Product Code: ETC13360249 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Summon Dutta | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Hybrid Electric Vehicle Battery Market was valued at USD 38.2 Billion in 2024 and is expected to reach USD 84.5 Billion by 2031, growing at a compound annual growth rate of 7.60% during the forecast period (2025-2031).
The Global Hybrid Electric Vehicle Battery Market is experiencing significant growth driven by the increasing demand for fuel-efficient and environmentally friendly transportation solutions. The market is characterized by the adoption of advanced battery technologies such as lithium-ion batteries, which offer higher energy density and longer lifespan compared to traditional lead-acid batteries. Key players in the market are focusing on research and development activities to enhance battery performance, reduce costs, and improve overall efficiency. Government initiatives promoting the use of electric and hybrid vehicles, along with stricter emissions regulations, are also contributing to the market growth. Asia-Pacific region is dominating the market due to the presence of major automotive manufacturers and increasing investments in electric vehicle infrastructure. Overall, the Global Hybrid Electric Vehicle Battery Market is poised for continued expansion in the coming years.
The Global Hybrid Electric Vehicle Battery Market is experiencing significant growth due to the increasing demand for electric vehicles and a shift towards sustainable transportation. Key trends in the market include the development of advanced battery technologies such as lithium-ion and solid-state batteries, as well as increasing investments in research and development to enhance battery performance and reduce costs. Opportunities in the market lie in the rising adoption of hybrid electric vehicles by consumers and government initiatives promoting clean energy alternatives. The market is also witnessing collaborations between automakers and battery manufacturers to accelerate innovation and meet the growing demand for efficient and eco-friendly transportation solutions. Overall, the Global Hybrid Electric Vehicle Battery Market is poised for continued expansion and technological advancements in the coming years.
The Global Hybrid Electric Vehicle (HEV) Battery Market faces several challenges, including high initial costs associated with battery manufacturing and R&D, limited availability of raw materials like lithium and cobalt, and concerns about battery performance and durability. Additionally, the lack of standardization in battery technologies and charging infrastructure poses a challenge for HEV manufacturers and consumers alike. Furthermore, the issue of recycling and disposal of used batteries raises environmental concerns and adds complexity to the market. Overall, these challenges hinder the widespread adoption of HEVs and require continuous innovation and collaboration among stakeholders to address and overcome them.
The Global Hybrid Electric Vehicle (HEV) Battery Market is primarily driven by the increasing demand for environmentally friendly transportation solutions to reduce carbon emissions and combat climate change. Government initiatives promoting the adoption of electric vehicles, along with stringent regulations aimed at reducing pollution levels, are also contributing to the market growth. The rising fuel prices and the need for energy-efficient vehicles are further propelling the demand for HEVs, which in turn drives the market for hybrid electric vehicle batteries. Additionally, advancements in battery technology, such as improved energy density and longer lifespan, are enhancing the performance of HEVs and attracting more consumers towards these vehicles, thereby positively impacting the growth of the global hybrid electric vehicle battery market.
Government policies play a crucial role in shaping the global hybrid electric vehicle (HEV) battery market. Several countries have implemented regulations to promote the adoption of HEVs, such as incentives for consumers to purchase HEVs, tax credits, and subsidies for manufacturers to develop and produce HEV batteries. Additionally, some governments have set stringent emission standards that push automakers to invest in more efficient battery technologies. For instance, the European Union has introduced CO2 emission targets for automakers, incentivizing the shift towards HEVs and electric vehicles. Moreover, countries like China and the United States have implemented policies to support the local production of HEV batteries, ensuring a stable supply chain and fostering technological advancements in the industry. Overall, government policies are instrumental in driving the growth of the global HEV battery market by incentivizing adoption and promoting innovation in battery technologies.
The Global Hybrid Electric Vehicle Battery Market is expected to witness significant growth in the coming years due to the increasing demand for electric vehicles and the push towards sustainable transportation. The market is likely to be driven by factors such as government incentives, stringent emission regulations, and technological advancements in battery technology. The shift towards electrification of vehicles, coupled with the need for improved performance and range, will drive the demand for high-quality hybrid electric vehicle batteries. Additionally, the growing focus on reducing carbon emissions and achieving energy efficiency will further boost the market. However, challenges such as high initial costs and limited infrastructure may present hurdles to market growth. Overall, the Global Hybrid Electric Vehicle Battery Market is poised for expansion as the automotive industry continues to embrace electrification.
