Hybrid Vehicle Market is anticipated to record a CAGR of 5.78% during the forecast period| Major Players – Toyota, Nissan, Honda, Hyundai, KIA, Suzuki, Mercedes-Benz, Volvo, Volkswagen Group, amongst others

Market Analysis:

Stringent emission norms, government incentives for the use of hybrid vehicles, and concern for fuel efficiency, are the factors driving the global hybrid vehicle market. In 2017, Hybrid Electric Vehicles (HEV) holds the largest market share followed by Plug-In Hybrid Electric Vehicles (PHEV).

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The most commonly used hybrid vehicles are equipped with batteries of higher charge storage capacities through which they help in an extended drive distance, which is further complimented by regenerative braking. With technological innovations, lithium-ion batteries emerged as a combo-addition to the traditional battery, supporting the lead-acid battery to hold the charge for a longer time. The benefits of micro-hybrid vehicle over pure ICE vehicles, such as, lower operating cost with 5-15% less fuel expenditure. Furthermore, micro-hybridization has become one of the cheapest and easiest solutions for increasing fuel efficiency of a passenger car. These factors help to drive emerging countries in the adoption of micro-hybrid vehicles as fuel-efficient vehicles during the forecast period.

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Market Segments:
Hybrid Vehicle Market is segmented by:
1. Machinery Type: Micro-Hybrid, Mild- Hybrid, Full-Hybrid, Plug-in Hybrid
2. Vehicle Type: Passenger Cars, Commercial Vehicles
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market:
• November 2017: Ford launched its first new plug-in hybrid vehicle for police and government customers in US; with 76 kwh lithium ion battery that propels the new sedan plug-in hybrid vehicle to cover 21 miles on a single charge.
• September 2017: Few incentives are introduced in Dubai jointly by Dubai Electricity and Water Authority (DEWA), and the Road and Transport Authority (RTA), to encourage the public to use electric and hybrid vehicles in the country.

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