The Hybrid System Market was valued at USD 18.88 billion in 2016 and is projected to grow at a CAGR of 10.79% during the forecast period. The base year considered for the study is 2016 and the forecast period is 2017–2022.Factors such as decreased tail-pipe emission limits, potential fuel savings with adoption of mild hybrids, and tax benefits & incentives/subsidies for adoption of electric vehicles are the key factors fueling the growth of the hybrid system market.
The hybrid system market is projected to grow at a CAGR of 10.79% during the forecast period and is projected to reach USD 40.99 billion by 2022. Owing to the benefits offered by hybrid system, such as elimination of mechanical linkages, improved fuel efficiency and, thereby, decreased tail-pipe emissions, the demand for these systems is projected to grow in near future. Also, secondary factors such as increase in demand for electric & hybrid vehicles, government subsidies for BEVs, and investments in charging infrastructure will fuel the demand for hybrid systems in the coming years.
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Regenerative braking system is projected to be the largest segment of the mild hybrid system market, by value. The major factor contributing to the large demand for regenerative braking system in the mild hybrid cars is the fact that it can reduce fuel consumption of a car by 10–25% according to the International Council on Clean Transportation (ICCT). Asia Pacific is the region with the highest growth of regenerative braking system market size in terms of volume and value because of the increasing elctric cars sales volume in the region, followed by North America where the sales of electric vehicles are growing significantly.
The EV drive system is leading the hybrid system market in terms of value because of the high cost of EV drive, which includes key components such as high voltage battery, E-motor, and DC/DC Converter. The cost of high voltage battery, which includes mainly lithium-ion and nickel-based battery, is expected to decline tremendously in the future. According to ICCT (The International Council of Clean Transportation), the cost of battery packs for battery electric vehicle has declined to USD 295 per kWh in 2015. Further, it is anticipated that the cost will come down to USD 154-212 per kWh by 2020. This is impacting the overall EV drive cost, as the key component is high voltage battery.
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The high voltage battery is expected to hold the largest market size in hybrid system components market during the forecast period. The high voltage battery is the one of the most important and costly components in a plug-in hybrid or fully electric vehicle. The cost of battery module is up to 30–45% of the total cost of a fully electric vehicle. Although the manufacturers are trying to reduce the cost of battery packs used in EVs so as to make the overall price of the electric vehicle cheaper and reachable to mass market. The market for high voltage battery is projected to remain the largest among the market for other components of the hybrid system.
The lithium-ion battery type is estimated to hold the largest market size during the forecast period mainly because of its popularity in high voltage battery market and its high power-to-weight ratio, good high-temperature performance, high energy efficiency, and low self-discharge. Most of today's plug-in hybrid electric vehicles and full electric vehicles use lithium-ion batteries, though the cost of the battery is high. Nickel-based batteries were having the second major market as of 2016 after lithium-ion battery technology.
“North America expected to be the fastest growing market for Hybrid System”
The hybrid system market for North America is estimated to grow at the highest rate during the forecast period. The increasingly stringent CAFE regulations have led to an increase in the demand for hybrid and electric vehicles in the region. Thus, the region is expected to see the fastest growth in the sales of hybrid and electric vehicles during the forecast period. Hence, the market for hybrid system in North America is also expected to grow in line with the growth of hybrid and electric vehicles.
The hybrid system market is dominated by a few global players. Some of the key manufacturers operating in the market are Bosch (Germany), Continental (Germany), Denso (Japan), ZF (Germany), and Valeo (France). There are certain key innovators gaining attention in the hybrid system market including UQM Technologies (US), Schaeffler (Germany), and Johnson Controls (US).
· Hybrid System Component Manufacturers
· Distributors and Suppliers of Hybrid System Components
· Independent and Authorized Dealers Hybrid Components
· Hybrid System Manufacturers
· Electric Vehicle Manufacturers
· Industry Associations and Experts
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