(MENAFN - GetNews) 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
As per the analysis presented by Market Research Future (MRFR), the global hybrid vehicle market 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 market. It has motivated the governments to offer incentives to the manufacturers of vehicles for boosting the production of hybrid cars. A similar trend is expected to be witnessed over the next couple of years, thus, favoring the proliferation of the hybrid vehicle market over 2023.
The scarcity of fossil fuel has also expedited the adoption of hybrid cars as a cost-efficient alternative to the conventional vehicles. Hybrid cars affirm profit in the future growth trajectory of the automobile industry. The market is projected to gain traction in the forthcoming years and remains highly lucrative.
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By electric powertrain, the global hybrid vehicle market has been segmented into parallel hybrid and series hybrid.
By propulsion, the hybrid vehicle market has been segmented into Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Natural Gas Vehicle (NGV).
By component type, the global hybrid vehicle market has been segmented into electric motor, transmission, and battery.
By degree of hybridization, the hybrid vehicle market has been segmented into micro hybrid, mild hybrid, and full hybrid.
By vehicle type, the global hybrid vehicle market has been segmented into passenger vehicle and commercial vehicle.
The global hybrid vehicle market, by region, has been segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is likely to secure a dominant position in the global market. The growth of the middle-class section of the society coupled with increasing disposable income is projected to drive the expansion of the hybrid vehicle market in the region. Australia, China, and India are essential country-level markets forecasted to boost the growth of the market over the next couple of years.
North America and Europe are important growth pockets presumed to grow significantly in the foreseeable future. The stringent regulations framed by the governments in these regions for the protection of the environment has led to an expansion of the market presence of hybrid cars in the region.
Some of the key players profiled in the report are The Ford Motor Company (U.S.), AB Volvo (Sweden), Toyota Motor Corporation (Japan), Continental AG (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea), ZF Friedrichshafen AG (Germany), Honda Motor Company, Ltd. (Japan), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.), Schaeffler Technologies AG & Co. KG (Germany), and Allison Transmission (U.S.)
In November 2018, BMW, a global leader in the automobile industry, announced that its hybrid cars could switch to an electric-only mode in extremely polluted areas.
In December 2018, Maruti Suzuki India Ltd has started working on its first full hybrid car, and the government is likely to offer incentives for hybrid cars along with electric cars.
In December 2018, North Dakota, the U.S., has introduced a bill crafted by a Grand Forks lawmaker for payment of an annual fee by the owners of electric and hybrid vehicles to make up for lost gas tax revenue.
In December 2018, currentautomotive.com has been launched in Naperville, the U.S., to deal in online pre-owned electric and plug-in hybrid vehicles.
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