Hybrid vehicles are designed for better fuel efficiency, more power, and minimum emissions. Hybrid vehicles can generate electric current and store it in a battery. These vehicles capture electrical energy produced from different sources, such as regenerative braking systems and engines. They can conserve energy by shutting down the engine, when the vehicle is parked, idle, or when the electric motor’s energy is sufficient to drive the vehicle without assistance from the ICE.
The Hybrid Vehicle Market is estimated to be 4,169 thousand units in 2018 and is projected to grow at a CAGR of 8.94% during the forecast period (2018–2025), to reach a market size of 7,593 thousand units by 2025.
The trend in hybrid vehicles is growing toward PHEVs and Natural Gas Vehicles (NGVs). It is seen that the demand for hybrid vehicles is either falling or growing slowly. This is possibly due to the continuous decrease in the battery price as developed nations are focusing more toward zero-emission vehicles to cope with stringent emission standards.
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Market Dynamics
Drivers
- Increasing emission norms
- Optimum fuel efficiency
- Continuous reduction in battery price
Restraints
- Rising demand for BEVs and FCEVs
Opportunities
- Government initiatives pertaining to hybrid vehicles
- Growth in developing markets
Challenges
- High vehicle cost
- Insufficient infrastructure and high development cost
Though the passenger car market is estimated to be the largest in the hybrid vehicle market, commercial vehicle market is estimated to be the fastest growing market. The developments in terms of reducing emissions are also being seen in the commercial vehicle segment. OEMs such as Volvo, Scania, Daimler, and others are focusing on developing hybrid commercial vehicles to cope with the stringent emission norms. Also, a significant rise in freight sector has boosted the demand for commercial long haulage trucks. OEMs are developing hybrid trucks with benefits such as low emission and high fuel efficiency. This would enable high growth in the freight sector which relatively will increase the demand for hybrid commercial vehicles.
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The report provides detailed profiles of the following companies
- Toyota (Japan)
- Ford (US)
- Daimler (Germany)
- Volvo (Sweden)
- Hyundai (South Korea)
- Honda (Japan)
- Continental (Germany)
- ZF (Germany)
- Allison Transmission (US)
- BorgWarner (Germany)
- Schaeffler (Germany)
- Bosch (Germany)
- Mitsubishi (Japan)
- GM (US)
- Magna (Canada)
In North America, the hybrid vehicle market is estimated to grow gradually during the forecast period. The governments in this region are focusing on the development of zero emission vehicles. The US and Canada are expected to dominate the market in North America.
Asia Pacific is estimated to be the largest market for hybrid vehicles during the forecast period, followed by Europe and North America. The market growth in the region can be attributed to the increased sales of hybrid vehicles in Japan, China, and South Korea.
