Get a free sample of Hybrid Powertrain Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Get a free sample of Hybrid Powertrain Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Hybrid Powertrain Market Analysis
The hybrid powertrain market from full hybrid (HEV) segment dominated around USD 66 billion revenue in 2022. Mild hybrid (MHEV) powertrains incorporate a small electric motor and battery to assist the internal combustion engine, enhancing fuel efficiency. In contrast, plug-in hybrid (PHEV) powertrains have larger batteries that can be charged via an external power source for extended electric-only driving range, further reducing emissions.
The passenger cars segment accounted for 60% of the hybrid powertrain market share in 2022. Hybrid powertrains are increasingly adopted in commercial vehicles like trucks and buses to reduce fuel consumption and emissions during frequent stop-and-start city driving, enhancing environmental sustainability and cost-efficiency.
The hybrid powertrain market from OEM sales segment is anticipated to witness 19.4% CAGR through 2032, due to growing presence in the aftermarket and online sales channels. As consumers seek eco-friendly transportation solutions, hybrid powertrain components and systems are increasingly available through aftermarket suppliers, offering opportunities for retrofitting existing vehicles.
U.S. hybrid powertrain market size held over USD 11.1 billion in 2022, driven by increasing environmental awareness and government incentives. Consumers and businesses alike are seeking vehicles that offer reduced emissions and improved fuel efficiency.
How big is the hybrid powertrain market?
The market size of hybrid powertrain reached USD 97 billion in 2022 and is set to cross USD 390.3 billion by 2032, led by the increased emphasis on sustainability and responsible manufacturing practices in response to growing environmental awareness and regulations.
Why is the demand for full hybrid powertrains gaining traction?
Full hybrid (HEV) powertrain industry generated USD 66 billion in revenue in 2022, due to their superior fuel efficiency, reduced emissions, and increased focus on sustainable transportation solutions worldwide.
What is the size of the U.S. hybrid powertrain market?
U.S. market accounted for USD 11.1 billion in revenue in 2022, propelled by the increasing environmental awareness and government incentives.
Which are the leading firms operating in the hybrid powertrain landscape?
Some major hybrid powertrain companies are Toyota Motor Corporation, Honda Motor Co., Ltd., Ford Motor Company, Hyundai Motor Company, General Motors Company, Volkswagen Group, BMW AG, Daimler AG (Mercedes-Benz Group AG), Subaru Corporation, and Fiat Chrysler Automobiles (FCA).