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(USGovernment-News.Com, November 02, 2020 ) The overall Hybrid Vehicle Market, by volume, is estimated to be 4,169 thousand units in 2018 and is projected to grow at a CAGR of 8.94% from 2018 to 2025, to reach 7,593 thousand units by 2025.
The demand for hybrid vehicle market is rising due to stringent emission regulation standards and the growing demand for low or zero-emission vehicles. Furthermore, governments of various countries provide purchase grants and tax rebates for hybrid vehicles, including HEVs and PHEVs.
Technology Overview:
1. Micro-Hybrid
2. Mild Hybrid
3. 48V Li-Ion Battery of Mild Hybrid Technology Roadmap
4. Full Hybrid
5. Plug-in Hybrid
6. Higher benefits of mild hybrid vehicles such as low cost, high fuel efficiency and less emission to drive the segment growth
7. Governments in China and Japan are offering incentives and tax rebate on the purchase of mild hybrids
8. Similarly, full hybrids offer robust fuel efficiency and reduced emission due to continual technology upgrade
Delphi (UK), Continental (Germany), BorgWarner (US), ZF (Germany), and Schaeffler (Germany), Toyota (Japan), Ford (US), Volvo (Sweden), Continental (Germany), Honda (Japan), Hyundai (South Korea), Daimler (Germany), Allison Transmission (US), and Nissan (Japan).
By degree of hybridization, the full hybrid segment is estimated to hold the largest share of the hybrid vehicle market.
The full hybrid segment is estimated to hold the largest market share by volume during the forecast period. The market for the mild-hybrid sector is projected to grow at the highest CAGR during the forecast period. The growth of the full hybrid segment can be attributed to improving fuel efficiency and reduced emission due to continuous technology upgrades.
By electric powertrain type, the parallel hybrid segment is estimated to hold the largest share of the hybrid vehicle market during the forecast period.
The hybrid vehicle market has been segmented by electric powertrain type into parallel and series hybrid. The parallel hybrid segment is estimated to hold the largest market share by volume during the forecast period. This market is likely to grow due 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.
APAC is estimated to be the fastest-growing market for the hybrid vehicle market.
APAC is estimated to be the fastest-growing region for the hybrid vehicle market, with Japan accounting for the largest market share in 2018. 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. 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.
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