With most automakers rapidly expanding their fully electric lineups, one would have thought that hybrids would soon start becoming obsolete. However, industry analysts suggest otherwise, with HEV and PHEV offerings showing great potential for the next few years in the US market.
According to S&P Global Mobility, hybrid sales in the US are expected to triple over the next five years. More specifically, the firm predicts a 24% share for hybrids, 37% for battery electrics, and 40% for combustion and mild-hybrid offerings by 2028. For comparison, the forecast for 2023 predicts a 7% share for hybrids, a 9% share for EVs, and more than 80% for the still-dominant ICE.
Surveys suggest that the expensive cost of purchase, limited range, long charging times, and limited charging network are still the top reasons that buyers steer away from fully electric models. Despite the major improvements in most of those areas over the last few years, the reluctance of some buyers explains the slower-than-expected EV uptake.
More: Hybrids Remain The Preferred Electrified Choice For U.S Car Shoppers
There are currently more than 60 hybrid models on sale in the US. Out of those, Toyota and Lexus have the lion’s share with 18 hybrids, Hyundai and Kia have 7, Ford and Lincoln have 6, Stellantis has 3 while General Motors is expecting to launch its first one later this year. Despite the numerous hybrid options, availability in US dealerships is quite limited due to the high demand.
Citing industry forecasters, Reuters reports that Toyota, Ford, and Stellantis are expected to flood the US market with “hundreds of thousands of hybrid vehicles” over the next five years as an alternative to EVs for a more conservative audience – in both retail and commercial sales. Vehicles with electrified petrol engines are reportedly easier to sell while being compatible with the tighter emission regulations.
Toyota which was criticized for the slower transition to EVs despite being a pioneer and a global leader in hybrid technology will be the first to capitalize on this hybrid-loving trend. Ford recently announced it wants to quadruple its hybrid sales by 2028 despite its earlier focus on EVs. Stellantis is also supportive of hybrids for the future, with electrified variants currently accounting for 36% of the Jeep Wrangler sales and 19% of the Chrysler Pacifica sales. On the contrary, General Motors remains committed to having an EV-only lineup by 2030 showing little interest in hybrids.
