Contrary to the scoffs of many, it looks like the future for hybrid cars is quite bright – Photo: Toyota UK
With most automakers rapidly expanding their all-electric product ranges, some think hybrids will soon become obsolete.
However, industry analysts say to the contrary that hybrid products (HEV, PHEV) will have great potential in the next few years, at least in the US market.
According to S&P Global Mobility, hybrid vehicle sales in the US are expected to triple over the next five years. More specifically, the company predicts the market share of hybrids to be 24% by 2028, pure electric cars at 37%, and petrol and light hybrids at around 40%.
For comparison, hybrid cars will account for 7% of the market in 2023, pure electric cars 9%, and gasoline cars more than 80%.
Consumers are not interested in electric vehicles mainly because of high cost, limited operating range, long charging time and not many charging points.
Despite the huge improvements in electric vehicles over the past few years, many people still consider them insufficient and slow.
Along with Lexus, Toyota is also the company with the most hybrid cars in Vietnam – photo: Toyota
There are now over 60 hybrid models on sale in the US. In which, Toyota and Lexus have the largest market share with 18 vehicles each, Hyundai and Kia have 7 units each, Ford and Lincoln have 6 units each, Stellantis has 3 units each, while General Motors is expected to have 3 units by the end of this year. The first vehicle is expected to be launched in
Despite the wide range of options, the number of hybrids available at US auto dealerships is limited due to high demand.
Quoting industry forecasters, reuters Toyota, Ford and Stellantis expect to cover the US with “hundreds of thousands of hybrid vehicles” over the next five years as an alternative to electric vehicles with a cautious customer base, the report said.
It is said that cars with electrified gasoline engines are easier to sell while meeting stricter emission regulations.
Several other companies are also showing more interest in hybrid cars – Photo: Ford
Despite being a pioneer and global leader in hybrid technology, Toyota has been criticized for its slow transition to electric vehicles. The company is definitely also the first name to cash in on this love trend for hybrid cars.
Ford recently announced that it is looking to quadruple hybrid vehicle sales by 2028, despite first focusing on electric vehicles.
Stellantis also prefers hybrids, with the petrol-electric variant now accounting for 36% of Jeep Wrangler sales and 19% of Chrysler Pacifica sales.
In contrast, General Motors is committed to a fully electric product line by 2030 and has little interest in hybrid vehicles.
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