Hybrid Product Portfolio of OEMs worth 28.5 million units by 2030 | MarketsandMarkets
DELRAY BEACH, Fla., April 22, 2025 /PRNewswire/ -- 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 15.0%., according to a new report 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 smoothen 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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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.
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 Market Players Hybrid Product Portfolio of OEMs:
Prominent players in the Hybrid Product Portfolio of OEMs Companies include as Toyota (Japan), BYD (China), Renault-Nissan-Mitsubishi (France), Hyundai Group (South Korea), Honda (Japan).
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This report provides insights on:
- Analysis of Key Drivers (Rapid electrification of vehicles is fueling the demand for hybrid vehicles, Government restrictions on emission and sustainable driving fuel options), Restraints (Higher cost of PHEVs), opportunities (Advancements in battery, Advancements in hybrid optimization technology and rapid adoption of alternate fuel options), and Challenges (Supply chain issues of battery raw material and battery related issues in hybrid cars) influencing the growth of hybrid market.
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new products & services in the hybrid market.
- Market Development: Comprehensive information about the lucrative market – the report analyzes the hybrid market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hybrid market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Toyota (Japan), General Motors (US), Volkswagen (Germany), Hyundai Group (South Korea), and Ford Motors (US), among others, in the hybrid market
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