The global electric & hybrid car market share was valued at USD 329 Billion in 2021 and is expected to grow to USD 477 billion in 2022.
Hybrid cars include two engines one is petrol, and one is electric. Both work with each other. It leads to lesser petrol consumption and therefore better fuel efficiency. Hybrids offer better performance and fuel efficiency than conventional vehicles as they combine work with the benefits of high fuel efficiency and fewer emissions than others. When hybrid cars are cruising or braking, it results in excess power used to charge the batteries.
An Electric Car (EV) is an automatic vehicle with an electric motor powering the engine. An electric car does not run on petrol and diesel engine. An electric car accelerates like a standard automatic vehicle when you drive the car. There are no gear shifts in electric or hybrid vehicles.
The difference between a hybrid and an electric car is that it combines an internal combustion engine and an electric motor to send power to the wheels.
Hybrid cars offer better fuel efficiency and longer distances, and electric vehicles are still yet to reach that potential. That said, electric vehicles pollute lower emissions than hybrid cars dependent on an internal combustion engine.
Europe is one of the leading regions in the global EV market. The steps taken by the governments of European countries to reduce harmful chemical emissions have been driving market growth in the region. New electric car registrations in Europe more than doubled to 1.5 million, a sales share of 10% in 2020. Germany registered more than 395,000 new electric cars, and Russia registered about 185,000. In the United Kingdom, registrations are more than doubled to reach 176,000. Electric vehicles in Norway went to all-time high sales of more than 6%. The sales of electric cars exceeded nearly 40% in Iceland, 30% in Sweden, and 25% in the Netherlands.
The major dominant players in the industry are Tesla, Toyota Motor Corporation, Delphi Technologies Inc., Honda Motor Company Ltd., AB Volvo, Hyundai Motor Company, Ford Motor Company, Continental AG, Allison Transmission, and ZF Friedrichshafen AG, etc. These are the leaders in North America, Europe, Asia Pacific, the Middle East, Africa, and South & Central America.
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