by The global hybrid vehicles market is estimated to be valued at US$ 392.4 billion in 2023 and is expected to exhibit a CAGR of 18.6% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Hybrid vehicles are a combination of internal combustion engines and electric motors, offering improved fuel efficiency and reduced emissions compared to conventional vehicles. The need for eco-friendly transportation solutions to mitigate climate change and the rising demand for fuel-efficient vehicles are driving the growth of the hybrid vehicles market. With advancements in battery technology and government initiatives promoting the use of electric vehicles, the market for hybrid vehicles is expected to witness substantial growth in the coming years.
Market Key Trends:
One of the key trends in the hybrid vehicles market is the increasing adoption of plug-in hybrid electric vehicles (PHEVs). PHEVs offer the benefits of both electric vehicles and hybrid vehicles, allowing for longer electric-only driving range and reduced reliance on fossil fuels. The availability of charging infrastructure and government incentives for electric vehicles are driving the demand for PHEVs. Additionally, advancements in battery technology are enabling PHEVs to have greater electric range, further enhancing their appeal to consumers.
Porter’s Analysis
The hybrid vehicles market is expected to witness high growth, exhibiting a CAGR of 18.6% over the forecast period from 2023 to 2030. This growth can be attributed to increasing concerns regarding environmental pollution and the need to reduce carbon emissions. Hybrid vehicles offer a more eco-friendly alternative to traditional gasoline-powered vehicles, making them increasingly popular among consumers.
Threat of new entrants: The threat of new entrants in the hybrid vehicles market is relatively low. This can be attributed to the high barriers to entry, including the need for significant investments in research and development, manufacturing capabilities, and distribution networks.
Bargaining power of buyers: The bargaining power of buyers in the hybrid vehicles market is relatively high. This is due to the presence of numerous manufacturers offering a wide range of hybrid vehicles. Buyers have the ability to choose from different brands and models, giving them more negotiating power.
Bargaining power of suppliers: The bargaining power of suppliers in the hybrid vehicles market is relatively low. This is because there are multiple suppliers of key components such as batteries and electric motors, reducing the dependency on a single supplier. Additionally, manufacturers have the option to vertically integrate and produce their own components, further reducing the bargaining power of suppliers.
Threat of new substitutes: The threat of new substitutes in the hybrid vehicles market is moderate. While there are alternatives such as all-electric vehicles and fuel cell vehicles, hybrid vehicles offer a combination of the benefits of both gasoline and electric-powered vehicles. This makes them a unique proposition for consumers looking for increased fuel efficiency and reduced emissions.
Competitive rivalry: The competitive rivalry in the hybrid vehicles market is intense. There are several key players operating in the market, including Toyota Motor Corporation, Nissan Motor Co. Ltd., Honda Motor Company Ltd., Hyundai Motor Company, and Kia Motors Corporation. These players compete on factors such as technology, price, range, and brand reputation to gain a competitive edge in the market.
Key Takeaways
The Global Hybrid Vehicles Market Demand is expected to witness significant growth, driven by increasing concerns regarding environmental pollution and the need for sustainable transportation solutions. The market is projected to grow at a CAGR of 18.6% over the forecast period from 2023 to 2030.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the hybrid vehicles market. This can be attributed to factors such as government incentives, rising disposable incomes, and increasing environmental awareness among consumers.
Key players operating in the hybrid vehicles market include Toyota Motor Corporation, Nissan Motor Co. Ltd., Honda Motor Company Ltd., Hyundai Motor Company, Kia Motors Corporation, and more. These players have been actively investing in research and development to enhance the performance, range, and affordability of hybrid vehicles.
Overall, the hybrid vehicles market presents significant opportunities for growth, driven by increasing consumer demand for eco-friendly transportation options. With the presence of key players and ongoing technological advancements, the market is expected to continue expanding in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
