Pune,India, April 15, 2022 (GLOBE NEWSWIRE) — Hybrid Vehicle market is anticipated to grow at a steady growth rate over the forecast period, owing to the upsurge in concerns associated with the vehicular emissions and demand for vehicles with more power and enhanced fuel efficiency. Hybrid vehicles are powered by electric motor and a conventional internal combustion engine (either petrol or diesel). It cannot be plugged in to charge the battery; however, it utilizes energy stored in batteries where the battery is charged by the internal combustion engine and via regenerative braking. As compared with the conventional vehicles, hybrids vehicles offers better power and fuel efficiency along with the low emissions.
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Key Insights & Findings:
The parallel hybrid segment led the hybrid vehicle market and valued at USD 88.46 Billion in 2020. Growth of this segment is mainly driven increasing adoption of regenerative braking technology in the hybrid vehicle.
The battery segment accounted for the largest market share and valued at USD 69.84 Billion in 2020. Need for batteries in hybrid vehicles to store a large amount of power for an extended period of time drives growth of the segment.
The HEV segment accounted for the significant market share and valued at USD 81.17 Billion in 2020. Growth of this segment is mainly driven by significant rise in sales volume of HEV in the US, Japan, and China.
The hybridization segment accounted for the largest market share and valued at USD 76.20 Billion in 2020. Growth of this segment is mainly driven by need for more power, better fuel efficiency, and minimum emissions in the vehicles.
The passenger car segment accounted for the largest market share and valued at USD 101.19 Billion in 2020. Increasing disposable income across the developing countries and need for passenger cars in conveyance in developed and developing countries.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the Hybrid Vehicle market and valued at USD 58.82 Billion in 2020. The North America holds a tremendous potential for hybrid vehicle production …
