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Hybrid Electric Vehicles Market Witness Highest Growth in near future

August 29, 2019 by Amanpreet  

Hybrid electric vehicles are eco-friendly, include reduced emissions and reduced fuel consumption as compared to gasoline engine vehicles, hence the hybrid electric vehicles are gaining popularity across the globe. With several stringent emission policies by various countries, hybrid electric car manufacturers are focusing on developing new hybrid electric car batteries that can be recharged quickly. Data acquisition system and remote monitoring system are being implemented in the hybrid electric vehicles to locate nearby charging stations, help in navigation, etc.

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Leading market players are also focusing on improving performance and efficiency of cooling electronics in hybrid electric vehicles, as hybrid electric vehicles employ both electric motor and turbo diesel engine. High energy density and low-discharge rates make Li-ion batteries suitable for hybrid electric vehicles. However, low temperature reduces the energy of the battery, hence manufacturers are focusing on increasing capacity of Li-ion batteries in cold temperatures.

According to the latest report by Fact.MR, the global hybrid electric vehicles market is anticipated to witness robust growth, registering 13.8% CAGR during the forecast period, 2017-2022. Reduced fuel costs, stringent emission policies, high resale value are some of the factors driving the demand for hybrid electric vehicles across the globe. Manufacturers are also working on delivering lightweight and innovative vehicles to meet changing preferences of customers. Following insights show how the global hybrid electric vehicles market will perform in the next five years.  

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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.

The report has also profiled leading players in the global market for hybrid electric vehicles, which will remain active through 2022. These include companies such as Nissan Motor Corporation, Limited, Bayerische Motoren Werke AG, Honda Motor Company, Limited, Toyota Motor Corporation, Volkswagen AG, Tesla Motors, Inc., Mitsubishi Heavy Industries Ltd, Renault SA, Ford Motor Company, Daimler AG, and General Motors.

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