Global hybrid electric vehicle sales are expected to approach 5 million units in 2024 for the first time, a 17.7% increase compared to 2023, driven by growing demand worldwide for this type of vehicle.
For information, global hybrid electric vehicle sales did not exceed 1.4 million vehicles in 2015, before gradually reaching 1.9 million vehicles in 2017, 2.2 million in 2019, 2.8 million in 2021, and 4.2 million vehicles in 2023.
Japan ranks first in sales volume and is a leading market for hybrid electric vehicles, not only in 2024, but also in previous years, with sales of 1.3 million vehicles in 2024, compared to 1.2 million in 2023 and 900,000 in 2022.
The dominance of hybrid vehicles in the domestic market in Japan explains why battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) have not been successful. It will be extremely difficult to convert the volume of hybrid electric vehicles to battery electric vehicles and plug-in hybrid vehicles, as it was This tradition has been going on for several decades.
The United States ranks second after Japan, with 1.5 million hybrid electric vehicles sold in 2024, compared to 1.2 million in 2023 and 700,000 in 2022. The market share of hybrid electric vehicles sold in the United States reached 9.6%, compared to 7.6% in 2023 and 5.4% in 2022.
Europe ranks third after Japan and the United States, with 1.2 million hybrid electric vehicles sold in 2024, compared to approximately 900,000 in 2023 and 800,000 in 2022. The market share of hybrid electric vehicles in Europe reached 9.3% in 2024, compared to 7.4% in 2023 and 7.3% in 2022.
China appears to be less interested in hybrid vehicles. Electric vehicles, with sales figures representing a small number compared to the size of the local market, reached 831,545 vehicles in 2024, compared to 754,242 vehicles in 2023 and 748,202 vehicles in 2022.
Growth in hybrid electric vehicle sales in China remains weak, and the market share of hybrid vehicles sold in China remains stable at 3% of the market.
