The hybrid market is projected to grow from 12.4 million units in 2024 to 28.5 million units by 2030 at a CAGR of 13.0%. The major drivers of the market are stringent emission norms set by the governments, an increase in the adoption of sustainable vehicles, and superior efficiency without range anxiety or charging or battery discharge. By region, Europe and China are projected to lead the hybrid market during the forecast period. On the other hand, North America and Asia (excluding China) are witnessing significant demand for hybrid vehicles.
"SUVs will account for the largest share of hybrids in 2030."
SUVs have gained popularity in the past few years. Considering all the powertrains, SUVs hold over half of the total sales globally. Similarly, over half of the hybrid (HEV+PHEV) sales are in the SUV segment. This 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.
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"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 2025 to 2030 period. On the contrary, PHEVs will decline after 2030, as 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 major OEMs worldwide. 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. 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.
Key Players:
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).
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