Hybrid Vehicle Market: Information by Electric Powertrain (Parallel, Series), by Propulsion (HEV, PHEV, NGV), by Component Type (Electric Motor, Transmission, Battery), by Degree of Hybridization, by Vehicle Type & by Region – Forecast till 2023
Hybrid vehicles have become popular in recent times due to demands for greener vehicles and cost-effective alternates. The hybrid vehicles run on two propelling systems, namely internal combustion engine and electric motor. It runs on an intelligent switching system that switches between the power sources according to the power demand. This smart technology helps in reducing fuel consumption and increasing efficiency. Also, increasing petrol and diesel prices have implemented extra loads on the customer’s pocket, which has increased the demand for fuel-saving technologies.
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Also, the increasing pollution from automotive emissions has posed a serious challenge for the environmentalists, which has increased the emphasis on the adoption of greener vehicles. To promote hybrid and electrical vehicles, the governments are readily acting towards the installation of remote charging stations, which will boost the market and increase hybrid vehicles’ adoption. Rising awareness among the masses regarding the pollution has also boosted the market growth globally.
The companies are making hefty investments in research & development programs to increase battery capacity, reduce charging times, and reduce vehicle costs, which will help the market gain stronger future positions. Apart from the features and uses, the global hybrid market faces serious challenges from high costs and underdeveloped infrastructure, which is retraining the global market growth. This report will shed light on the competition, opportunities, drivers & restraints, and other factors affecting the local and global hybrid vehicles market. The global market is expected to register nearly an 11 % annual growth rate during the survey.
Companies impacting the global hybrid vehicle market are Toyota Motor Corporation (Japan), The Ford Motor Company (U.S.), AB Volvo (Sweden), Continental AG (Germany) and ZF Friedrichshafen AG (Germany). Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.) and Allison Transmission (U.S.). MRFR in their latest report has made profiles of these companies based on their strategic decisions that include merger, acquisition, product launch, and other moves.
The global hybrid vehicles market is segmented into classes as follows:
The global hybrid vehicles market is segmented into parallel and series hybrid based on the powertrain.
The global hybrid vehicles market is characterized by an electric motor, battery, and transmission based on types of components.
The global hybrid vehicles market is divided into hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and others based on propulsion types.
The global hybrid vehicles market is characterized by micro-hybrid vehicles, mild hybrid vehicles, and full hybrid vehicles based on hybridization.
Based on vehicle types, the global hybrid vehicles market is segmented into passenger and commercial vehicles.
The hybrid vehicles have gained global adoption worldwide due to rising environmental concerns from vehicular emissions, rising disposable incomes, and demands for advanced technologies. The Asia Pacific, North America, Europe, and the rest of the world are the major market studies for the global hybrid vehicles market. The Asia Pacific region is leading the market due to the vast population covers, demands for better alternatives, high disposable incomes, increasing investments in research & development programs, expanding the automotive industry, government initiatives for greener alternates, and other factors.
The global hybrid vehicles market is gaining speeds in recent times due to demands for environment-friendly vehicles and a rise in advanced vehicle technologies. The plug-in hybrid vehicle segment will lead the market and will file excellent growth rates. The Asia Pacific region, with rapidly developing economies like India and China among the major contributors, will lead the market.
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