In 2018, the global hybrid vehicle market reached 416.9 million units

According to a new report from Markets and Markets, the global hybrid vehicle market will reach 4.
169 million units in 2018 and is expected to reach 7.
593 million units by 2025, with a compound annual growth rate of 8.
94%
during the period.

In 2018, the global hybrid vehicle market reached 4.
169 million units

The hybrid electric vehicle market is driven by a number of factors, such as better fuel efficiency, longer driving range than other electric vehicles, lower emissions, and government incentives related to hybrid vehicles and electric infrastructure
.

In terms of powertrain, parallel hybrid vehicles will be one of the fastest growing markets, benefiting from less complex systems and their high performance
.
Parallel hybrid vehicles are also suitable for long-distance driving
.
And because the engine and battery are connected directly to the electric motor, the energy conversion losses are minimal
in parallel hybrid systems.
Regenerative braking systems are the most commonly used technology
in hybrid vehicles.
The use of regenerative braking systems and the lower cost of micro and mild hybrids compared to plug-in hybrid electric vehicles will drive the demand for
parallel hybrid vehicles.
Thus, the parallel hybrid vehicle segment will dominate the hybrid vehicle market during the
forecast period.

By vehicle type, the passenger car segment will lead the hybrid vehicle market
.
This growth can be attributed to high demand for personal mobility, rising per capita income, and improved
lifestyle.
High sales of passenger cars, stringent emission regulations, and growing demand for medium to large vehicles drive the market growth
.
In addition, many governments are offering purchase subsidies and tax
rebates for the purchase or rental of hybrid vehicles.

By region, Asia Pacific represents the world's largest market
for green technologies.
The growth of hybrid vehicles in the region is mainly attributed to the huge sales volume
in Japan and China.
In response to increasing emissions, countries in the region will focus on deploying a large number of low-emission vehicles
in the coming years.
In addition, the Asia-Pacific region is home to major players in the hybrid vehicle market such as Toyota, Honda, Nissan, Kia, BYD, and
Hyundai.
Toyota has the highest
share of global hybrid vehicle sales.
In addition, governments in Asian countries are also contributing to the growth of
the hybrid vehicle market by providing subsidies.

The hybrid vehicle market is dominated by a handful of global players, including Toyota (Japan), Ford (USA), Volvo (Sweden), Continental (Germany), Daimler (Germany), Delphi (UK), and others
.

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