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Hybrid Powertrain Market Size

Report ID: GMI6865
Published Date: Oct 2023
Report Format: PDF

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Hybrid Powertrain Market Size

Hybrid Powertrain Market size was valued at USD 97 billion in 2022 and is estimated to grow at a CAGR of 14.8% between 2023 and 2032. A hybrid powertrain, frequently employed in vehicles, merges multiple power sources to propel the vehicle. This entails the integration of an internal combustion engine, like gasoline or diesel, with an electric motor or battery system.

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A hybrid powertrain is a favored technology for automobiles, offering a balance between combustion engines and electric motors. Hybrid powertrains are implemented in a wide range of vehicles, from sedans and SUVs to trucks and buses, due to their fuel efficiency and reduced emissions benefits.

Hybrid Powertrain Market Report Attributes
Report Attribute	Details
Base Year:	2022
Hybrid Powertrain Market Size in 2022:	USD 97 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	14.8%
2032 Value Projection:	USD 390.3 Billion
Historical Data for:	2018 to 2032
No. of Pages:	150
Tables, Charts & Figures:	173
Segments covered:	Type, Vehicle type, Sales channel
Growth Drivers:	Increased fuel prices Advancements in technology Increased demand for luxury vehicles
Pitfalls & Challenges:	High upfront costs Limited driving range

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The hybrid powertrain market depends on a variety of factors, and unsustainable practices in the automotive sector can impact environmental sustainability and ecosystem health. Alternatives like fully electric and hydrogen fuel cell technology pose competition to hybrid powertrains in specific applications. Market demand for hybrid powertrains can fluctuate due to economic factors, government incentives, and consumer preferences, which may influence acceptance rates and potentially hinder industry growth.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

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.

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.

U.S. market accounted for USD 11.1 billion in revenue in 2022, propelled by the increasing environmental awareness and government incentives.

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).