In the global hybrid electric vehicle battery market, Asia is the dominant region due to the presence of key players like Panasonic Corporation and LG Chem Ltd. The region also benefits from government initiatives promoting the adoption of hybrid vehicles. North America follows closely, driven by increasing environmental consciousness and favorable government policies. Europe is seeing rapid growth with a strong focus on reducing carbon emissions and strict regulations on vehicle emissions. The Middle East and Africa are witnessing a gradual shift towards hybrid vehicles as the region looks to diversify its energy sources. Latin America lags behind other regions due to economic challenges, but with increasing awareness about environmental issues, the market is expected to grow steadily in the coming years.
Global Hybrid Electric Vehicle Battery Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Hybrid Electric Vehicle Battery Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 & 2031F |
3.3 Global Hybrid Electric Vehicle Battery Market - Industry Life Cycle |
3.4 Global Hybrid Electric Vehicle Battery Market - Porter's Five Forces |
3.5 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Battery Type, 2021 & 2031F |
3.7 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Vehicle Type, 2021 & 2031F |
3.8 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Material Type, 2021 & 2031F |
3.9 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Capacity Range, 2021 & 2031F |
3.10 Global Hybrid Electric Vehicle Battery Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Global Hybrid Electric Vehicle Battery Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Hybrid Electric Vehicle Battery Market Trends |
6 Global Hybrid Electric Vehicle Battery Market, 2021 - 2031 |
6.1 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By NiMH, 2021 - 2031 |
6.1.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Li-ion, 2021 - 2031 |
6.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Passenger Car, 2021 - 2031 |
6.2.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Commercial Vehicle, 2021 - 2031 |
6.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Lithium, 2021 - 2031 |
6.3.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Nickel, 2021 - 2031 |
6.3.4 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Cobalt, 2021 - 2031 |
6.4 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Up to 20 kWh, 2021 - 2031 |
6.4.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By 20-40 kWh, 2021 - 2031 |
6.4.4 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Above 40 kWh, 2021 - 2031 |
6.5 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By BEV, 2021 - 2031 |
6.5.3 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By PHEV, 2021 - 2031 |
6.5.4 Global Hybrid Electric Vehicle Battery Market, Revenues & Volume, By HEV, 2021 - 2031 |
7 North America Hybrid Electric Vehicle Battery Market, Overview & Analysis |
7.1 North America Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
7.2 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
7.4 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
7.5 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
7.6 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
7.7 North America Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
8 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Overview & Analysis |
8.1 Latin America (LATAM) Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
8.4 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
8.5 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
8.6 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
8.7 Latin America (LATAM) Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
9 Asia Hybrid Electric Vehicle Battery Market, Overview & Analysis |
9.1 Asia Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
9.4 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
9.5 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
9.6 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
9.7 Asia Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
10 Africa Hybrid Electric Vehicle Battery Market, Overview & Analysis |
10.1 Africa Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
10.4 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
10.5 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
10.6 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
10.7 Africa Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
11 Europe Hybrid Electric Vehicle Battery Market, Overview & Analysis |
11.1 Europe Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
11.4 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
11.5 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
11.6 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
11.7 Europe Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
12 Middle East Hybrid Electric Vehicle Battery Market, Overview & Analysis |
12.1 Middle East Hybrid Electric Vehicle Battery Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Hybrid Electric Vehicle Battery Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Battery Type, 2021 - 2031 |
12.4 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
12.5 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Material Type, 2021 - 2031 |
12.6 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Capacity Range, 2021 - 2031 |
12.7 Middle East Hybrid Electric Vehicle Battery Market, Revenues & Volume, By Application, 2021 - 2031 |
13 Global Hybrid Electric Vehicle Battery Market Key Performance Indicators |
14 Global Hybrid Electric Vehicle Battery Market - Export/Import By Countries Assessment |
15 Global Hybrid Electric Vehicle Battery Market - Opportunity Assessment |
15.1 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Battery Type, 2021 & 2031F |
15.3 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Vehicle Type, 2021 & 2031F |
15.4 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Material Type, 2021 & 2031F |
15.5 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Capacity Range, 2021 & 2031F |
15.6 Global Hybrid Electric Vehicle Battery Market Opportunity Assessment, By Application, 2021 & 2031F |
16 Global Hybrid Electric Vehicle Battery Market - Competitive Landscape |
16.1 Global Hybrid Electric Vehicle Battery Market Revenue Share, By Companies, 2024 |
16.2 Global Hybrid Electric Vehicle Battery Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |