Europe Hybrid Electric Vehicles Market Outlook (2022-2032)
Sales of hybrid electric vehicles in Europe are projected to increase at an impressive CAGR of 14.2% to reach a market valuation of US$ 15.7 billion by the end of 2032. As such, the Europe hybrid electric vehicles market is poised to generate an absolute dollar opportunity worth US$ 11.6 billion over the next ten years.
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Segmentation of Europe Hybrid Electric Vehicles Industry
Europe Hybrid Electric Vehicles Market by Power Source :
- Stored Electricity Hybrid Electric Vehicles
- On-Board Electric Generator Hybrid Electric Vehicles
Europe Hybrid Electric Vehicles Market by Power Train :
- Series Hybrid Electric Vehicles
- Parallel Hybrid Electric Vehicles
- Combined Hybrid Electric Vehicles
Europe Hybrid Electric Vehicles Market by Vehicle Type :
- Passenger Cars
- Commercial Vehicles
Europe Hybrid Electric Vehicles Market by Country :
- Rest of Europe
Competitive Landscape: Top Companies in Hybrid Electric Vehicles Market
The hybrid electric vehicles market in Europe is likely to surge from a nascent stage on the back of healthy investments by private players in the market and supporting regulatory policies and regulations by governments.
In addition, the rising interest of consumers in electric vehicles on the back of controlling emissions will pave the way for new opportunities in the market. Investments and research & developmental activities undertaken by market players to innovate their product offerings will also aid market growth and development.
- Volkswagen AG, as part of the expansion of its electric vehicles business, acquired 25% stake in 24M technologies in 2022, including investment in QuantumScape, a battery-related start-up.
- Robert Bosch GmbH is supporting the electrification of transportation, ranging from bicycles to cars. The new technology introduced by Bosch in 2021 in electric motors and inverters with silicone carbide technology offers efficiency in the system by up to 97%. The company is also preparing for the large-scale production of fuel cells in cars and trucks.
Fact.MR has provided detailed information about the price points of key manufacturers of hybrid electric vehicles positioned across countries in Europe, sales growth, production capacity, and speculative technological expansion, in the recently published report.