Hybrid Vehicle - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Hybrid Vehicle Market is accounted for $275.43 billion in 2020 and is expected to reach $1,887.62 billion by 2028 growing at a CAGR of 27.2% during the forecast period. Increasing emission norms, optimum fuel efficiency, and continuous reduction in battery price are the major factors propelling the market growth. However, high vehicle cost, insufficient infrastructure and high development cost are hampering the market growth.
A hybrid vehicle is one that uses two or more distinct types of power, such as submarines that use diesel when surfaced and batteries when submerged. It uses energy stored in batteries where the battery is charged through regenerative braking and by the internal combustion engine. Other means to store energy include pressurized fluid in hydraulic hybrids. The basic principle with hybrid vehicles is that the different motors work better at different speeds. The electric motor is more efficient at producing torque, or turning power, and the combustion engine is better for maintaining high speed (better than a typical electric motor).
Based on electric powertrain type, the parallel hybrid segment is going to have a lucrative growth during the forecast period owing to the increased use of regenerative braking technology. Regenerative braking technology restores the energy to recharge the battery when brakes are applied. Thus, it reduces the requirement for external electric infrastructure. The regenerative braking system is the most commonly used technology in hybrid vehicles. The use of the regenerative braking system and the lesser cost of micro and mild hybrids compared to PHEVs will boost the demand for parallel hybrids.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the increased sales of hybrid vehicles in Japan, China, and South Korea. Also, the region is home to major players in the hybrid vehicles market, such as Toyota, Honda, Nissan, Kia, BYD, and Hyundai. Toyota has the highest share in hybrid vehicle sales worldwide. Moreover, governments of Asian countries are supporting the growth by providing subsidies. The mass adoption of hybrid vehicle technology by Japan and China will also boost the market.
Some of the key players profiled in the Hybrid Vehicle Market include Allison Transmission, Inc., BMW AG, BorgWarner, Inc., Continental AG, Cummins, Inc., Daimler AG, Delphi Technologies, Denso Corporation, Eaton Corporation PLC, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Company, Kia Motors Corporation, Mitsubishi Electric Corporation, Nissan, Robert Bosch GmbH, Schaeffler AG, Toyota Motor Corporation, Volkswagen Group, and ZF Friedrichshafen AG.
Vehicle Types Covered:
• Commercial Vehicle
• Passenger Car
• Hybrid Electric Vehicle (HEV)
• Natural Gas Vehicle (NGV)
• Plug-in Hybrid Electric Vehicle (PHEV)
Degree of Hybridizations Covered:
• Full Hybrid Vehicle
• Mild Hybrid
• Electric Motor
Electric Powertrain Types Covered:
• Parallel Hybrid
• Series Hybrid
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
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