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(USGovernment-News.Com, July 19, 2019 ) The Hybrid Vehicle Market is estimated to be 3,687 thousand units in 2017 and is projected to reach 7,593 Thousand Units by 2025, at a CAGR of 8.94% during the forecast period.
The market is primarily driven by the benefits offered by hybrid vehicles, such as better fuel efficiency, increased driving range, and low emission. Rising demand for mid- and large-sized PHEV and NGV cars, government initiatives pertaining to hybrid vehicles are likely to further boost the global market.
The ecosystem of the hybrid vehicle market consists of hybrid vehicles technology manufacturers such as Delphi (UK), Continental (Germany), BorgWarner (US), ZF (Germany), and Schaeffler (Germany). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).
The parallel hybrid is estimated to be the largest and fastest-growing market, in terms of volume, in this market, by electric powertrain type. The market for parallel hybrids is likely to grow due to the increased use of regenerative braking technology. 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.
The HEV segment, by propulsion type, is estimated to hold the largest market share in 2018. However, the PHEV segment is estimated to be the fastest-growing during the forecast period because of the increasing adoption of mid- and large-sized vehicles and the development of electric infrastructure.
The passenger car segment is estimated to hold the largest market share, in terms of volume, for the global market, by vehicle type, during the forecast period. But, the commercial vehicle segment is estimated to be the fastest-growing market owing to the ease of application of hybrid vehicle technology in the commercial vehicle, increased driving range, fuel efficiency, and high focus of OEMs to reduce emissions from commercial vehicles.
The full hybrid segment is estimated to hold the largest market share, by volume, for the hybrid vehicles, by the degree of hybridization, during the forecast period. But the fastest growth can be seen in the mild-hybrid segment. The growth of the full hybrid segment can be attributed to improving fuel efficiency and reduced emission due to a continuous technology upgrade.
The Asia Pacific is estimated to be the largest market for hybrid vehicles during the forecast period, followed by Europe and North America. The market growth in the region can be attributed to the increased sales of hybrid vehicles in Japan, China, and South Korea. Also, the Asia Pacific region is home to major players in the hybrid vehicles market, such as Toyota, Honda, Nissan, Kia, BYD, and Hyundai. Japan is the largest market in the hybrid vehicle segment worldwide.
Critical Questions:
*Where will all the government mandates take the industry in the mid to long term? *What will be the future of natural gas vehicles? *Which geographical markets have lower penetration of hybrid vehicle *where there is good growth potential?
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