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Hybrid Electric Vehicles Market Share, Demand, Emerging Trend | Forecast to 2031

The Hybrid Electric Vehicles (HEVs) market continues to surge with innovation and demand, reflecting a global shift towards sustainable transportation solutions. HEVs combine internal combustion engines with electric propulsion systems, offering improved fuel efficiency and reduced emissions compared to traditional vehicles. As environmental concerns and regulations drive the adoption of cleaner technologies, major automotive manufacturers are investing heavily in HEV development.

The United States hybrid electric vehicles market stands at US$ 15.2 billion in 2022 and is predicted to register impressive growth at 13.8% CAGR through 2032. The market registered yearly growth of 10.3% from 2017 to 2021, as per in-depth industry analysis by Fact.MR, a market research and competitive intelligence provider.

Electric vehicles use lithium-ion batteries and can hold the charge for weeks with the ability of quick and easy recharge. Although EV batteries are 90% recyclable, prominent manufacturers are looking for re-purposing used electric vehicles batteries for second-life energy storage. Several manufacturers are also offering a 100,000-mile or 8-year battery warranty. Statistics by the National Renewable Energy Laboratory reveal that batteries can also last up to 12 to 15 years under moderate climate conditions.

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Key Takeaways from Market Study

  • The U.S. hybrid electric vehicles market is estimated to reach a valuation of US$ 55.5 billion by the end of 2032.
  • The market witnessed 10.3% growth during the years 2017-2021.
  • Under power source, stored electricity hybrid electric vehicles hold 78.3% market share and are projected to rise at 14.1% CAGR over the forecast period.
  • Under vehicle type, passenger cars dominate the market by holding 37.8% share in the United States hybrid electric vehicles market.
  • South-West U.S. dominates the market with 29.8% share.
  • West U.S. and South-West U.S. together hold 55.2% share in the United States market.

Competitive Landscape:

The U.S. market for hybrid electric vehicles is in its beginning stage and is probably going to push on the rear of sound ventures, both from market players and the public authority. Alongside this, rising framework is additionally ready to help market development throughout the next few years.

Rising revenue in electric vehicles on the rear of emanation control needs presents worthwhile open doors for new makers to enter the market. Also, conspicuous market players are putting resources into innovative work to improve their item contributions and deal eco-friendly half and half vehicles throughout the next few years.

  • Tesla Inc. received approval for nearly four of its vehicle variants in the Indian market. The company got approval from the Ministry of Road Transport and Highways in 2021. The company also intends to enter the Indian market by forming a subsidiary called Energy Private Ltd. and Tesla Indian Motors.
  • General Motors Company has started increasing its investments in electric vehicles in 2019 to grow its electric vehicles portfolio and lead the EV race. The company plans that more than 40% of its vehicles in the United States will be battery-operated electric vehicles by 2025.

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Key Companies Profiled in U.S. Hybrid Electric Vehicles Market Report

  • General Motors
  • Ford Motor Company
  • Tesla Motors Inc.
  • Magna International Plc
  • Honda Motor Co. Ltd.
  • Toyota Motor Corporation

Development of Market

The market for hybrid electric vehicles in the U.S. has developed a lot as key market players are offering innovative electric vehicles that are not only fuel-efficient but also cheaper. Consumers are also demanding electric vehicles on the back of rising environmental awareness to cut back carbon emissions.

Players in the market are investing their resources in research and development to facilitate innovation and offer advanced hybrid electric vehicles to the population.

U.S. Hybrid Electric Vehicles Industry Segmentation

  • U.S. Hybrid Electric Vehicles Market by Power Source :
    • Stored Electricity Hybrid Electric Vehicles
    • On-Board Electric Generator Hybrid Electric Vehicles
  • U.S. Hybrid Electric Vehicles Market by Powertrain :
    • Series Hybrid Electric Vehicles
    • Parallel Hybrid Electric Vehicles
    • Combined Hybrid Electric Vehicles
  • U.S. Hybrid Electric Vehicles Market by Vehicle Type :
    • Passenger Cars
    • Commercial Vehicles
    • Two-Wheelers
    • Others

About Fact.MR

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