Global Hybrid & Electric Vehicle Market to Nearly Triple in Size Through 2026
CLEVELAND, July 6, 2022 -- The Freedonia Group forecasts global demand for hybrid and electric vehicles (HEVs) to increase 22% per year through 2026, almost tripling to 30.5 million units. Sales rose dramatically in 2021 in spite of an overall weak environment for the global automotive industry, and rapid advances are expected to continue as governments worldwide provide expanded regulatory support for the adoption of EVs.
BEVs overtook full hybrids to become the most common type of HEV in 2021, finds the Freedonia Group:
- Government regulations supporting HEVs are increasingly attempting to boost sales of BEVs specifically, as these products are preferred due to their status as zero-emissions vehicles.
- However, supply of batteries will be a critical factor in the growth of the BEV market, and automakers will need to continuously collaborate with battery firms in order to take full advantage of these subsidies.
The market for plug-in hybrid vehicles (PHEVs) is expected to contract quickly after peaking as early as 2022. These products were always intended as a transitional technology, and aggressive targets for BEV adoption will lead to a short window for PHEV sales.
In contrast, while full hybrid vehicle sales could peak by the 2030s in high-income markets, the usability of these products in nations lacking EV charging infrastructure is expected to lead to ongoing sales growth globally for the next decade.
Global Hybrid & Electric Vehicles provides historical data (2011, 2016, and 2021) and forecasts for 2026 and 2031 for global hybrid and electric vehicle demand in units by type, region, and country.
HEVs are classified into the following types:
- full hybrids, including mild hybrids
- plug-in hybrids
- battery electric
- fuel cell electric
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SOURCE The Freedonia Group