Hybrid electric car sales in the US are expected to reach $15.2 billion in 2022 and rise at an astounding 13.8% CAGR through 2032. According to Fact.MR, a supplier of market research and competitive information, the market had annual growth of 10.3% from 2017 to 2021.
Lithium-ion batteries, which are used in electric vehicles, have a long cycle life and a rapid and simple recharge process. Even though 90% of EV batteries can be recycled, well-known manufacturers are investigating into reusing old electric car batteries for secondary energy storage. Additionally, a few manufacturers include an 8-year or 100,000-mile battery warranty. Batteries can survive up to 12 to 15 years in temperate climates, according to statistics by the National Renewable Energy Laboratory.
Key Market Study Conclusions
• By the end of 2032, the market for hybrid electric vehicles in the US is anticipated to be worth $55.5 billion.
• The market expanded by 10.3% between 2017 and 2021.
• Hybrid electric vehicles with stored electricity currently account for 78.3% of the market in this category and are expected to grow at a 14.1% CAGR throughout the forecast period.
• In terms of vehicle type, the market for hybrid electric vehicles in the United States is dominated by passenger cars, which account for 37.8% of sales.
• With a 29.8% market share, the South-West United States dominates.
• The combined market share for the West and the South-West United States is 55.2%.
More Useful Information
In its latest offering, MR provides a fair study of the hybrid electric vehicle industry in the United States, including historical market data (from 2017 to 2021) and projections for the years 2022 to 2032.
The study provides key insights by a 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, and other vehicles), across the country’s major regions (West U.S., South-West U.S., Mid-West U.S., North-East U.S., and South-East U.S.).