Hybrid Vehicle Market 2018
Hybrid Vehicle Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Hybrid Vehicle Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Hybrid Vehicle Market 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
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The hybrid vehicle primarily uses two or more different power sources, namely the internal combustion engine and the electric generator, which help operate the electric motor. Types of the fossil fuel such as petrol or diesel are used to drive the petrol engine or the diesel engine, which in turn drives the electric trains connected to the electric generator. The electric generator ultimately powers the electric motor. The primary principle that drives the hybrid vehicles is that different sources of powering the engine work efficiently corresponding to different speeds. After this, the switching from one fuel to the other at the right time results in maximum efficiency yielded by the automobile engine. This ultimately leads to the overall fuel efficiency thus, saving on the fuel cost required for operating the automobile.
Several factors aid in the growth of the global hybrid vehicle market. Firstly, the rise in fossil fuel costs has led to customers demanding hybrid vehicles to bring down the automobile operating cost. Secondly, the governments of leading countries are trying to reduce the carbon footprint by switching to alternative automobile fuels and the hybrid vehicle option, which would lead to reduced pollution. Thirdly, the scarcity of the fossil fuels due to excessive consumption has encouraged automakers to search for newer and cost-efficient automotive technologies including the hybrid vehicles for safeguarding the future automobile sales. Lastly, greater efficiency in terms of engine performance and fuel consumption can be achieved using the hybrid vehicles. The global hybrid vehicle market is expected to expand with a CAGR of approx. 9% (2017 to 2023).
Hybrid Vehicle Market by Segmentation:
On the basis of propulsion type, the plug-in hybrid electric vehicles are growing in popularity. Besides the generator, and engine mechanism, which generates electric power to charge the battery, these vehicles consist of a battery that can be recharged by plugging into an external power source. The hybrid electric vehicles use a battery source that can only be charged by the engine generator mechanism apart from completely replacing the battery as a brand new unit. The natural gas vehicle makes use of the compressed natural gas, which helps in powering the engine that drives the generator, which in turn drives the electric motor causing the motion of the vehicle.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to lead the market demand in the hybrid vehicles. The large population in this region coupled with a rising middle class causes the automotive sales in this region to rise, continuously. The underperforming and overburdened public transport system in countries such as India and China result in continual increase in the use of private automobiles. To tackle the increased fuel costs, the customers in this region are preferring the hybrid vehicles. The stringent emission norms laid down by the European Union and the United States Environmental Protection Agency have resulted in higher preference of hybrid vehicles. All these factors, cumulatively make the hybrid vehicle a continually growing market at the global level.
The Key Players in Hybrid Vehicle Market 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.) are amongst the other important players in this market.
The report for Global Hybrid Vehicle Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative and quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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