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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

United States Hybrid Vehicle Market Size

The United States hybrid market reached 1.35 million units in 2023. The market is expected to grow at a CAGR of 16.2% between 2024 and 2032, reaching 5.37 million units by 2032.

United States Hybrid Vehicle Market Report Summary Description Value
Base Year Million Unit 2023
Historical Period Million Unit 2018-2023
Forecast Period Million Unit 2024-2032
Market Size 2023 Million Unit 1.35
Market Size 2032 Million Unit 5.37
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 16.2%
CAGR 2024-2032 - Market by Region Southwest 17.0%
CAGR 2024-2032 - Market by Powertrain Type Parallel 20.3%
CAGR 2024-2032 - Market by Hybrid Type Plug-in Hybrid 17.8%

United States Hybrid Vehicle Market Outlook

  • In the US, sales of hybrids, plug-in hybrids, and BEVs accounted for the highest proportion of total LDV sales in 2023, reaching 17.9%, according to EIA.
  • Between 2022 and 2023, the market share of hybrid, plug-in hybrid, and battery electric vehicles in the United States rose from 12.9% to 16.3%, according to EIA figures.
  • According to the Bureau of Transportation Statistics, hybrids comprised 3.2% of the light vehicle market, a figure that climbed to 5.5% in 2021.

United States Hybrid Vehicle Market Growth

The United States hybrid vehicle market has seen significant growth, particularly with the increase in parallel hybrid powertrains.

The parallel hybrid powertrain sector has expanded due to advancements in fuel efficiency and performance, technological progress, environmental concerns, regulatory shifts, and favourable economic factors. With a focus on sustainability and cost-effectiveness, there's a growing demand for parallel hybrid vehicles, indicating a shift towards greener transportation options.

In May 2024, the U.S. Department of Energy (DOE) distributed over $26.9 million to nine states, 27 local governments, and one Tribe for the next round of formula grants through the Energy Efficiency and Conservation Block Grant (EECBG) Program. These grants, funded by President Biden’s Bipartisan Infrastructure Law and managed by DOE’s Office of State and Community Energy Programs (SCEP), aim to support energy efficiency initiatives at the state and local levels.

Series-parallel hybrids merge the advantages of series and parallel configurations, resulting in enhanced fuel efficiency. These vehicles can seamlessly switch between or blend the two modes based on driving conditions, optimizing energy utilization. By enabling both the internal combustion engine and electric motor to propel the wheels, when necessary, this hybrid system enhances performance, delivering greater power and acceleration.

United States Hybrid Vehicle Market

United States Hybrid Vehicle Industry Segmentation

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

CAGR 2024-2032 - Market by Powertrain Type
Parallel 20.3%
Series-Parallel XX%

Market Breakup by Electric Powertrain Type

  • Parallel
  • Series-Parallel
CAGR 2024-2032 - Market by Hybrid Type
Plug-in Hybrid 17.8%
Micro Hybrid XX%
Mild Hybrid XX%
Full Hybrid XX%

Market Breakup by Hybrid Type

  • Micro Hybrid
  • Mild Hybrid
  • Full Hybrid
  • Plug-in Hybrid

Market Breakup by Vehicle Type

  • Passenger Cars
  • Commercial Vehicles
CAGR 2024-2032 - Market by Region
Southwest 17.0%
Southeast 16.7%
New England XX%
Mideast XX%
Great Lakes XX%

Market Breakup by Region

  • New England
  • Mideast
  • Great Lakes 
  • Plains
  • Southeast 
  • Southwest 
  • Rocky Mountains 
  • Far West

United States Hybrid Vehicle Market Share

Micro and mild hybrid technologies boost fuel efficiency by supporting the internal combustion engine with electric power during acceleration and employing regenerative braking to replenish the battery. This leads to decreased fuel usage, reduced emissions, and enhanced vehicle performance. Moreover, these hybrid options provide cost benefits and utilise regenerative braking to optimize fuel efficiency even further.

Leading Companies in the United States Hybrid Vehicle Market

  • BMW AG
  • Ford Motors Company
  • Mercedes Benz Group AG
  • Hyundai Motor Company
  • Kia Motors Corporation
  • Toyota Motor Corporation
  • Volvo AB
  • Honda Motor Co. Ltd.
  • Subaru Corporation
  • Dr. Ing. h.c. F. Porsche AG
  • Others

The company focuses on designing, producing, promoting, and maintaining a wide variety of vehicles, encompassing cars, trucks, SUVs, and electric vehicles, as well as automotive components and accessories.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Electric Powertrain Type
  • Hybrid Type
  • Vehicle Type
  • Region
Breakup by Electric Powertrain Type
  • Parallel
  • Series-Parallel
Breakup by Hybrid Type
  • Micro Hybrid
  • Mild Hybrid
  • Full Hybrid
  • Plug-in Hybrid
Breakup by Vehicle Type
  • Passenger Cars
  • Commercial Vehicles
Breakup by Region
  • New England 
  • Mideast 
  • Great Lakes 
  • Plains
  • Southeast 
  • Southwest 
  • Rocky Mountains 
  • Far West
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • BMW AG
  • Ford Motors Company
  • Mercedes Benz Group AG
  • Hyundai Motor Company
  • Kia Motors Corporation
  • Toyota Motor Corporation
  • Volvo AB
  • Honda Motor Co. Ltd.
  • Subaru Corporation
  • Dr. Ing. h.c. F. Porsche AG
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market was valued at 1.35 million units in 2023.

The market is projected to grow at a CAGR of 16.2% between 2024 and 2032.

The market is expected to reach 5.37 million units in 2032.

The vehicle market is categorised according to the hybrid type, which includes micro hybrid, mild hybrid, and full hybrid.

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

Based on the electric powertrain type the market is divided into parallel and series-parallel and others.

The market is broken down into the New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountains, and Far West and others.

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