Asia Pacific Hybrid Vehicle Market Report and Forecast 2024-2032

Asia Pacific Hybrid Vehicle Market Outlook

The Asia Pacific hybrid vehicle market size is projected to grow at a CAGR of 10.9% between 2024 and 2032.

Key Takeaways:

• According to the Economy Diplomacy Division, India will become the third-largest automobile market in the world by 2026.

• Data from the World Bank revealed GDP per capita of East Asia and the Pacific showed a rise of 34% between 2015 to 2022.

• According to ITA, 97.8% of electric vehicles sold in Japan in 2020 were HEV followed by PHEV and BEV.

Micro hybrid vehicle boosts the Asia Pacific hybrid vehicle market growth due to increasing fuel prices, stricter emissions regulations, and rising environmental awareness among youth.

Micro hybrid vehicles are well-known among the urban commuters who commutes on regular basis, as these vehicles promotes fuel savings and emission reduction with the use of electric motor. Usually, these are micro-vehicles with a limited range of 50–80 kmph and a top speed of less than 80 kmph.

In August 2023, Toyota Kirloskar Motor launched its luxurious self-charging hybrid electric four vehicle under the brand name “Vellfire” with a focus on comfort, and performance in the Indian automotive landscape. With the combination of both ICE and battery, they eliminate the range anxiety problem faced by users. Studies showed that SHEVs can run 40% of the distance and 60% of the time in electric mode, ensuring low fuel consumption and carbon footprints.

Full hybrid vehicles are packed with large motors and battery packs, allowing them to operate on short distances on electric power. Full hybrids can switch between electric motors and combustion engines or use both simultaneously depending upon the driving condition. With superior hybrid powertrain technology, they are becoming increasingly popular among environment-conscious commuters.

Market Segmentation

Asia Pacific Hybrid Vehicle Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Electric Powertrain Type

• Parallel

• Series-Parallel

Market Breakup by Hybrid Type

• Micro Hybrid

• Mild Hybrid

• Full Hybrid

• Plug-in Hybrid

Market Breakup by Vehicle Type

• Passenger Cars

• Commercial Vehicles

Market Breakup by Country

• China

• Japan

• India 

• ASEAN

• Australia

• Others

The Asia Pacific hybrid vehicle market key players are BMW AG, Ford Motors Company, Mercedes Benz Group AG, Hyundai Motor Company, Kia Motors Corporation, Toyota Motor Corporation, Volvo AB Volkswagen AG, Honda Motor Co. Ltd, Nissan Motor Co. Ltd and Dr Ing. h.c. F. Porsche AG, among others.

Key Highlights of the Report