Hybrid and Electric Vehicles Market Report 2024 (Global Edition)

Global Hybrid and Electric Vehicles Market Report 2024 Market Size Split by Propulsion Type (Full Hybrids, Mild Hybrids, Plug-in Hybrids, Others), by Configuration Type (Series HEV, Parallel HEV, Comb...

Hybrid and Electric Vehicles Market Report Description

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Hybrid and Electric Vehicles Market Insights Video

Competitive Landscape of the Hybrid and Electric Vehicles Market

The competitive landscape of the Hybrid and Electric Vehicles market is characterized by rapid innovation and intense rivalry among leading automotive manufacturers. Major players like Tesla, Toyota, and Volkswagen drive advancements in battery technology and autonomous driving features. New entrants and startups, such as Rivian and NIO, challenge established brands with innovative designs and technology. Governments’ regulatory policies and incentives for clean energy vehicles further intensify competition. Companies focus on expanding their EV offerings, enhancing performance, and reducing costs to gain market share. Strategic partnerships, mergers, and acquisitions are common as firms seek to strengthen their market position.

September 2023: Toyota Motor Corporation unveiled a hydrogen fuel cell-powered electric Hilux prototype. Toyota's debut further exemplifies its multi-path strategy for achieving carbon-free mobility with the application of various powertrain solutions, including battery electric, fuel cell electric, plug-in hybrid electric, and hybrid electric to suit various user needs and operating environments worldwide. (Source:https://newsroom.toyota.eu/toyota-reveals-hydrogen-fuel-cell-electric-hilux-prototype/) October 2022: Honda Motor Co. Ltd. made two large investments in Ohio, a state in the United States. It will cost $700 million U.S. to convert three existing car and powertrain plants to produce electric vehicles. An additional 3.5 billion U.S. dollars will be invested in the joint venture with L.G. Energy Solution (LGES) to build the joint venture's battery manufacturing. (Source: https://www.plantservices.com/industry-news/news/55042224/honda-invests-700-million-to-establish-electric-vehicle-hub-in-ohio) July 2023: Volkswagen Aktiengesellschaft declared that it will develop a plug-in hybrid vehicle of its own to bolster its standing in China's fiercely competitive new-energy vehicle market. The joint venture between Volkswagen AG and the state-owned SAIC Motor Corp. Ltd. will start producing its plug-in hybrid automobiles. (Source:https://www.caixinglobal.com/2023-07-24/volkswagens-china-joint-venture-to-develop-plug-in-hybrids-for-local-market-102082042.html)

Top Companies Market Share in Hybrid and Electric Vehicles Industry: (In no particular order of Rank)

• Honda Motors Co.Ltd.
• Toyota Motor Corporation
• Ford Motor Company
• Hyundai Motor Company
• Volkswagen Aktiengesellschaft
• Nissan Motor Corporation Ltd
• General Motors Company
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Regional Analysis of the Hybrid and Electric Vehicles Market

Which Region Dominates the Hybrid and Electric Vehicles Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to strong government incentives, advanced infrastructure, and significant investments by major automakers. The U.S. and Canada lead in technological innovation and consumer adoption, driving market growth with increasing demand for sustainable and efficient transportation solutions.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Hybrid and Electric Vehicles market growth, with China and Japan leading in technological advancements and adoption. Rapid urbanization, supportive government policies, and increasing environmental awareness drive the region's impressive compound annual growth rate (CAGR) in this sector.

The current report Scope analyzes Hybrid and Electric Vehicles Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Hybrid and Electric Vehicles Market

According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size was estimated at USD 272548.6 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 109019.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the Hybrid and Electric Vehicles market with a market size of USD 86016.34 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. The nation's advancements in military technology.
• The Canada Hybrid and Electric Vehicles market had a market share of USD 13082.33 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Canada's strict government food safety rules in developing nations.
• The Mexico Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 9920.77 million in 2024.

