Hybrid EV Battery Market Size was valued at USD 12.72 Billion in 2023. The Hybrid EV Battery market industry is projected to grow from USD 15.70 Billion in 2024 to USD 68.84 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.28% during the forecast period (2024 - 2032). Growing concern about the effects of regular cars on the environment and the increasing market for rechargeable batteries for hybrid and electric vehicles are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for hybrid EV batteries is driven by the rising demand for plug-in hybrid EVs due to rising fuel prices, environmental worries, and similar factors. Increasing fuel prices and environmental concerns among governments and customers have resulted in tight government guidelines for hybrid EV batteries, especially in industrialized nations. Businesses are developing battery swapping and battery-as-a-service (BaaS) models to facilitate the replacement of depleted EV batteries. As a result, customer happiness is improved.
A major reason most individuals buy EVs is eliminated: the time needed to recharge the batteries. Fuel price increases over the projection period are expected to boost interest in hybrid electric vehicles and drive demand for hybrid EV batteries. Demand for hybrid EV batteries is predicted to rise due to high fuel prices and environmental concerns over the forecast period.
Additionally, rising concerns over the environmental impact of gasoline automobiles have stoked demand for hybrid and plug-in hybrid electric vehicles. The quick transition from gasoline to electric mode in hybrid vehicles poses a potential safety issue. Thus, the industry has been seeing the rise of hybrid electrified propulsion systems. Automotive original equipment manufacturers are focusing their R&D efforts on plug-in hybrid electric vehicles to profit from the need to reduce the likelihood of such incidents, conform to governing laws, and receive manufacturing rebates. Demand for plug-in hybrid EVs is also anticipated to grow due to government-introduced tax rebates and credit incentives. Thanks to government incentives, hybrid electric vehicles (EVs) are becoming increasingly popular worldwide.
Aisin Seiki Ltd has created a micro-sized electric car motor. The new product uses the framework of the electric four-wheel-drive system known as E-four and is intended to be the primary motive behind the new class of ultra-compact electric vehicles. As a result, the demand for hybrid EV batteries is predicted to grow throughout the forecasted time due to rising innovations. Thus, the driving factor is the hybrid EV battery market revenue.
The hybrid EV battery market segmentation, based on type, includes lead-acid, lithium-Ion, nickel-based, and others. In 2022, the lithium-Ion segment led the hybrid EV battery market in revenue because lithium-Ion batteries have a high power-to-weight ratio, are highly efficient, function well in various temperatures, and have recyclable construction.
The hybrid EV battery market segmentation, based on application, includes hybrid EVs and plug-in hybrid EVs. The plug-in hybrid EVs industry is anticipated to grow at a CAGR of 23.50% over the projected period, making up the largest market share because of a rechargeable battery that powers the electric motor, allowing for more room in the trunk and better fuel economy. In addition, the hybrid EV battery industry is expected to expand rapidly because plug-in hybrid vehicles are cheaper than gasoline automobiles.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American hybrid EV battery market will dominate because of high demand as more people start driving electric and hybrid cars. In addition, the increasing demand for EVs, the growing need for energy storage solutions, and the expansion of renewable energy sources all contribute to a meteoric rise in the application of lithium-ion batteries.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s hybrid EV battery market accounts for the second-largest market share because of stringent environmental restrictions and the widespread adoption of battery-powered automobiles. Further, the German hybrid EV battery market held the largest market share, and the UK hybrid EV battery market was the fastest-growing market in the European region.
The Asia-Pacific hybrid EV battery market is expected to grow at the fastest CAGR from 2024 to 2032 due to a lot of time, and money spent creating advanced batteries for hybrid EVs to boost sales in the region. Hybrid electric vehicle (EV) battery packs are likely to be driven by effective actions taken by governments in countries like China, Japan, India, and Singapore, which have focused on investing in the development of charging duration and rechargeable battery packs. Moreover, China’s hybrid EV battery market held the largest market share, and the Indian hybrid EV battery market was the most rapidly expanding market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the hybrid EV battery market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the hybrid EV battery industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the hybrid EV battery industry to benefit clients and increase the market sector. In recent years, the hybrid EV battery industry has offered some of the most significant technological advancements. Major players in the hybrid EV battery market, including Toshiba Corporation (Japan), LG Chem (South Korea), Samsung Sdi Co. Ltd (South Korea), Panasonic Corporation (Japan), Saft (France), GS Yuasa International Ltd. (Japan), BYD Co. Ltd. (China), Contemporary Amperex Technology Co., Ltd. (China), Hitachi Ltd. (Japan), Nissan Motor Corporation (Japan), Exide Industries Ltd. (India), and A123 Systems LLC (US), and others are attempting to growing market demand by investing in research and development operations.
