For instance, various incentives, including tax benefits, utility rate reductions, parking privileges and other rebates, are offered to consumers to enhance the adoption rates of HEVs. Additionally, the implementation of favourable government initiatives promoting the adoption of electric vehicles (EVs) for sustainable development is also creating a positive outlook for the market. This has led to an increased emphasis on the development of innovative designs and advanced technologies to produce zero- and low-emission vehicles with soundless operations and high-performance engines. Furthermore, growing environmental consciousness among consumers is also providing a boost to the market growth. The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the market. In comparison to combustion engine-based automobiles, HEVs have lower fuel consumption, carbon-based emissions and maintenance costs, which make them more cost-effective even at low speeds. The battery is charged using regenerative braking that converts the energy, which is lost during coasting and braking into electricity. It operates on the combination of an internal combustion engine and an electric propulsion system.

These insights are included in the report as a major market contributor.ДЄ hybrid electric vehicle (HEV) is an automobile that runs on the energy stored in batteries. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. Looking forward, IMARC Group expects the market to grow at a CAGR of around 35% during 2021-2026. The global hybrid electric vehicle market reached a volume of 4 Million Units in 2020.

Volkswagen hybrid vehicles