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Hybrid Electric Car Market Growth, Revenue, Opportunity, Forecast and Value Chain 2018 – 2023
Falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of hybrid electric car market globally.
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Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.
Full hybrid electric vehicles (HEVs) dominated the hybrid electric car market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs. Other factors contributing to the increasing demand for mild hybrid cars are easy mechanical integration of components and powertrains, electric power steering, electric turbocharger/supercharger, and electric air conditioning, at a low cost.
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The penetration of the hybrid electric car market in emerging economies, such as China, India, Indonesia, Brazil, and South Korea, is in the formative stage. However, there is a high scope for the market growth in developing countries, owing to stringent emission norms, high gasoline prices, and high demand for passenger cars in these regions. Many automakers are planning to enter these markets with their new and existing hybrid car models. For instance, Maruti Suzuki plans to launch several hybrid cars in India by 2020.
The abovementioned factors are anticipated to provide potential growth opportunities to the hybrid electric car market in the forecast period.
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Hybrid Electric Car Market - Competitive Landscape
Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.
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