Europe Hybrid and Electric Vehicles Market

According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size was estimated at USD 272548.6 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 81764.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

• The United Kingdom Hybrid and Electric Vehicles market had a market share of USD 13736.45 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. In the U.K., Hybrid and Electric Vehicles sales witnessed an upswing due to innovation policies.
• The France Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 7522.34 million in 2024.
• According to Cognitive Market Research, the German Hybrid and Electric Vehicles market size was valued at USD 16189.39 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. In Germany, Hybrid and Electric Vehicles surged due to innovation and policy support.
• The Italy Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 7031.75 million in 2024.
• The Russia Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 12673.51 million in 2024.
• The Spain Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 6704.70 million in 2024
• The Luxembourg Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 2534.70 million in 2024.
• The Portugal Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 1717.06 million in 2024.
• The Greece Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 981.17 million in 2024.
• Rest of Europe's Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 12673.51 million in 2024.

Asia Pacific Hybrid and Electric Vehicles Market

According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size was estimated at USD 272548.6 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 62686.18 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Hybrid and Electric Vehicles market size was valued at USD 28208.78 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. Hybrid and Electric Vehicles surged in China due to strong policy support.
• The Japan Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 8650.69 million in 2024.
• The India Hybrid and Electric Vehicles market had a market share of USD 7522.34 million in 2024 and is projected to grow at a CAGR of 12.8% during the forecast period. Government policies, innovation, and demand drive India's rapid growth.
• The South Korean Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 6268.62 million in 2024.
• The Australian Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 3259.68 million in 2024.
• The South East Asia Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 4325.35 million in 2024.
• The Rest of Asia Pacific Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 4450.72 million in 2024.

South America Hybrid and Electric Vehicles Market

According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size was estimated at USD 272548.6 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 13627.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Hybrid and Electric Vehicles market size was valued at USD 5832.54 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. Hybrid and Electric vehicles flourished in Brazil due to incentives and growth.
• Argentina's Hybrid and Electric Vehicles market had a market share of USD 2289.41 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. Argentina's due to incentives.
• Colombia's Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 1212.84 million in 2024.
• Peru's Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 1117.45 million in 2024.
• Chile's Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 981.17 million in 2024.
• The Rest of Latin America's Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 2194.02 million in 2024.

Middle East and Africa Hybrid and Electric Vehicles Market

According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size was estimated at USD 272548.6 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 5450.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031..

• The GCC Countries Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 2333.02 million in 2024. Hybrid and Electric Vehicles sales flourish due to strong economic investments and policies.
• The Egypt Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 572.35 million in 2024.
• The South Africa Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 861.25 million in 2024. Hybrid and Electric vehicle sales flourish in South Africa by advanced infrastructure and policy.
• The Turkey Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 468.78 million in 2024.
• The Nigeria Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 572.35 million in 2024.
• The Rest of the MEA Hybrid and Electric Vehicles market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 643.21 million in 2024.

Hybrid and Electric Vehicles Market Analysis

Hybrid and Electric Vehicles Market Propulsion Type Segment Analysis

According to Cognitive Market Research, Mild Hybrids stand out as the dominant due to their cost-effectiveness and fuel efficiency. These vehicles incorporate a small electric motor to assist the internal combustion engine, enhancing performance and reducing emissions without the higher costs of full hybrids or E.V.s. Their simpler technology and lower battery requirements make them more affordable and accessible to mainstream consumers. Mild hybrids offer a practical solution for those looking to improve fuel economy and reduce environmental impact without fully committing to electric driving, contributing to their significant market share.

Plug-in Hybrids emerge as the fastest-growing category in the Hybrid and Electric Vehicles market. Plug-in Hybrids, due to their flexibility and efficiency. They combine a traditional internal combustion engine with an electric powertrain, allowing drivers to switch between electric and gasoline power. This dual capability addresses range anxiety and reduces dependency on charging infrastructure. Additionally, PHEVs benefit from government incentives and subsidies, which boost consumer adoption. Their growing popularity is driven by advancements in battery technology, increasing fuel prices, and a greater emphasis on reducing emissions, making them a compelling choice for eco-conscious consumers.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Hybrid and Electric Vehicles Industry. Request a Free Sample PDF!

