Hybrid Vehicle Market Growth
                      
Overview 
The hybrid vehicle is founded on a technology that allows the integration of two or more power 
sources; one is a combustion engine and the other is an electric generator. This is a move to assist 
people in gradually shifting from the cars powered by fossil fuel to car powered by electricity. 
Switching from one mode of energy to other at the right time is known to be an efficiency provider 
as the engine reaches the optimum level of functionality. The global Hybrid Vehicle Market Growth 
is expected to rise with an impressive CAGR of 9% during the forecast period (2017-2023).  
Segmentation 
The global Hybrid Vehicle Market Growth can be segmented by electric powertrain, propulsion, 
component type, hybridization, and vehicle type for a better understanding of the market. This allows 
MRFR in gaining insights to have a better predictive model of the market in the coming years.  
Based on the electric powertrain, the Hybrid Vehicle Market Growth can be segmented into parallel 
hybrid and series hybrid. Smaller and efficient engines have provided series hybrid cars with an 
ability to easily operate in urban and semi-urban regions owing to which its market dominance is 
quite impactful.  
Based on the propulsion, the Hybrid Vehicle Market Growth includes hybrid electric vehicle (HEV), 
plug-in hybrid electric vehicle (PHEV), and natural gas vehicle (NGV). The PHEV models are gaining 
prominence for their better miles per gallon measurement and cost-affordability.  
Based on the component type, the Hybrid Vehicle Market Growth comprises electric motor, 
transmission, and battery.  
Based on the hybridization, the Hybrid Vehicle Market Growth includes micro hybrid, mild hybrid, 
and full hybrid vehicle. The full hybrid segment has the widest expansion with the highest sales 
record.  
Based on the vehicle type, the Hybrid Vehicle Market Growth consists passenger car and commercial 
car. The passenger car segment is quite happening as growing concern regarding eco-friendly 
productions have led to the easy acceptance of such cars among clients. At the same time, major car 
makers are increasing their investment for the sector which can inspire easy growth.  
Regional Analysis 
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are the four regions that 
have been included in the study of the Hybrid Vehicle Market Growth. MRFR, in their study, 
emphasized on finding out various growth opportunities across the globe as per the revelations made 
by region-specific figures.  
The APAC region is expected to ensure their dominance during the forecast period with their 
extraordinary growth rate. China is providing much traction to the global market. The region has 
adopted this technology to get rid off the pollution which has riddled the country. Europe is also 
expected to gain substantial growth during the forecast period. Stringent eco-friendly laws are 
expected to make the case strong for the incorporation of hybrid vehicles, ensuring a smoother 
movement ahead.  
Competitive Landscape 
Companies impacting the global Hybrid Vehicle Market Growth are Toyota Motor Corporation 
(Japan), The Ford Motor Company (U.S.), AB Volvo (Sweden), Continental AG (Germany) and ZF 
Friedrichshafen AG (Germany). Daimler AG (Germany), Hyundai Motor Company (South Korea), 
Honda Motor Company, Ltd. (Japan), Schaeffler Technologies AG & Co. KG (Germany), BorgWarner 
Inc. (U.S.), Delphi Technologies, Inc. (U.K.) and Allison Transmission (U.S.). MRFR in their latest report 
has made profiles of these companies based on their strategic decisions that include merger, 
acquisition, product launch, and other moves.  
In 2019, Ferrari launched their new hybrid car SF90 Stradale with their first model to include plug-
in technology. The vehicle comes with 769 horsepower and can switch from 0 to 62mph in just 2.5 
seconds with a top speed of 211 mph. The car also boasts the presence of 3 additional electric motors 
that contributes extra 217 horsepower.