In 2022, the United States market for hybrid electric vehicles reached a valuation of US$ 15.2 billion, and it is projected to exhibit remarkable growth at a compounded annual growth rate (CAGR) of 13.8% through the year 2032. According to a comprehensive industry analysis conducted by Fact.MR, a prominent market research and competitive intelligence provider, the market experienced an annual growth rate of 10.3% from 2017 to 2021.
Hybrid electric vehicles are powered by lithium-ion batteries, known for their capacity to retain a charge for several weeks and their swift and convenient recharging capabilities. Despite their exceptional recyclability, which stands at 90%, leading manufacturers are actively exploring avenues to repurpose used electric vehicle batteries for secondary applications, particularly in energy storage. Furthermore, many manufacturers are offering robust battery warranties, such as a 100,000-mile or 8-year warranty.
Intriguingly, data from the National Renewable Energy Laboratory indicates that, under moderate climate conditions, these batteries can endure for an impressive 12 to 15 years, reflecting their durability and longevity.
Key Takeaways from Market Study
· The U.S. hybrid electric vehicles market is estimated to reach a valuation of US$ 55.5 billion by the end of 2032.
· The market witnessed 10.3% growth during the years 2017-2021.
· Under power source, stored electricity hybrid electric vehicles hold 78.3% market share and are projected to rise at 14.1% CAGR over the forecast period.
· Under vehicle type, passenger cars dominate the market by holding 37.8% share in the United States hybrid electric vehicles market.
· South-West U.S. dominates the market with 29.8% share.
· West U.S. and South-West U.S. together hold 55.2% share in the United States market.
“The benefits of hybrid electric vehicles over conventional vehicles and augmented investments undertaken by prominent market players are anticipated to drive hybrid electric vehicle sales across the United States over the coming years”, says a Fact.MR analyst.
Competitive Landscape:
The U.S. market for hybrid electric vehicles is in its beginning stage and is probably going to push on the rear of sound ventures, both from market players and the public authority. Alongside this, rising framework is additionally ready to help market development throughout the next few years.
Rising revenue in electric vehicles on the rear of emanation control needs presents worthwhile open doors for new makers to enter the market. Also, conspicuous market players are putting resources into innovative work to improve their item contributions and deal eco-friendly half and half vehicles throughout the next few years.
· Tesla Inc. received approval for nearly four of its vehicle variants in the Indian market. The company got approval from the Ministry of Road Transport and Highways in 2021. The company also intends to enter the Indian market by forming a subsidiary called Energy Private Ltd. and Tesla Indian Motors.
· General Motors Company has started increasing its investments in electric vehicles in 2019 to grow its electric vehicles portfolio and lead the EV race. The company plans that more than 40% of its vehicles in the United States will be battery-operated electric vehicles by 2025.
Key Companies Profiled in U.S. Hybrid Electric Vehicles Market Report
· General Motors
· Ford Motor Company
· Tesla Motors Inc.
· Magna International Plc
· Honda Motor Co. Ltd.
· Toyota Motor Corporation
Development of Market
The market for hybrid electric vehicles in the U.S. has developed a lot as key market players are offering innovative electric vehicles that are not only fuel-efficient but also cheaper. Consumers are also demanding electric vehicles on the back of rising environmental awareness to cut back carbon emissions.
Players in the market are investing their resources in research and development to facilitate innovation and offer advanced hybrid electric vehicles to the population.
U.S. Hybrid Electric Vehicles Industry Segmentation
U.S. Hybrid Electric Vehicles Market by Power Source:
· Stored Electricity Hybrid Electric Vehicles
· On-Board Electric Generator Hybrid Electric Vehicles
U.S. Hybrid Electric Vehicles Market by Powertrain:
· Series Hybrid Electric Vehicles
· Parallel Hybrid Electric Vehicles
· Combined Hybrid Electric Vehicles
U.S. Hybrid Electric Vehicles Market by Vehicle Type:
· Passenger Cars
· Commercial Vehicles
· Two-Wheelers
· Others
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the U.S. hybrid electric vehicles market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by power source (stored electricity hybrid electric vehicles, on-board electric generator hybrid electric vehicles), powertrain (series hybrid electric vehicles, parallel hybrid electric vehicles, combined hybrid electric vehicles), and vehicle type (passenger cars, commercial vehicles, two-wheelers, others), across major regions of the United States (West U.S., South-West U.S., Mid-West U.S., North-East U.S., and South-East U.S.).
These insights are based on a report on U.S. Hybrid Electric Vehicles Market by Fact.MR.
