Hybrid and Electric Vehicles Market Insights Video
According to Cognitive Market Research, the global Hybrid and Electric Vehicles market size will be USD 272548.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.00% from 2024 to 2031.
North America held the major market share for 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.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 81764.58 million.
Asia Pacific held a market share 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.
Latin America had a market share of 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.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at 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 Passenger cars held the highest Hybrid and Electric Vehicles market revenue share in 2024.
