Global Hybrid Car Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Demand for hybrid vehicles is increasing in developing countries such as Brazil, India, and Mexico due to strict emission regulatory rules and a growing need for low or zero-emission vehicles

• Hybrid cars are becoming more popular and more common. Basically, a hybrid car is one that uses two or more engines, i.e., an electric motor and a conventional engine either petrol or diesel. The electric engine powers the car at lower speeds, and the gas engine powers it at higher speeds.
• Hybrid cars use both gasoline and electricity to power their engines, resulting in significantly higher fuel efficiency than traditional gasoline-powered cars. With constantly fluctuating gas prices and a push towards more eco-friendly vehicles, hybrid cars offer a cost-effective and environmentally conscious solution. Hybrid cars have been around for several decades, and as technology has improved, so have their reliability and performance. Hybrid cars are more efficient, have better acceleration, and have longer-lasting batteries than earlier models. Hybrid cars produce lower emissions than traditional gasoline-powered cars, making them a more environmentally friendly choice. With growing concerns about climate change and air pollution, people are looking for ways to reduce their carbon footprint, and hybrid cars offer a way to do so. Due to this reason, the demand for hybrid cars has increased. Additionally, many governments offer tax incentives and rebates to those who purchase hybrid cars. These incentives can be significant and can make hybrid cars more affordable for many people. For instance, according to the government of India, the subsidy under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program for fiscal 2023 is expected to be USD 351 Mn, which is more than three-and-a-half times the allocation of USD 96.5 Mn for fiscal year 2022 and nearly nine times the allocation for Financial Year 2021. Moreover, the improvements in battery technology in hybrid cars, including higher energy density, faster charging, longer battery life, smaller and lighter batteries, and more sustainable battery materials, create an opportunity for the market.
• However, the components of a hybrid car are more expensive than those found in traditional ICE vehicles. Hybrid vehicles are produced in smaller numbers than traditional ICE vehicles, meaning economies of scale are not as significant. This can result in higher costs for the manufacturer, which are then passed on to the consumer. Hybrid vehicles rely on large batteries to store electric energy, which can be expensive to produce. Furthermore, the cost of developing and refining hybrid vehicle technology requires significant investment in R&D. These factors hinder market growth.

Market Segmentations

• The Global Hybrid Car Market is segmented based on Component, Powertrain Type, Hybridization, Energy Source, and Geography.
• By Component, the market is classified into Electric Motors in Transmission and Battery.
• The battery is predicted to hold the largest market share due to the demand for batteries in hybrid cars increasing due to the growing popularity of hybrid vehicles, which rely on batteries to power their electric motors. Batteries are an essential component of hybrid cars, as they store energy from regenerative braking and the engine's electric motor, which is then used to power the car's electric motor during acceleration or low-speed driving. With advancements in battery technology, hybrid cars can now run for longer distances on electric power alone, resulting in improved fuel efficiency and reduced emissions. Additionally, governments in many countries are offering incentives and subsidies to promote the adoption of hybrid cars, which is driving up demand for batteries.
• By Powertrain Type, the market is classified into Parallel Hybrid and Series Hybrid.
• The parallel hybrid is anticipated to dominate the market share in the forecast period. The growing demand for parallel hybrid cars is attributed to their ability to combine gasoline and electric power to operate the engine, resulting in improved fuel efficiency and lower emissions compared to conventional gasoline-powered cars. Parallel hybrid cars are also more cost-effective than other types of hybrid vehicles and do not necessitate charging infrastructure, making them more accessible to a broader range of consumers. Moreover, governments worldwide are providing tax incentives and rebates for purchasing hybrid cars, including parallel hybrid cars, which boost demand. Consequently, many automakers are investing in the research and production of parallel hybrid cars.
• By Hybridization, the market is classified into Full Hybrid, Mild Hybrid, Micro Hybrid, and Plug-in Hybrid.
• Full hybrid cars are projected to experience the highest CAGR in the forecasted period. The increased demand for full hybrid cars can be attributed to their superior fuel efficiency and lower emissions compared to traditional gasoline-powered vehicles, which has become a crucial factor for many consumers due to government and environmental organizations' efforts to reduce carbon emissions and promote cleaner air. Technological advancements and increased production have made full hybrid cars more affordable and accessible to a wider range of consumers. Moreover, full hybrid cars are now available in various body styles, including sedans, SUVs, and hatchbacks, with advanced features such as regenerative braking, adaptive cruise control, and lane departure warning. The seamless transition between electric and gasoline power provides a smooth and quiet driving experience, resulting in an efficient and comfortable ride.
• By Energy Source, the market is classified into Fuel Cell Hybrid, ICE Hybrid, Natural Gas Hybrid, and Solar Hybrid.
• It is predicated on the Fuel Cell segment is holding the largest market share. Fuel Cell Hybrid cars use a combination of hydrogen fuel cells and electric motors to power their engines, resulting in zero emissions and better fuel efficiency than traditional gasoline-powered cars. Fuel Cell Hybrid cars also have a longer driving range compared to battery-electric vehicles, which is a major advantage for drivers who need to travel long distances. Governments in many countries are also providing incentives and subsidies to promote the adoption of Fuel Cell Hybrid cars, which is driving up demand. Furthermore, many automakers are investing in the development and production of Fuel Cell Hybrid cars, which is increasing the availability of these vehicles in the market.
• By Geography, the market is classified into Americas, Europe Middle-East & Africa, and Asia Pacific.
• Asia-Pacific region is predicted to grow with the highest CAGR in the forecasting period, due to many countries in the region, such as India, China, Japan, and South Korea, have taken initiatives to promote the adoption of eco-friendly vehicles, including hybrid cars. This includes offering tax incentives, subsidies, and rebates to encourage consumers to purchase hybrid cars. The Asia-Pacific region has a growing middle class with increased purchasing power, and many consumers are looking for ways to reduce their carbon footprint and contribute to a more sustainable future. Hybrid cars are seen as a more environmentally friendly option compared to traditional gasoline-powered cars.

Recent Development

• Toyota Motor confirmed plans to increase its participation in India's green mobility segment, with the company preparing to launch a number of hybrid vehicles in the coming years. - March 2022
• Mitsubishi Motors Corporation announced that the plug-in hybrid electric vehicle (PHEV) model of the all-new Outlander crossover SUV would be available in Canada and the United States.- November 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Hybrid Car Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Hybrid Car Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Hybrid Car Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
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Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market