Hybrid Cars Market Size To Reach $457.27 Billion By 2030

Hybrid Cars Market Growth & Trends

The global hybrid cars market size is anticipated to reach USD 457.27 billion by 2030 and is projected to grow at a CAGR of 11.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness and concern about climate change and air pollution have increased demand for more sustainable transportation. Hybrid cars, which combine an internal combustion engine with an electric motor, offer reduced emissions compared to traditional gasoline-powered vehicles, driving the demand for the market.

The increasing availability of charging infrastructure and support for electric vehicles is bolstering market growth. Governments and private companies are investing in expanding charging networks and infrastructure for electric vehicles. The availability of public charging stations and home charging solutions makes it easier for hybrid car owners to recharge their vehicles and transition to electric mode, enhancing the demand for hybrid vehicles.

In January 2023, The Department of Transport in Ireland announced an investment of euro 100 million (USD 108.0 million) investment plan for the development of new electric vehicle charging infrastructure from 2022 to 2025. A complementary implementation strategy outlines the steps to achieve Ireland's EV charging network expansion over the next three years. This initiative aims to assure car owners of the practicality of transitioning to electric vehicles while assisting Ireland in meeting its national carbon reduction objectives.

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Hybrid Cars Market Report Highlights

• Based on degree of hybridization, the full-hybrid segment held the largest revenue share of 47.2% in 2023. Full hybrids can switch seamlessly between the electric motor and internal combustion engine, offering a broader range of electric-only driving.

• Based on vehicle type, the SUV segment held the largest revenue share in 2023. and is also expected to grow at a significant CAGR over the forecast period. Increased investment in renewable energy sources drives interest in hybrid SUVs as part of a broader sustainability initiative.

• Asia Pacific dominated the industry with a share of 62.2% in 2023 and is projected to grow at a significant CAGR over the forecast period. Rising concerns about air quality and environmental sustainability have prompted governments in countries such as India and China to implement supportive policies and incentives for hybrid vehicles, encouraging their adoption.

• In September 2022, Volvo Car India launched its newest lineup of petrol mild-hybrid vehicles in the Indian market. The petrol mild-hybrid cars include the luxury sedan S90, XC90, mid-size SUV XC60, and compact SUV XC40. Volvo India has concluded its transition to providing petrol mild-hybrid models in its local car lineup to transform into a fully electric company by 2030.

Hybrid Cars Market Segmentation

Grand View Research has segmented the global hybrid cars market based on degree of hybridization, vehicle type, and region:

Hybrid Cars Degree of Hybridization Outlook (Revenue, USD Billion, 2018 - 2030)

• Full-hybrid

• Mild-hybrid

• Plug-in-hybrid

Hybrid Cars Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)

• Hatchback

• Sedan

• SUV

Hybrid Cars Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa (MEA)

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Hybrid Cars Market

• TOYOTA MOTOR CORPORATION

• Lexus

• Honda

• BMW AG

• Tesla

• Volkswagen Group

• Chevrolet

• AUDI AG

• Mercedes-AMG GmbH

• Porsche

• Kia Corporation