in 2022, the hybrid electric car market sales size is projected to reach 2.2 million units, and it is projected to raise at a CAGR of 20.1% during 2022–2030, to sell 9.9 million units by 2030, according to P&S Intelligence.
This is because of the growing execution of strict emission rules, increasing government funding, and rising environmental knowledge among customers in several nations. In the coming few years, the need will be boosted by emission ethics for automobiles, falling sales of diesel passenger vehicles, reducing the cost of Li-ion batteries, and a growing count of models.
Hybrid Electric Car Market
In 2022, the full hybrid electric cars category generated approximately 66% revenue share, credited to its earlier inception. Though, the mild category is projected to experience quicker growth in the coming few years, mainly because of its low cost than the full category.
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European Commission has taken several initiatives to guarantee a cleaner environment. For instance, the European Union lately aimed to decrease net emissions by 55% by 2030. Also, several nations have planned motor vehicle fuel effectiveness or C02 emission guidelines. The rising anxiety about carbon emissions throughout the globe is leading to a gradual phase-out of orthodox vehicles.
One of the main reasons boosting the development of the hybrid e-car industry is the rising fuel economy provided by hybrid electric vehicles, which run completely on the engine.
These cars provide improved fuel effectiveness due to the combination of a battery and other electric systems, which results in lesser fuel prices. They do not work completely on the engine but utilize an electric motor during the stop/ start/ idling period, which significantly surges their fuel effectiveness.
APAC market is dominated by Japan, with a significant share in 2022, credited to growing government aid in the form of subsidies, armed with strict emission rules in the region, which led to the development of the market in the coming few years.
Hence, the driving reason for the industry for hybrid electric cars is rising government aid, the growing execution of strict release norms, and rising environmental knowledge among customers.