Hybrid Electric Vehicle Market Size, Share & Forecast 2033

Vishal Gupta15 May, 2025Technology

The global hybrid electric vehicle market size was valued at 12.93 Million Units in 2024. Looking forward, IMARC Group estimates the market to reach 104.43 Million Units by 2033, exhibiting a CAGR of 25.78% from 2025-2033. North America currently dominates the market, holding a share of over 40.9% in 2024. The escalating consumer awareness about the environmental benefits of hybrid electric vehicles (HEVs), a rising sense of social responsibility encouraging consumers to opt for greener alternatives, and the advent of advanced technologies are among the key factors strengthening the market growth in this region.