Hybrid Vehicle Market size to increase by USD 722.82 Mn | Evolving opportunities in APAC | Technavio

·14 min read

NEW YORK , May 17, 2022 /PRNewswire/ -- The "Hybrid Vehicle Market by Vehicle Type and Geography - Forecast and Analysis 2022-2026" has been added to Technavio's latest offering. According to the report, the market will observe an incremental growth of USD 722.82 billion between 2021 and 2026, expanding at a CAGR of 26.37% during the forecast period. The report provides a detailed analysis of the vendor landscape, growth opportunities across business segments, and market growth across regions.

Technavio has announced its latest market research report titled Hybrid Vehicle Market by Vehicle Type and Geography - Forecast and Analysis 2022-2026
Technavio has announced its latest market research report titled Hybrid Vehicle Market by Vehicle Type and Geography - Forecast and Analysis 2022-2026

Download Sample Report Now for highlights on market size, YOY growth rates, and other important statistics.

Segmentation Highlights

Hybrid Vehicle Market Vehicle Type Outlook (Revenue, USD Billion, 2021-2026)

  • Passenger cars - size and forecast 2021-2026

  • Light commercial vehicles - size and forecast 2021-2026

  • Heavy commercial vehicles - size and forecast 2021-2026

The passenger cars segment accounts for a majority of the share in the global hybrid vehicle market. This can be attributed to the dominance of passenger cars in the automotive industry. Also, the other major factor driving the growth of the segment is the implementation of stringent emission and fuel economy norms and government incentives which is encouraging the purchase and adoption of hybrid vehicles.

Hybrid Vehicle Market Geography Outlook (Revenue, USD Billion, 2021-2026)

  • APAC - size and forecast 2021-2026

  • North America - size and forecast 2021-2026

  • Europe - size and forecast 2021-2026

  • The Middle East and Africa - size and forecast 2021-2026

  • South America - size and forecast 2021-2026

APAC will be leading the growth of the hybrid vehicles market, occupying 42% of the global market share. The rising disposable incomes and an increase in the number of affluent younger millennials are creating significant growth opportunities for market players. In addition, the rising concerns over climate change coupled with increasing environmental consciousness among consumers are creating a huge market for hybrid vehicles in the region.

Vendor Landscape

The global hybrid vehicles market is concentrated. The market is subject to rapidly changing consumer demands and preferences. The changing consumer preference pattern may affect vendor performance in the market. Vendors are competing based on several factors such as quality, price, service, brand image, distribution, and marketing. Major vendors are focusing on acquiring other small brands to increase their market presence.

The report identifies the following as the dominant players in the market.

  • Bayerische Motoren Werke AG

  • BYD Co. Ltd.

  • Ford Motor Co.

  • Honda Motor Co. Ltd.

  • Hyundai Motor Co.

  • Mercedes Benz Group AG

  • Mitsubishi Motors Corp.

  • Nissan Motor Co. Ltd.

  • Renault sas

  • Stellantis NV

  • Suzuki Motor Corp.

  • Toyota Motor Corp.

  • Volkswagen AG

  • Volvo Car Corp.

For more highlights on the vendor landscape and other important segments, Download a Sample Report.

Key Growth Driver

The market growth is driven by the presence of stringent regulations on emissions. The increasing concerns over environmental pollution have forced governments across the world to introduce stricter regulations on emissions. Governments in the Gulf region, especially in Israel, Oman, Saudi Arabia, and the UAE have launched the electric and hybrid modes of transport. For instance, Dubai's Roads and Transport Authority announced that it had converted half of the emirate's cabs to hybrid vehicles by 2021. Similarly, the US Department of Transportation has set the Corporate Average Fuel Economy (CAFE) standards for vehicles. Many such stringent emission norms across the world are expected to have a positive impact on the growth of the global hybrid vehicles market during the forecast period.

Read Our Sample Report to identify other factors impacting the growth of the market.

Related Reports:

Hybrid Car Market by Type and Geography - Forecast and Analysis 2022-2026

Electric Vehicle (EV) Motor Market by Power Rating and Geography - Forecast and Analysis 2021-2025

Hybrid Vehicle Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 26.37%

Market growth 2022-2026

USD 722.82 billion

Market structure


YoY growth (%)


Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 42%

Key consumer countries

US, Japan, China, South Korea, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Bayerische Motoren Werke AG, BYD Co. Ltd., Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mercedes Benz Group AG, Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Renault sas, Stellantis NV, Suzuki Motor Corp., Toyota Motor Corp., Volkswagen AG, and Volvo Car Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

  • 1.1 Market overview

2 Market Landscape

  • 2.1 Market ecosystem

3 Market Sizing

  • 3.1 Market definition

  • 3.2 Market segment analysis

  • 3.3 Market size 2021

  • 3.4 Market outlook: Forecast for 2021-2026

4 Five Forces Analysis

  • 4.1 Five forces summary

  • 4.2 Bargaining power of buyers

  • 4.3 Bargaining power of suppliers

  • 4.4 Threat of new entrants

  • 4.5 Threat of substitutes

  • 4.6 Threat of rivalry

  • 4.7 Market condition

5 Market Segmentation by Vehicle Type

  • 5.1 Market segments

  • 5.2 Comparison by Vehicle Type

  • 5.3 Passenger cars - Market size and forecast 2021-2026

  • 5.4 Light commercial vehicles - Market size and forecast 2021-2026

  • 5.5 Heavy commercial vehicles - Market size and forecast 2021-2026

  • 5.6 Market opportunity by Vehicle Type

6 Customer Landscape

  • 6.1 Customer landscape overview

7 Geographic Landscape

  • 7.1 Geographic segmentation

  • 7.2 Geographic comparison

  • 7.3 APAC - Market size and forecast 2021-2026

  • 7.4 North America - Market size and forecast 2021-2026

  • 7.5 Europe - Market size and forecast 2021-2026

  • 7.6 Middle East and Africa - Market size and forecast 2021-2026

  • 7.7 South America - Market size and forecast 2021-2026

  • 7.8 US - Market size and forecast 2021-2026

  • 7.9 Japan - Market size and forecast 2021-2026

  • 7.10 China - Market size and forecast 2021-2026

  • 7.11 Germany - Market size and forecast 2021-2026

  • 7.12 South Korea - Market size and forecast 2021-2026

  • 7.13 Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers

  • 8.2 Market challenges

  • 8.3 Impact of drivers and challenges

  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview

  • 9.2 Vendor landscape

  • 9.3 Landscape disruption

  • 9.4 Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered

  • 10.2 Market positioning of vendors

  • 10.3 Bayerische Motoren Werke AG

  • 10.4 Ford Motor Co.

  • 10.5 Honda Motor Co. Ltd.

  • 10.6 Hyundai Motor Co.

  • 10.7 Mercedes Benz Group AG

  • 10.8 Mitsubishi Motors Corp.

  • 10.9 Nissan Motor Co. Ltd.

  • 10.10 Toyota Motor Corp.

  • 10.11 Volkswagen AG

  • 10.12 Volvo Car Corp.

11 Appendix

  • 11.1 Scope of the report

  • 11.2 Inclusions and exclusions checklist

  • 11.3 Currency conversion rates for US$

  • 11.4 Research methodology

  • 11.5 List of abbreviations

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio (PRNewsfoto/Technavio)
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