The hybrid commercial vehicle market is estimated to grow by 529.93 thousand units between 2021 and 2025. However, the growth momentum is expected to decelerate at a CAGR of almost 35% during the forecast period.
Factors such as government efforts and stringent regulations on emissions and increasing government support to promote EVs will be crucial in driving the growth of the market. But the high upfront cost of hybrid CVs will restrict the market growth.
The decreasing prices of lithium-ion batteries will have a positive impact on the growth of vendors. On the other hand, the consumer reluctance to purchase EVs due to range anxiety and battery replacement issues is expected to reduce the growth potential in the market.
The hybrid commercial vehicle market report provides complete insights on key vendors including AB Volvo, CNH Industrial NV, Daimler AG, Ford Motor Co., Isuzu Motors Ltd., Navistar International Corp., PACCAR Inc., Tata Motors Ltd., Toyota Motor Corp., and Volkswagen AG.
The report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
By Type, the market is classified into LCVs and M and HCVs. The market is expected to witness strong growth in the LCVs segment during the forecast period.
By Geography, the market is analyzed across APAC, North America, Europe, South America, and MEA. APAC will have the largest share of the market.
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Hybrid Commercial Vehicle Market Scope
Growth momentum & CAGR
Decelerating at almost 35%
Market growth 2021-2025
529.93 thousand units
YoY growth (%)
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 61%
Key consumer countries
China, US, Japan, Germany, and Norway
Leading companies, competitive strategies, consumer engagement scope
AB Volvo, CNH Industrial NV, Daimler AG, Ford Motor Co., Isuzu Motors Ltd., Navistar International Corp., PACCAR Inc., Tata Motors Ltd., Toyota Motor Corp., and Volkswagen AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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