Hybrid Vehicle Industry 2020 - Size, Share, Growth, Trends and Forecast
Summary
Hybrid Vehicle Industry Share, Size, Report: 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 Vehicle Industry Overview
As per the analysis presented by Market Research Future (MRFR), the global Hybrid Vehicle Industry is expected to thrive at a healthy CAGR of 9% during the forecast period 2017 to 2023. The rise in fuel prices is primarily responsible for driving the adoption of hybrid vehicles. Furthermore, it guarantees optimum efficiency in terms of fuel consumption and engine performance owing to the consolidation of different sources for powering the engine. This, in turn, is prognosticated to generate demand for hybrid vehicles in the foreseeable future.
The rising environmental concerns coupled with the endeavors directed at reduction of carbon footprints have paved the way for the growth of the Hybrid Vehicle Industry. It has motivated the governments to offer incentives to the manufacturers of vehicles for boosting the production of hybrid cars.
Market Segmentation
The global Hybrid Vehicle Industry can be segmented by electric powertrain, propulsion, component type, hybridization, and vehicle type for a better understanding of the market. This allows MRFR in gaining insights to have a better predictive model of the market in the coming years.
Based on the electric powertrain, the Hybrid Vehicle Industry can be segmented into parallel hybrid and series hybrid. Smaller and efficient engines have provided series hybrid cars with an ability to easily operate in urban and semi-urban regions owing to which its market dominance is quite impactful.
Based on the propulsion, the Hybrid Vehicle Industry share includes hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and natural gas vehicle (NGV). The PHEV models are gaining prominence for their better miles per gallon measurement and cost-affordability.
Based on the component type, the Hybrid Vehicle Industry comprises electric motor, transmission, and battery.
Based on the hybridization, the Hybrid Vehicle Industry includes micro hybrid, mild hybrid, and full hybrid vehicle. The full hybrid segment has the widest expansion with the highest sales record.
Based on the vehicle type, the Hybrid Vehicle Industry consists passenger car and commercial car. The passenger car segment is quite happening as growing concern regarding eco-friendly productions have led to the easy acceptance of such cars among clients. At the same time, major car makers are increasing their investment for the sector which can inspire easy growth.
Competitive Landscape
Companies impacting the global Hybrid Vehicle Industry 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.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are the four regions that have been included in the study of the Hybrid Vehicle Industry. MRFR, in their study, emphasized on finding out various growth opportunities across the globe as per the revelations made by region-specific figures.
The APAC region is expected to ensure their dominance during the forecast period with their extraordinary growth rate. China is providing much traction to the global market. The region has adopted this technology to get rid off the pollution which has riddled the country. Europe is also expected to gain substantial growth during the forecast period. Stringent eco-friendly laws are expected to make the case strong for the incorporation of hybrid vehicles, ensuring a smoother movement ahead.
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