Hybrid Batteries Market to Reach USD 54.25 Billion by 2032 Amid Rising EV Adoption and Sustainability Focus | Research by SNS Insider [Yahoo! Finance]
Toyota Motor Corporation (TM)
US:NYSE Investor Relations:
toyota-global.com/investors
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Source: Yahoo! Finance
According to the SNS Insider, “The Hybrid Batteries Market Size was valued at USD 10.14 billion in 2023 and is expected to reach USD 54.25 billion by 2032, growing at a robust CAGR of 20.50% over the forecast period 2024–2032.” The hybrid batteries market is rapidly transforming the energy storage landscape, driven by surging demand for efficient and eco-friendly energy solutions. The growing adoption of electric vehicles (EVs) is a major catalyst for this growth. In 2023, global lithium-ion hybrid battery demand reached approximately 140 kilotons, accounting for 85% of total lithium-ion use and marking a 30% year-over-year increase. Key regions, including China, Europe, and the U.S., produced 110 GWh and 70 GWh of hybrid batteries, respectively, enabling the production of 2.5 million and 1.2 million EVs. The global average hybrid battery capacity for passenger EVs increased by 9% in 2023, with plug-in hybrid electric vehicles (PHEVs) seeing a notable 27% rise in battery capacity.
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