Hybrid Batteries Market To Reach USD 54.25 Billion By 2032 Amid Rising EV Adoption And Sustainability Focus | Research By SNS Insider

Austin, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:

According to the SNS Insider,“The Hybrid Batteries Market Size was valued at USD 10.14 billion in 2023 and is expected to reach USD 54.25 billion by 2032, growing at a robust CAGR of 20.50% over the forecast period 2024–2032.”

The hybrid batteries market is rapidly transforming the energy storage landscape, driven by surging demand for efficient and eco-friendly energy solutions. The growing adoption of electric vehicles (EVs) is a major catalyst for this growth. In 2023, global lithium-ion hybrid battery demand reached approximately 140 kilotons, accounting for 85% of total lithium-ion use and marking a 30% year-over-year increase. Key regions, including China, Europe, and the U.S., produced 110 GWh and 70 GWh of hybrid batteries, respectively, enabling the production of 2.5 million and 1.2 million EVs. The global average hybrid battery capacity for passenger EVs increased by 9% in 2023, with plug-in hybrid electric vehicles (PHEVs) seeing a notable 27% rise in battery capacity. Hybrid battery deployment reached 413 GWh globally in the first eight months of 2023, a 50% year-on-year surge, as total EV sales grew by 35%. PHEVs, particularly in China, gained significant traction, accounting for 30% of the market due to innovative models like the BYD Song Plus DM-i, which delivers an impressive 1,000 km on a single charge.

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Leading Market Players with their Product Listed in this Report are:

• Toyota Motor Corporation (Prius Hybrid Battery, Camry Hybrid Battery)
• Panasonic Corporation (NCR18650, Li-ion Battery for Hybrid Vehicles)
• LG Chem (Li-ion Pouch Battery, NCM Battery)
• Samsung SDI (Prismatic Li-ion Battery, NCA Battery)
• BYD Company Limited (Blade Battery, LiFePO4 Hybrid Battery)
• General Motors (Chevrolet Volt Battery, Cadillac ELR Battery)
• Ford Motor Company (Fusion Hybrid Battery, Escape Hybrid Battery)
• Honda Motor Co., Ltd. (Insight Hybrid Battery, Accord Hybrid Battery)
• Nissan Motor Co., Ltd . (Leaf Battery Pack, e-Power Hybrid Battery)
• Tesla, Inc. (Model S Hybrid Battery, Model X Hybrid Battery)
• A123 Systems LLC (Nanophosphate® Lithium Ion Battery, LFP Battery)
• CATL (NCM Battery, Prismatic Battery for HEV)
• SK Innovation Co., Ltd. (NCM811 Battery, Li-ion Polymer Battery)
• Johnson Controls International (AGM Battery, Li-ion 12V Hybrid Battery)
• Hitachi Chemical Co., Ltd . (Automotive Li-ion Battery, Hybrid NiMH Battery)
• GS Yuasa Corporation (ECO.R Hybrid Battery, S Series Hybrid Battery)
• Saft Groupe S.A. (Li-ion Battery for HEV, NiMH Battery for Hybrid Applications)
• EnerSys (Odyssey Performance Battery, Li-ion Hybrid Battery)
• Mitsubishi Electric Corporation (EV-PHEV Battery, Li-ion Hybrid Battery)
• Robert Bosch GmbH (Lithium-ion Battery Module, NiMH Battery Module)

Hybrid Batteries Market Report Scope:

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"Key Market Segments in Focus: Analyzing the Forces Driving Expansion and Innovation"

By Type

Lithium-ion batteries led the hybrid batteries market in 2023, commanding over 38% of the market share and these batteries are anticipated to remain the fastest-growing segment during 2024-2032 due to their high energy density, lightweight properties, and extended lifespan compared to other types. Lithium-ion batteries are pivotal in hybrid applications, offering efficient energy storage and performance in hybrid electric vehicles (HEVs) and renewable energy systems. Major companies such as Panasonic and LG Chem are leveraging lithium-ion technology to enhance the performance of hybrid vehicle batteries. With continued advances in battery chemistry and manufacturing processes, the demand for lithium-ion batteries is set to rise, driven by the increasing shift towards environmentally friendly transportation.

By Application

The plug-in segment led the market in 2023, commanding a 58% market share, due to their larger battery capacity, PHEVs offer exceptional range and performance, enabling extended electric-only travel before switching to traditional fuel. This dual capability appeals to consumers seeking electric and gasoline-powered advantages. Popular models like the Chevrolet Volt and Mitsubishi Outlander PHEV showcase this segment's potential. Furthermore, government incentives and investments in charging infrastructure are accelerating PHEV adoption, boosting their market presence.

"Regional Dynamics and Growth Trends in the Global Market: A Comprehensive Analysis"

North America led the hybrid batteries market in 2023, with a 37% market share. The region's robust automotive sector and initiatives to curb carbon emissions have driven hybrid battery adoption. Government incentives and substantial R&D investments by leading players like Tesla and General Motors have further spurred growth. North America's focus on advanced manufacturing techniques and technological innovation underpins its market dominance.

Asia-Pacific is anticipated to register the fastest growth rate from 2024 to 2032. Countries like China, Japan, and South Korea are experiencing a surge in EV demand due to stringent emission regulations. Companies such as BYD, Panasonic, and Toyota invest heavily in hybrid battery production and R&D to cater to this growing demand. China's prominence in EV manufacturing and supportive government policies make the region a hotbed for hybrid battery advancements.

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Recent Developments

- October 2024 - BYD launched its cutting-edge Blade Battery for hybrid vehicles, offering enhanced safety and range.

- October 2024 - Panasonic unveiled a new high-density lithium-ion battery optimized for PHEVs.

- August 2024 - Toyota introduced a next-gen hybrid battery system for its Prius line, improving efficiency by 20%.

Future Trends in the Hybrid Batteries Market

• Next-Generation Materials: Advances in solid-state and silicon-based batteries promise higher energy density and faster charging times.
• Cost Reductions: Scaling production and innovations in manufacturing processes are expected to lower battery costs, boosting accessibility.
• Smart Integration: Integrating AI and IoT technologies will enhance battery management systems, optimizing performance and lifespan.
• Expansion of Charging Infrastructure: Investments in charging networks globally will accelerate the adoption of PHEVs and HEVs.

T able o f Contents - Major Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Production and Capacity Utilization (2023)

5.2 Energy Density and Performance Metrics, (2023), by Region

5.3 Distribution Channel Analysis, by Region (2020-2032)

5.4 Adoption Rate

5.5 Supply Chain Analysis

6. Competitive Landscape

7. Hybrid Batteries Market Segmentation, by Type

8. Hybrid Batteries Market Segmentation, by Application

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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