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The global Hybrid Electric Vehicle (HEV) Market is projected to grow from USD 15.70 billion in 2023 to USD 25.02 billion by 2032, registering a compound annual growth rate (CAGR) of 5.31% during the forecast period. According to Introspective Market Research (IMR), this growth is primarily driven by increasing environmental awareness, stringent emission regulations, and advancements in hybrid propulsion technologies.
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