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
Market Research Future (MRFR) in their report declared growing eco-awareness as an important market factor, along with demand for curbing cost of the fuel. Governments in many regions are providing subsidies to encourage people in taking up these models. Leading automakers have also hiked their investment to boost the regional market.
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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
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.
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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