PUBLISHER: MarketLine | PRODUCT CODE: 1780350
PUBLISHER: MarketLine | PRODUCT CODE: 1780350
Global Hybrid & Electric Cars industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume , and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Hybrid & electric cars market includes the initial retail sale/registration of new electric and hybrid passenger cars. Passenger cars include saloons/sedans, hatchbacks, SUVs, 4x4s, and other related vehicles. Market value is calculated at the retail selling price (RSP) and the market volume is given in terms of units sold.
Electric cars segment refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs). Hybrid cars segment refers to all types of hybrid electric cars such as full-standard Hybrid Electric Vehicles (FHEVs), and mild and plug-in hybrid electric vehicles (MHEVs and PHEVs). The other alternative fuel vehicles (e.g., LPG, Hydrogen fuel cell, or 48vMEHVs) are not included in our scope.
All market data and forecasts are based on nominal prices and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates. The USD values may show a declining trend for few countries such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of exchange rates considered.
The global hybrid & electric cars market recorded revenues of $1,022,687.4 million in 2024, representing a compound annual growth rate (CAGR) of 36.4% between 2019 and 2024.
Market consumption volume increased with a CAGR of 37.5% between 2019 and 2024, reaching a total of 23,791,720.0 units in 2024.
The growth of the global hybrid & electric cars market in 2024 was primarily driven by the increase in disposable income. Rising wages boosted vehicle purchasing, resulting in increased vehicle registrations and a shift from public transport to personal mobility among a broader population. According to the National Bureau of Statistics (NBS) of China, in 2024, the per capita disposable income in China reached CNY41,314 ($5,740.2), marking a 5.3% increase over 2023.