Delray Beach, FL, July 08, 2025 (GLOBE NEWSWIRE) -- The hybrid market is projected to grow from 14.8 million units in 2024 to 26.3 million units by 2030, at a CAGR of 10.0%, as per the recent study by MarketsandMarkets™. The hybrid market is expanding in Europe due to high emission targets set by the governing bodies of European countries. Moreover, EU7 has strict emission regulations, which have boosted the sales of hybrids in the region and will continue to be the primary reason for the growth. Moreover, hybrids are helping to smooth the transition from ICEs to BEVs. The hybrid product portfolio of OEMs is built to redefine the future of transportation solutions.
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List of Key Players in Hybrid Product Portfolio of OEMs:
- Toyota (Japan)
- BYD (China)
- Renault-Nissan-Mitsubishi (France)
- Hyundai Group (South Korea)
- Honda (Japan)
- Stellantis (Netherlands)
- Suzuki (Japan)
- Volkswagen (Germany)
- Geely Group (China)
- Mercedes-Benz (Germany)
- Great Wall Motors [GWM] (China)
- Li Auto (China)
- BMW Group (Germany)
- Ford Motors (US)
Drivers, Opportunities and Restrain in Hybrid Product Portfolio of OEMs:
- Driver: Stringent emission norms set by the governments
- Restraint: High cost compared to traditional ICE vehicles
- Opportunity: Advancements in battery technology will help the faster adoption of hybrids
Key Findings of the Study:
- The SUV segment is projected to lead the hybrid market during the forecast period.
- Europe is projected to lead the hybrid market during the forecast period.
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SUVs will account for the largest share of hybrids in 2030
SUVs have gained popularity in the past few years. Considering all the powertrains, the SUVs hold over half of the total sales globally. Similarly, over half of the hybrid (HEV+PHEV) sales are SUVs. The SUV segment has rapidly gained popularity among consumers owing to its road presence, longer range in the case of hybrids, and advanced safety and comfort features. Consumers prefer compact and mid-size hybrid SUVs over sedans and hatchbacks because of their longer range and cargo space.
PHEV propulsion type to register the fastest growth during the forecast period in the hybrid market
The PHEV category registered the fastest growth at a CAGR of 14.4% during the forecast period. On the contrary, the PHEVs will decline after 2030, as the BEVs will gain more adoption. PHEVs are equipped with ICE and EV driving technology and have an extensive driving range. Moreover, the vehicle can be refueled easily, whereas the battery can also be charged similarly to a BEV at any charging point. Several new PHEVs will be launched by 2030 by the major OEMs in the world. Therefore, the hybrid market will see growth till 2030.
Europe is estimated to be the largest hybrid market
Europe is expected to be the largest market for hybrid passenger vehicles in the coming years. The European Union has set stringent rules to achieve zero emissions targets. One of the important targets is that new cars will have to reduce CO2 emissions by 55% for passenger vehicles. Hybrids fit perfectly in the scenario as they have lower emissions than ICE vehicles. This will boost the sales of hybrids (HEV & PHEV) in the European market. The HEVs help reduce emissions during the start & stop function and operate on a battery when initial driving torque is required. The HEV operation is similar to ICE, with small upgrades in the engine and start & stop mechanism. The HEV propulsion also enhances the driving range of the vehicle.
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