Hybrid Electric Vehicle Market: Parallel Hybrid Powertrain System to Witness Robust Growth

Posted on 2019-04-26 by Mark Hub in Automotive // 0 Comments

Rockville, USA, 2019-Apr-26 — /EPR Network/ —Hybrid electric vehicles combine conventional Internal Combustion Engine (ICE) system with an electric propulsion system. Hybrid electric vehicles are being equipped with various features such as modern powertrain systems, real-time information on battery level, navigation system, etc. Manufacturers are also focusing on increasing the speed of hybrid electric vehicles. They are also trying to reduce the cost of maintenance and upgrades. Hybrid electric vehicle manufacturers are also integrating remote monitoring systems to navigate heavy traffic and to assess energy consumption and cost. This Fact.MR report discusses key prospects for growth of global hybrid electric vehicles market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies. The global hybrid electric vehicles market is anticipated to witness robust growth, registering 13.8% CAGR during the forecast period, 2017-2022. Reduced fuel costs, stringent emission policies, high resale value are some of the factors driving the demand for hybrid electric vehicles across the globe. Manufacturers are also working on delivering lightweight and innovative vehicles to meet changing preferences of customers. Following insights show how the global hybrid electric vehicles market will perform in the next five years.

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Key players in the hybrid electric vehicle market are focusing on providing efficient and durable batteries, as hybrid electric vehicles need frequent charging as it loses its battery power in a very short time. Hybrid electric vehicle market players are also adding new features to meet customer expectations. Stringent rules and regulations on vehicle emissions in various countries are also resulting into leading automobile manufacturers moving towards producing hybrid electric vehicles. Also, Li-ion batteries are being used on a large scale in hybrid electric vehicles as these batteries have very low self-discharge rate. However, hybrid electric vehicles market still faces some challenges such as costs, complex safety requirements, and powertrain complexity.

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Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global hybrid electric vehicles market. APEJ hybrid electric vehicles market is projected to bring in nearly US$ 16,800 million revenues by the end of 2022.

North America hybrid electric vehicles market is also expected to experience impressive growth during 2017-2022. Owing to the government focusing on pollution reduction, zero-emission vehicles are increasingly being promoted, hence, North America is witnessing the growth in adoption of hybrid electric vehicles. Moreover, manufacturers are also introducing cost-effective and lightweight vehicles.

Stored Electricity Power Source to Gain Maximum Revenue Share

Compared to on-board electric generator as a power source for hybrid electric vehicles, stored electricity power source is expected to account for more than three-fourth of the hybrid electric vehicles market revenue share by the end of 2017. Meanwhile, on-board electric generator will also experience impressive growth during 2017-2022.

Parallel Hybrid Powertrain System to Witness Robust Growth

Parallel hybrid powertrain system is expected to witness impressive growth in hybrid electric vehicles market during the forecast period. Towards the end of 2022, parallel hybrid powertrain system is projected to reach nearly US$ 32,700 million revenues. Meanwhile, series hybrid powertrain system will also experience strong growth in hybrid electric vehicles market during 2017-2022.

Competition Tracking

The report also profiles companies that are expected to remain active in the expansion of global hybrid electric vehicles market through 2022, which include Bayerische Motoren Werke AG, Nissan Motor Corporation, Limited, Honda Motor Company, Limited, Volkswagen AG, Toyota Motor Corporation, Tesla Motors, Inc., Renault SA, Mitsubishi Heavy Industries Ltd, Ford Motor Company, General Motors, and Daimler AG.

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