Hybrid Vehicles: The Electric-Petrol Revolution | Investor's Almanac

Hybrid vehicles, which combine a conventional internal combustion engine with an electric motor, have been gaining traction since the late 1990s, with the first mass-produced model, the Toyota Prius, hitting the market in 1997. According to the International Energy Agency (IEA), over 17 million hybrid vehicles were on the road worldwide as of 2022, with a growth rate of 15% per annum. The Honda Insight, launched in 1999, and the Ford Escape Hybrid, introduced in 2004, further expanded the market. However, the high cost of production and limited charging infrastructure have hindered widespread adoption. As of 2022, the global hybrid vehicle market was valued at $120 billion, with a projected growth to $250 billion by 2025. The controversy surrounding the environmental benefits of hybrid vehicles, with some arguing that they are not as eco-friendly as they seem, has sparked a heated debate among experts, with a controversy spectrum rating of 6 out of 10.