Hybrid and Electric Vehicles Market Configuration Type Segment Analysis

According to Cognitive Market Research, the dominant category is Series HEV due to its advanced technology and efficiency. By integrating a high-performance electric motor with a conventional internal combustion engine, Series HEVs offer superior fuel economy and reduced emissions compared to traditional vehicles. Their ability to operate on electric power alone for short trips and switch to hybrid mode for longer distances makes them versatile and appealing to a broad consumer base. This combination of efficiency, cost-effectiveness, and environmental benefits accelerates their adoption, propelling their dominance in the market.

The fastest-growing category in the Hybrid and Electric Vehicles market is Parallel HEV due to their efficient powertrain design. By utilizing both an internal combustion engine and an electric motor, parallel HEVs optimize fuel efficiency and reduce emissions. Their ability to seamlessly switch between power sources or use both simultaneously offers significant operational flexibility and performance benefits. Additionally, advancements in battery technology and increasing consumer demand for fuel-efficient, eco-friendly vehicles have accelerated their adoption. The integration of sophisticated energy management systems further enhances their appeal, driving rapid growth in the hybrid and electric vehicle sector.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Hybrid and Electric Vehicles Vehicle Type Segment Analysis

Hybrid and Electric Vehicles Market Vehicle Type Segment Analysis

According to Cognitive Market Research, the dominant category is Passenger Cars due to several factors. They offer a broader consumer base and address increasing environmental concerns and government incentives for cleaner transportation. Technological advancements have made these vehicles more affordable and practical for everyday use. Additionally, the rise in fuel efficiency and lower emissions appeal to eco-conscious consumers and align with stricter regulatory standards. Automakers are heavily investing in passenger E.V.s, improving range and performance, further driving market expansion. This combination of demand, innovation, and policy support is fueling the rapid growth in this segment.

The fastest-growing category in the Hybrid and Electric Vehicles market is Commercial Vehicles due to their high operational costs and increasing regulatory pressures. Businesses seek to cut expenses and comply with emissions standards by adopting electric and hybrid technologies. Fleet operators are investing in these vehicles for long-term savings on fuel and maintenance. Additionally, government incentives and advancements in E.V. infrastructure support this transition. As companies prioritize sustainability and efficiency, the commercial sector is rapidly expanding its adoption of hybrid and electric vehicles, leading to significant growth in this segment of the market.

• Passenger Cars
• Commercial Vehicles
• Two- Wheelers
• Others

Hybrid and Electric Vehicles Power Source Segment Analysis

Hybrid and Electric Vehicles Market Power Source Segment Analysis

According to Cognitive Market Research, the dominant category is Stored Electricity due to its role in reducing reliance on fossil fuels. Advanced battery technologies, such as lithium-ion, offer greater energy density and longer range, making E.V.s more practical and appealing to consumers. These improvements decrease charging times and extend vehicle range, addressing common concerns about electric vehicles. Additionally, falling battery costs and increasing government incentives further accelerate adoption. As battery efficiency and affordability continue to advance, stored electricity becomes increasingly pivotal in shaping the future of the automotive industry.

The fastest-growing category in the Hybrid and Electric Vehicles market is Board Electric Generator, by provides a reliable power source, enhancing vehicle performance and extending range. With advances in technology, these generators are becoming more compact and cost-effective, making them integral to modern HEVs. Their ability to generate electricity on demand reduces dependence on traditional charging infrastructure, appealing to consumers seeking convenience and improved efficiency. Consequently, their adoption accelerates the shift towards hybrid and electric vehicles, contributing significantly to the market's expansion and technological advancement.

• Stored Electricity
• On Board Electric Generator

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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