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A report published by Markets and Markets predicts the hybrid vehicle market will be worth approximately $40.99 billion by 2022, significantly more than the $18.88 million in 2016.

Analysts foresee hybrid vehicle sales growing from 1.8 million units in 2016 to 4.6 million units in 2022. This dramatic rise in sales will be driven by demand for higher fuel efficiency, high voltage applications, and stringent emission regulations by governments around the world, prompting carmakers to offer a plethora of electrified vehicles.

During the period between 2017-2022, the study asserts that plug-in hybrids and all-electric vehicles will increase in popularity the most, largely thanks to initiatives to improve EV charging infrastructure and demand for PHEVs in China and Japan.

Similarly, sales of plug-in hybrids and EVs through the United States are predicted to swell as car manufacturers attempt to meet strict CAFE fuel-efficiency regulations.

The study also asserts that lithium-ion, nickel-based, lead-acid and solid-state batteries will all play a role in the electrification of the automotive market.

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