy favoured this segment, with 46.9% and 19% increase in sales, respectively.

Market share of HEVs increased 5.4% from January to March, totaling 563,035 cars, only witnessing a 6.4% fall in Italy while rising in other major European markets.

The decline of natural gas vehicles (NGVs) continued, with a remarkable 54% fall (only 6,291 units sold), while LPG-fuelled cars made a 49% jump, most significantly in Germany with 287.9%.

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Fossil fuel continues to drop sharply

The downward shift of petrol and diesel cars continued in Europe, diesel facing a sharp decline of 33.5% in sales (378,011 units) and losing 5.5% market share. All four major European markets scored a fall in diesel between 20.4% and 44%.

Petroleum passenger car sales reached 808,045 units in Q1 2022, losing its market share of 41% to 36.7%.

Key Market Players

• ZF


• Delphi


• BorgWarner


• Continenta


• Schaeffler


• Ford


• Toyota


• Continental


• Volvo


• Honda


• Hyundai


• Daimler


• Nissan

Segments covered in the report

By Type

• Full Hybrids


• Mild Hybrids


• Plug-in Hybrids


• Others

By Application

• Battery


• Electric Motor


• Transmission

By Power Source

• Stored Electricity HEVs


• On-Board Electric Generator HEVs

By Powertrain

• Series Hybrid Electric Vehicles


• Parallel Hybrid Electric Vehicles


• Combined Hybrid Electric Vehicles

By Vehicle

• Hybrid Electric Passenger Cars


• Commercial Hybrid Electric Vehicles


• Hybrid Electric Two Wheelers


• Other HEVs (Golf Cart, etc.)

Regional Segmentation

• North America (U.S. and Canada)


• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)


• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)


• Latin America (Brazil and Rest of Latin America)


• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)