Recent Developments in HYBRID ELECTRIC CAR MARKET-
In recent years, the hybrid car market has seen remarkable developments. In April 2021, Ford Motor Company released its iconic Mustang Mach-E SUV, boasting an impressively appointed interior, cutting-edge technology, and remarkable range. It is complete with standard driver-assist technology, such as Ford Co-Pilot360TM 2.0.
July of 2021 saw TotalEnergies sign a contract with Bolloré Group to acquire ‘Blue Charge’. Pending approval from relevant authorities, TotalEnergies will be responsible for managing and operating Singapore’s largest electric vehicle charging network, with over 1,500 charge points already installed throughout the city-state.
Charge points are estimated to constitute around 85% of Singapore’s total number of charge points and are open to both electric vehicle owners and users of BlueSG car sharing services.
In order to promote hybrid cars, the Indian and Brazilian governments are enacting a number of incentives, such as reducing public sector consumption taxes on CNG hybrid and module vehicles. In addition, they are providing various hybrid electric transportation alternatives. The Indian government is planning to spend approximately $446 million in this venture. To help promote hybrid vehicles, the Brazilian government is sending out new advertisements and organizing informational gatherings.
The European Union, in conjunction with the US Environmental Protection Agency, has set stringent emission regulations. Consequently, the hybrid car industry is experiencing an unprecedented growth in the popularity of hybrid cars.
The Mumbai Metropolitan Area Development Authority, an agency of India, recently signed a deal with Tata Motors. The contract states that 25 Tata Starbus Electric diesel buses will soon be operational.
Both India and China, which are part of the APAC region, have transportation systems that are inadequate or overburdened. Thus, their governments are investing in advancements to foster the growth of the hybrid vehicle market by the end of 2023.
Overall, the hybrid car market is on the rise with more manufacturers introducing advanced vehicles with higher performance and comfort. With various incentives, campaigns, and improved public transportation options, the popularity of hybrid cars is likely to surge in the near future.
Browse 188 market data Figures spread through 110 Pages and an in-depth TOC on “Global Hybrid Electric Vehicle Market” – https://www.techsciresearch.com/report/hybrid-electric-vehicle-market/12952.html
According to a TechSci Research report, the global hybrid electric vehicle market is anticipated to register a CAGR of 9.10% in terms of volume, reaching 13.32 million during the forecast period from 2017 to 2027. This growth is attributed to sustainable government regulations. China, being the largest hybrid electric vehicle producer and market in the world, is expected to grow at a CAGR of 7.75% during the forecast period. The Chinese government is planning to improve the productivity of hybrid electric vehicles by providing subsidies to ease the purchasing of vehicles, leading to sustained growth in the country.
The strengthening of the financial state of the global automotive industry through loan waivers, availability of subsidized commodities, and growing popularity of bank financing will be key factors responsible for the growth of the hybrid electric vehicle market worldwide for the next five years.
The global hybrid electric vehicle market is classified based on hybridization type, vehicle type, powertrain type, propulsion type, and region. Based on hybridization type, the market is segmented into mild-hybrid electric vehicles (MHEVs) and full-hybrid electric vehicles (FHEVs). Based on vehicle type, the market is segmented into two-wheelers, passenger cars, light commercial vehicles, and medium and heavy commercial vehicles. The growth of the passenger car segment is driven by an increase in sales of electric passenger cars due to a large population and growing disposable income.
In terms of hybridization, FHEV was the fastest growing segment during the forecast period. During the forecast period, the mild-hybrid sector is expected to account for the highest volume of the market. During the forecast period, the full-hybrid market is anticipated to witness the faster growth at a CAGR of 9.18%. The expansion of the full-hybrid market can be ascribed to ongoing technological advancements that have improved fuel economy and decreased emissions.
On the basis of powertrain type, market is segmented among parallel hybrid, series-parallel hybrid, and series hybrid. Owing to the rising use of regenerative braking technology, this market is probably going to expand. When the brakes are applied, regenerative braking technology recovers the energy needed to recharge the battery. It lessens the need for external power infrastructure and as a result, the regenerative braking system is the most widely employed technology in hybrid automobiles. The market for parallel hybrids will increase due to the utilisation of the regenerative braking system and the lower cost of micro and mild hybrids compared to PHEVs.
Browse 188 market data Figures spread through 110 Pages and an in-depth TOC on “Global Hybrid Electric Vehicle Market” – https://www.techsciresearch.com/report/hybrid-electric-vehicle-market/12952.html
By region, the market is distributed into Asia-Pacific, Europe, North America, South America, Middle East & Africa. With China accounting for the largest market share in 2021, APAC is predicted to have the quickest rate of growth for the hybrid car industry. The rising sales of hybrid automobiles in Japan, China, and South Korea are responsible for the market expansion in the area. Major participants in the market for hybrid vehicles, including Toyota Motor Corporation, Honda Motor Co., Ltd., Nissan Motor Co., are all based in the Asia-Pacific region. Worldwide sales of hybrid vehicles are dominated by Toyota Motor Corporation. Thus, the extensive use of hybrid car technology in China and Japan is expected to propel the demand for hybrid electric vehicles in APAC region. China is expected to register a CAGR of 7.75% and will help boost the market during the forecast period.
Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of hybrid electric vehicles fell at the end of first and beginning of second quarter in most of the countries in 2021. Nevertheless, in most of the regions across the globe, the market recovered substantially at the end of second quarter and almost completely by the third quarter. Hence, giving positive outlook to the market forecast for the year 2022.
Toyota Motor Corporation company holds the largest share in the global hybrid electric, electric vehicle followed by Volkswagen AG, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Groupe Renault, BMW AG, Suzuki Motor Corporation, Wuling Motors Holdings Limited, AB Volvo, and The General Motors Company.
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Toyota Motor Corporation dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for hybrid electric vehicles is expected to increase globally in the coming years, on account of increased adaption of green energy technology, which is expected to drive market growth”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Hybrid Electric Vehicle By Hybridization Type (MHEV, FHEV), By Vehicle Type (PC, LCV, M&HCV), By Powertrain (Parallel Hybrid, Series-Parallel Hybrid, Series Hybrid), By Propulsion (Diesel Hybrid, Petrol Hybrid), By Region, Competition, Forecast & Opportunities, 2017-2027F” has evaluated the future growth potential of global hybrid electric vehicle market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Hybrid Electric Vehicle Market.
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