Hybrid electric vehicles (HEVs) use a combination of an internal combustion engine and an electric motor to power the vehicle. There are two main types - series and parallel hybrids. The global HEV market is growing rapidly and was valued at $350 billion in 2021, expected to reach $1.67 trillion by 2030. HEVs provide benefits like improved fuel efficiency and lower emissions compared to gas-only vehicles, though they also have disadvantages such as higher costs and limited electric-only range. Advancements in battery technology are helping to address these challenges and expand the future potential of HEVs.