LeapZipBlog: Steve Blade's blog: Hybrid Electric Vehicles Market: Parallel Hybrid Powertrain System to Witness Robust Growth

Hybrid Electric Vehicles Market: Parallel Hybrid Powertrain System to Witness Robust Growth

May 23, 2019 by Steve Blade  

According to a study by Fact.MR, the global hybrid electric vehicle market is expected to experience strong growth, reaching US$ 42,103.9 million revenue. Leading hybrid electric vehicles market players are working to increase the speed of hybrid electric vehicles. They are also focusing on offering lightweight vehicles and improve battery power. Moreover, increasing consumer preference for environmentally friendly and fuel-efficient vehicles are some of the factors driving the growth of the hybrid electric vehicles market.

In the wake of growing stewardship towards efficient fuel consumption and reduced carbon footprint, several countries across the world, more emphatically developing economies are ensuring adequate subsidies to encourage large scale production of electric vehicles. In a recent development, India, a fast emerging nation in the Asia-Pacific region has invested $1.4 billion worth subsidies to diversify electric vehicle market comprising two and three wheelers, commercial vehicles, as well as electric buses to ensure hassle free public commute. The subsidies will also be targeted to ramp up hybrid EVs as well. Additionally, similar efforts across China and Germany to accelerate sluggish growth pace are poised to reflect favorable results in the coming years. On the back of exponentially rising population, need for efficient public transport with minimal pollution remains crucially vital.

Unlike electric vehicles, hybrid electric vehicles have higher capacity batteries which depend on regenerative braking system for charging unlike plug-in system. Vendors therefore are encouraged to offer more efficient batteries with superlative durability to limit occasional charging, a persistent bottleneck in hybrid electric vehicles. Li-ion batteries have emerged as preferred batteries in hybrid cars that demonstrate exceptionally low discharge rates as opposed to its counterparts.

Additionally, overlooking massive demand upsurge across emerging countries, leading automakers are inclined towards exploring new opportunities in the regions. To cite an instance, a recent development marked the launch of Toyota Camry Hybrid vehicle in India with improved features and an affordable pricing bracket. Factors as such are likely to accelerate sluggish growth pace of hybrid electric vehicles in the region.


Hybrid Electric Vehicles Market: Overview

The hybrid electric vehicles market has been analyzed in detail to offer definitive forecast insights on the market for the period 2017-22. This report is an exhaustive compilation of a detailed overview of hybrid electric vehicles market and analyzes the market in terms of market dynamics, macro and micro-economic determinants that shape market growth, also shedding light on other relevant factors that direct future prospects of the market trajectory.

 Highlights on Global Hybrid Electric Vehicles Market

  • Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global hybrid electric vehicles market. APEJ hybrid electric vehicles market is projected to bring in nearly US$ 16,800 million revenues by the end of 2022.
  • North America hybrid electric vehicles market is also expected to experience impressive growth during 2017-2022. Owing to the government focusing on pollution reduction, zero-emission vehicles are increasingly being promoted, hence, North America is witnessing the growth in adoption of hybrid electric vehicles. Moreover, manufacturers are also introducing cost-effective and lightweight vehicles.
  • Stored electricity is expected to be the largest power source for hybrid electric vehicles. Towards the end of 2022, stored electricity is estimated to reach nearly US$ 33,600 million revenues. Meanwhile, the on board electric generator is also expected to witness significant growth during the forecast period, 2017-2022.

Detailed overview of hybrid electric vehicles market spectrum presented in the report banks upon a robust research methodology comprising primary and secondary researches that divulge relevant and timely market intelligence figures.

Hybrid Electric Vehicles Market: Competition Landscape

The report also profiles companies that are expected to remain active in the expansion of global hybrid electric vehicles market through 2022, which include Bayerische Motoren Werke AG, Nissan Motor Corporation, Limited, Honda Motor Company, Limited, Volkswagen AG, Toyota Motor Corporation, Tesla Motors, Inc., Renault SA, Mitsubishi Heavy Industries Ltd, Ford Motor Company, General Motors, and Daimler AG.

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About Fact.MR

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