A recent study by Fact.MR reveals that the global market for hybrid electric vehicles is likely to witness a compound annual growth rate (CAGR) of around 14% by the end of the 2021-2031 forecast period. Short-term projections indicate that the market is poised to reach $29 billion by 2021.
The study says the advent of new-age algorithms will further propel the market landscape of hybrid electric vehicles by enhancing their fuel efficiency as they “spread their wings” in emerging markets. These algorithms will enable manufacturers to improve upon the energy management system and regulate fuel consumption, as well as considerably reduce CO2 emissions, Fact.MR says.
Key takeaways according to the study:
- Gasoline hybrid vehicles are projected to surpass a value of over $100 million by 2031.
- Hybrid electric passenger cars to account for at least two out of five sales through 2031.
- Stored electricity HEVs to emerge as a top selling category, expanding at 5% CAGR.
- U.S to account for heightened HEV sales, expanding at a CAGR of 7% through 2031.
- The European region will hold around 16% of the global HEV revenue share.
These insights are based on a report on the hybrid electric vehicles market by Fact.MR.
