At 30% CAGR, Global Hybrid Vehicle Market Size & Share Surpass US$ 1670 Mn By 2030, Forecast & Analysis Report By CMI
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According to the study, The?Global Hybrid Vehicle Market?was estimated at USD 329 Million in 2021 and is anticipated to reach around USD 1670 Million by 2030, growing at a CAGR of roughly 30% between 2027 and 2030.
Overview:
A hybrid car makes use of multiple power sources. The most popular hybrid car models combine an electric motor with an internal combustion engine (ICE). As a result, hybrid cars are built with increased power, reduced emissions, and a higher fuel economy. These cars use machines and regenerative braking systems to generate electrical energy, among other sources. They can save energy by turning off the engine when the vehicle is stationary, idling, or when the electric motor has enough power to move the car independently without the ICE.
Growth Drivers:
Due to the high demand for electric mobility, rising fuel prices, and strict rules set by governments in various locations, the global market for hybrid vehicles is expanding quickly. Additionally, hybrid cars are quieter and more fuel-efficient compared to conventional automobiles. Furthermore, the demand for hybrid vehicles is anticipated to increase during the projected period due to the attractive incentives and subsidies provided by government bodies to boost the sales of these vehicles.
The Global Hybrid Vehicle Market was estimated at USD 329 Million in 2021 and is anticipated to reach around USD 1670 Million by 2030, growing at a CAGR of roughly 30% between 2027 and 2030.