Hybrid and Electric Cars Market Summary, Competitive Analysis and Forecast, 2017-2026
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Hybrid and Electric Cars Market Report Overview
The global hybrid and electric cars market size was $384.85 billion in 2021. The market is expected to achieve a CAGR of more than 18% during the forecast period. The hybrid and electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger cars. The electric cars segment refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs) and the hybrid cars segment refers to all types of hybrid electric cars such as full – standard Hybrid Electric Vehicles (HEVs), mild, and plug-in hybrid electric vehicles (PHEVs).
The Hybrid and Electric Cars market research profile provides top-line qualitative and quantitative summary information including market size. The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
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Hybrid and Electric Cars Market Dynamics
The adoption of hybrid and electric cars will continue to increase, driven by increasing affordability, a greater number of offerings, government incentives, and expanding infrastructure. The Chinese and European markets saw strong sales growth, driving the global sales growth. In Europe, slower sales growth attributed to stricter emission standards phased in by the EU in 2020 drove an uplift in sales. In detail, manufacturers sought to increase their sales of hybrid and electric cars, accelerating the roll-out of new models to align with the new EU emission standards.
Hybrid and electric car adoption has been strongly increasing in recent years due to their increasing affordability, the growing availability of new offerings with improved range capacities, and the continuous expansion of charging infrastructure. Purchase prices have perhaps been the most crucial factor for the adoption of hybrid and electric cars but government incentives along with significant cost reductions made through advances in battery technology have brought down prices.
Regional Outlook of the Hybrid and Electric Cars Market
The hybrid and electric cars market is present in Europe, Asia-Pacific, the US, and the Middle East. Europe accounts for the majority of the market.
Hybrid and Electric Cars Market, by Region
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Key Hybrid and Electric Cars Market Segments
The key segments in the hybrid and electric cars market are hybrid cars and electric cars. Hybrid is the largest segment of the global hybrid and electric cars market.
Hybrid and Electric Cars Market, by Segment
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Key Companies in the Hybrid and Electric Cars Market
Some of the key companies in the hybrid and electric cars market are BYD Company Limited, BAIC Motor Corporation Ltd, Toyota Motor Corporation, Tesla Inc., Bayerische Motoren Werke AG, Renault SA, Volkswagen AG, Stellantis NV, Daimler AG, and Mitsubishi Motors Corporation.
BYD Company Limited: It manufactures and sells automobile and related products. Apart from this, the company is engaged in information technology (IT), new energy automobiles, handset components, and assembly business as well as a rechargeable battery and photovoltaic business. BYD is headquartered in Shenzhen, Guangdong, China.
BAIC Motor Corporation Ltd: It is an automobile company that manufactures and markets passenger vehicles, engines, and auto parts. The company also designs, develops, and produces electric passenger vehicles. BAIC’s services include car financing and automobile after-sale services. It also manufactures engines, powertrain, and other core parts and components for passenger vehicles. BAIC is headquartered in Beijing, China.
Toyota Motor Corporation: The company’s products include mid-size, luxury, sports and specialty cars, recreational and sport-utility vehicles, pickup trucks, minivans, trucks, and buses. Toyota caters its products through Lexus, Toyota, and Hino brand names. The company is headquartered in Toyota City, Aichi, Japan.
Tesla, Inc.: It is a US-based automotive company that designs, manufactures, and markets electric vehicles, components, and energy storage and generation systems. Tesla also provides energy systems including solar panels and rechargeable lithium-ion batteries. The company provides products and services through international sales organizations, galleries, vehicle service centers, stores, and Supercharger stations. The company is headquartered in Palo Alto, California, the US.
Bayerische Motoren Werke AG: It is an automotive company that develops, manufactures, assembles, and sells automobiles and motorcycles. The company also offers insurance, automobile leasing, fleet management, retail and dealership financing, and customer deposit services. BMW sells its products by independent authorized dealerships, BMW Group branches and subsidiaries, and independent importers in certain markets. The company is headquartered in Munich, Bavaria, Germany.
Hybrid and Electric Cars Market Report Overview
Market Size (2021) | $384.85 billion |
CAGR | >18% |
Key Regions | Europe, Asia-Pacific, the US, and the Middle East |
Key Segments | Hybrid Cars and Electric Cars |
Key Companies | BYD Company Limited, BAIC Motor Corporation Ltd, Toyota Motor Corporation, Tesla Inc., Bayerische Motoren Werke AG, Renault SA, Volkswagen AG, Stellantis NV, Daimler AG, and Mitsubishi Motors Corporation |
Scope
This report provides:
- The size, growth, major segments, and leading players in the global hybrid & electric cars market.
- The Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global hybrid & electric cars market.
- Leading company profiles that reveal details of key hybrid & electric cars market players’ global operations and financial performance.
- The future growth prospects of the global hybrid & electric cars market with five-year forecasts by both value and volume.
Reasons to Buy
The report provides:
- The size of the global hybrid & electric cars market by value in 2021.
- The size of the global hybrid & electric cars Market in 2026.
- The factors that are affecting the strength of competition in the global hybrid & electric cars market.
- Performance of the market over the last five years.
- The main segments that make up the global hybrid & electric cars market.
BAIC Motor Corporation Ltd
Toyota Motor Corporation
Tesla, Inc.
Bayerische Motoren Werke AG
Renault SA
Volkswagen AG
Stellantis NV
Daimler AG
Mitsubishi Motors Corporation
Nissan Motor Co., Ltd.
General Motors Company
SAIC Motor Corp Ltd
AB Volvo
Hyundai Corporation
Ford Motor Company
Table of Contents
Table
Figures
Frequently asked questions
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What was the hybrid and electric cars market size in 2021?
The global hybrid and electric cars market size was $384.85 billion in 2021.
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What is the hybrid and electric cars market growth rate?
The hybrid and electric cars market is expected to achieve a CAGR of more than 18% during the forecast period.
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What are the key regions in the hybrid and electric cars market?
The hybrid and electric cars market is present in Europe, Asia-Pacific, the US, and the Middle East.
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What are the key segments in the hybrid and electric cars market?
The key segments in the hybrid and electric cars market are hybrid cars and electric cars.
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Who are the key companies in the hybrid and electric cars market?
Some of the key companies in the hybrid and electric cars market are BYD Company Limited, BAIC Motor Corporation Ltd, Toyota Motor Corporation, Tesla Inc., Bayerische Motoren Werke AG, Renault SA, Volkswagen AG, Stellantis NV, Daimler AG, and Mitsubishi Motors Corporation.
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