Back to Newsroom
Back to Newsroom

Hybrid Cars Market to Exceed Worth of $ 2.1 Trillion by 2031; Demand for Plug-in Hybrids Steers Growth

Wednesday, 24 August 2022 09:03 AM

WILMINGTON, DE / ACCESSWIRE / August 24, 2022 / Transparency Market Research Inc. - Hybrid car sales have proliferated on the back of widening consumer awareness about their environmentally friendliness. Ceaseless focus on unveiling new designs by automobile companies and automotive firms are expanding the target market for hybrid cars. The study projects the hybrid cars market to advance at a CAGR of 21.90% from 2021 to 2031 (forecast period).

Transparency Market Research inc., Wednesday, August 24, 2022, Press release picture

The adoption of plug-in hybrid cars is expected to rise considerably in the coming years. The sales of plug-in hybrid cars will create incremental opportunities for players during the forecast period. New and better designs will open up new frontiers in the segment, opines the TMR study. Stridently, the demand for series parallel hybrid is the most attractive in the hybrid cars market.

Request a sample research report at -

Key Findings of Hybrid Cars Market Study

  • Environmental-Friendliness of Hybrid Cars Spurs Commercialization: Mounting concerns of the greenhouse gas emissions from use of fossil fuels has spurred the attractiveness of hybrid cars. Companies are therefore making a conscious effort in shifting away from conventional gasoline powered engines. This has generated profitable avenues for automobile manufacturers and automotive firms in the hybrid cars market.
  • Vast Adoption of ICE Hybrid Cars Underpins Profitable Opportunities: The ICE hybrid car segment held a major share of the hybrid cars market, in relation to revenue, in 2020. Widespread adoption of ICE vehicles in recent years has boosted the commercialization of products in this segment, found the study by TMR.
  • Automotive Companies Focus on Diversifying Product Portfolio to Maximise Revenues: A scrutiny of hybrid car sales statistics worldwide has found that their demand directly competes with that of electric vehicles (EVs). Thus, firms are gearing toward diversifying their revenue streams by focusing on commercialization of both, the study on the hybrid cars market found. In the coming years, emphasis on affordability of these will enrich the future of hybrid cars market prospects.

Make an Enquiry before Buying -

Hybrid Cars Market: Key Drivers

  • Hybrid cars are gaining popularity among consumers on the back of the need to reduce the cost of fuels required in ICE-based vehicles. Additionally, environmentally conscious consumers are attracted toward the proposition of reduced tailpipe emissions and lower pollution effects of hybrid cars. These are the key underpinnings of the expansion of avenues in hybrid cars market.
  • Continued government support in the form of subsidies on plug-in hybrids in various developed and developing countries has propelled revenue generation in hybrid cars market.

Hybrid Cars Market: Regional Growth Dynamics

  • In Europe and North America, the product demand is expected to mature, thus these markets will expand at a moderate growth rate during the forecast period.
  • Asia Pacific held a key share of the global hybrid cars market in 2020, and is projected to stay immensely lucrative during the forecast period. The growth is likely to fuelled by growing commercialization of plug-in hybrids on the back of rising environmental awareness among consumers, particularly in emerging economies. Coupled with this, governments in China and Japan have extended support toward making hybrid cars affordable.

Hybrid Cars Market: Key Players

Some of the prominent companies in the hybrid cars market are Ford Motor Company, Allison Transmission, Daimler AG, Volvo Group, BorgWarner Inc., Honda Motor Co. Ltd., Hyundai Motor Company, Continental AG, Nissan Motor Co. Ltd., Toyota Motor Corp., and Volkswagen AG.

Ask for References -

Hybrid Cars Market Segmentation


  • Series
  • Parallel
  • Plug-in
  • Series-Parallel

Energy Source

  • Series
  • Parallel
  • Plug-in
  • Series-Parallel

Degree of Hybridization

  • Full Hybrid
  • Micro-Hybrid
  • Mild Hybrid

Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Automotive Research Reports

Electric Vehicle Market - The valuation for the global Electric vehicle market was US $ 113.6 Bn in 2020 and it is estimated to cross US $ 1.53 Tn, by 2031

Solar Powered Car Market - The global solar powered car market is expected to reach US$ 46.11 Bn by the end of 2031, rise at a CAGR of 35.50% from 2022 to 2031

Vehicle-to-Grid Technology Market- Vehicle-to-Grid Technology Market size is expected to reach US$ 12.75 Bn by the end of 2031

Wheelchair Accessible Vehicle Converter Market- Wheelchair Accessible Vehicle Converter Market is expected to exceed the value of US$ 13.84 Bn by the end of 2031

Two-wheeler Shock Absorber Market- The global two-wheeler shock absorber market is expected to reach US$ 4.6 Bn by the end of 2031

Automotive Thermal System Market- Automotive Thermal System Market is expected to reach value of US$ 50.38 Bn by the end of 2031

Automotive Engine Management System Market- Automotive Engine Management System Market is expected to surpass the value of US$ 95.4 Bn by the end of 2031

Automotive Retrofit Electric Vehicle Powertrain Market- Automotive Retrofit Electric Vehicle Powertrain Market to reach US$ $ 117.9 Bn by the end of 2031

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

For More Research Insights on Leading Industries, Visit our YouTube channel -

Contact Us:

Rohit Bhisey

Transparency Market Research Inc.


1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: 1-518-618-1030

USA - Canada Toll Free: 866-552-3453



Email: [email protected]

SOURCE: Transparency Market Research inc.

Company Update
Back to newsroom
Back to Newsroom
Share by: