Hybrid Electric Vehicle Market - Global Size, Share & Industry Trends 2024-2032
The Hybrid Electric Vehicle (HEV) market encompasses the segment of the automotive industry dedicated to the design, production, and sale of vehicles that combine an internal combustion engine with an electric propulsion system, typically featuring both a battery and an electric motor. These vehicles leverage the complementary strengths of gasoline and electric power to enhance fuel efficiency, reduce emissions, and offer improved performance compared to conventional vehicles. The market includes various types of hybrids such as mild hybrids, full hybrids, and plug-in hybrids, each differing in the extent of their electric capabilities and reliance on the combustion engine.
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