From GlobeNewswire: 2024-11-21 08:42:00

The Hybrid Batteries Market was valued at USD 10.14 billion in 2023 and is projected to reach USD 54.25 billion by 2032, with a CAGR of 20.50%. The surge in demand for eco-friendly energy solutions, driven by the adoption of electric vehicles (EVs), has fueled growth. Global lithium-ion hybrid battery demand reached 140 kilotons in 2023, with key regions like China, Europe, and the U.S. producing significant quantities to support EV production. Plug-in hybrid electric vehicles (PHEVs) saw a 27% increase in battery capacity, driving innovation and market growth. The market is projected to continue expanding as EV sales rise worldwide.

Lithium-ion batteries dominated the hybrid batteries market in 2023, accounting for over 38% of the market share. These batteries are expected to maintain their position as the fastest-growing segment due to their high energy density, lightweight properties, and extended lifespan. The plug-in segment led the market in 2023, capturing a 58% share, offering exceptional range and performance with larger battery capacity. North America led the hybrid batteries market in 2023, with a 37% market share, driven by a robust automotive sector and efforts to reduce carbon emissions. Asia-Pacific is set to witness the fastest growth from 2024 to 2032, fueled by increasing EV demand and significant investments in hybrid battery production and research.

Recent developments in the hybrid batteries market include BYD’s launch of the Blade Battery for hybrid vehicles, Panasonic’s introduction of a high-density lithium-ion battery for PHEVs, and Toyota’s unveiling of a next-gen hybrid battery system for the Prius line. Future trends in the market include advancements in next-generation materials, cost reductions through scaling production, smart integration of AI and IoT technologies, and expansion of charging infrastructure to promote the adoption of PHEVs and HEVs. The hybrid batteries market is expected to experience significant growth from 2024 to 2032. The report includes insights on production, capacity utilization, energy density, distribution channels, adoption rate, and supply chain analysis. It also covers market segmentation by type and application, competitive landscape, regional analysis, company profiles, and use cases. For more information, visit the provided link. SNS Insider is a leading market research and consulting agency that provides clients with accurate market data and insights to make confident decisions in changing circumstances. Contact them for customized research.



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