Global hybrid electric vehicles market to surge at a staggering 14% CAGR through 2031: Fact.MR study

A recent study by an ESOMAR-certified market research and consulting firm reveals, that the global market for hybrid electric vehicles is likely to witness a stupendous CAGR of around 14% by the end of the 2021-2031 forecast period. Short-term projections indicate that the market is poised to reach US$ 29 Bn by 2021. This monumental growth is attributable to changing market dynamics such as the inclusion of high-power algorithms.

Study opines that the advent of new-age algorithms will further propel the market landscape of hybrid electric vehicles by enhancing their fuel efficiency as they spread their wings in emerging markets. These algorithms will enable manufacturers to improve upon the energy management system and regulate the fuel consumption and considerably reduce CO2 emissions.

Highly nuanced algorithms will help to calculate the energy consumption of hybrid vehicles in an efficient and cost-effective manner thus fueling the growth of the hybrid electric vehicles market.

Key Takeaways from the Market Study

• Gasoline hybrid vehicles projected to surpass a value of over US$ 100 Mn by 2031.

• Hybrid electric passenger cars to account for at least 2 out of 5 sales through 2031

• Stored electricity HEVs to emerge as a top selling category, expanding at 5% CAGR

• U.S to account for heightened HEV sales, expanding at a CAGR of 7% through 2031

• The European region to hold around 16% of the global HEV revenue share

“Increasing tilt towards reducing carbon footprint is prompting automotive manufacturers to dole out hybrid electric vehicles deploying a combination of renewable and conventional vehicles, spurring market growth,” comments Senior Research Analyst.

Competitive Landscape

Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.

For instance,

• In April 2021, Ford Motor Company launched Mustang Mach-E SUV which has comfortably outfitted interior, seamless technology, and impressive range. This model is home to one truly iconic design paired with luxurious materials and standard driver-assist technologies like Ford Co-Pilot360™ 2.0.

• In July 2021, TotalEnergies signed a contract with Bolloré Group for the acquisition of ‘Blue Charge’. Upon the approval of the relevant authorities, TotalEnergies will manage and operate the largest electric vehicle charging network in Singapore, with more than 1,500 charge points installed in the city-state.

• This urban charging network represents around 85% of the charge points currently under operation in Singapore, access to electric vehicles owners as well as to the carsharing solution BlueSG.