Samsung SDI is a company that provides eco-friendly and sustainable energy solutions. They committed to offering consumers the most innovative and cutting-edge products for electric vehicles in the automotive industry. Samsung SDI intends to introduce distinctive goods based on cutting-edge technology to solidify its market leadership in the present markets. It will also focus on technology competitiveness and marketing expertise to get a competitive edge in the lucrative next-generation markets due to the projected continued growth of the premium TV and wearable device sectors. It also plan to create a technique for swiftly delivering flexible display materials to dominate the industry for cutting-edge mobile phones.
In March 2022, Samsung SDI disclosed that it had inked a contract with Sungkyunkwan University to launch a course on battery technologies. A signing ceremony was held on the campus of Sungkyunkwan University, and Dong-real Shin, the president of the university, as well as other senior administrators, participated. Following the agreement, the parties will establish and run a course that teaches students about creating future rechargeable batteries to produce experts in battery materials, cells, and systems.
Panasonic Corporation has been advancing culture since its establishment in 1918, trying to "improve and enhance society." To build an "ideal society" rich in monetary and spiritual prosperity, it will keep adding value by tackling social concerns head-on. The Panasonic Group transitioned to an operating company system on April 1, 2022, with Panasonic Holdings Corporation serving as a holding company with eight companies under its wing. The Panasonic Group is a leader in designing and producing cutting-edge electronics, buildings, automobiles, industries, communications, and energy systems. In May 2023, Panasonic Industry Co., Ltd. created the high-thermal conductive film R-2400 for multilayer circuit boards. The film has set industry records in both areas with a high thermal conductivity of 2.7 W/mK and good resin flowability that permits the multilayering of circuit boards.
May 2023: LG Chem has joined forces with Huayou Cobalt of China to boost the supply chain for its battery components, and the two companies plan to build a precursor factory at the Saemangeum National Industrial Complex. LG Chem has revealed that it has signed a memorandum of understanding with potential investors to build a precursor plant in Saemangeum. Local groups such as the Saemangeum Development and Investment Agency, Jeollabuk-do, Gunsan-si, and the Korea Rural Community Corporation and investors LG Chem and Huayou Cobalt will attend the MOU signing ceremony.
January 2023: Panasonic Holdings Corporation (hereafter referred to as Panasonic HD) has created a novel technology that can cut the price of data preparation (gathering and annotating massive amounts of datasets) in half while preventing the object detection accuracy from declining.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 12.72 Billion |
| Market Size 2024 | USD 15.70 Billion |
| Market Size 2032 | USD 68.84 Billion |
| Compound Annual Growth Rate (CAGR) | 20.28% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Â and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Aircraft Type, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Toshiba Corporation (Japan), LG Chem (South Korea), Samsung Sdi Co. Ltd (South Korea), Panasonic Corporation (Japan), Saft (France), GS Yuasa International Ltd. (Japan), BYD Co. Ltd. (China), Contemporary Amperex Technology Co., Ltd. (China), Hitachi Ltd. (Japan), Nissan Motor Corporation (Japan), Exide Industries Ltd. (India), and A123 Systems LLC (US) |
| Key Market Opportunities | · Hybrid vehicles are becoming increasingly popular in emerging markets |
| Key Market Dynamics | · Rising prices for fuel problems with the environment demand for electric plug-in hybrids rises |
Hybrid EV Battery Market Highlights:
Frequently Asked Questions (FAQ) :
The hybrid EV battery market size was valued at USD 10.3 Billion in 2022.
The market is projected to grow at a CAGR of 20.28% during the forecast period, 2024-2032.
North America had the largest share of the market.
The key players in the market are Toshiba Corporation (Japan), LG Chem (South Korea), Samsung Sdi Co. Ltd (South Korea), Panasonic Corporation (Japan), Saft (France), GS Yuasa International Ltd. (Japan), BYD Co. Ltd. (China), Contemporary Amperex Technology Co., Ltd. (China), Hitachi Ltd. (Japan), Nissan Motor Corporation (Japan), Exide Industries Ltd. (India), and A123 Systems LLC (US).
The lithium-Ion type category dominated the market in 2022.
The plug-in hybrid had the largest share of the market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
