Hybrid Electric Vehicles Market by Power Source - Stored Electricity, On Board Electric Generator; Powertrain - Series Hybrid, Parallel Hybrid, Combined Hybrid; Vehicle Type - Passenger Cars, Commercial Vehicles, Two Wheelers, Others (Golf Cart etc.) - Gl
Leading market players are also focusing on improving performance and efficiency of cooling electronics in hybrid electric vehicles, as hybrid electric vehicles employ both electric motor and turbo diesel engine. High energy density and low-discharge rates make Li-ion batteries suitable for hybrid electric vehicles. However, low temperature reduces the energy of the battery, hence manufacturers are focusing on increasing capacity of Li-ion batteries in cold temperatures.
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According to the latest report by Fact.MR, the global hybrid electric vehicles market is anticipated to witness robust growth, registering 13.8% CAGR during the forecast period, 2017-2022. Reduced fuel costs, stringent emission policies, high resale value are some of the factors driving the demand for hybrid electric vehicles across the globe. Manufacturers are also working on delivering lightweight and innovative vehicles to meet changing preferences of customers. Following insights show how the global hybrid electric vehicles market will perform in the next five years.
5 Forecast Highlights on Global Hybrid Electric Vehicles Market
Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global hybrid electric vehicles market. APEJ hybrid electric vehicles market is projected to bring in nearly US$ 16,800 million revenues by the end of 2022.
North America hybrid electric vehicles market is also expected to experience impressive growth during 2017-2022. Owing to the government focusing on pollution reduction, zero-emission vehicles are increasingly being promoted, hence, North America is witnessing the growth in adoption of hybrid electric vehicles. Moreover, manufacturers are also introducing cost-effective and lightweight vehicles.
Stored electricity is expected to be the largest power source for hybrid electric vehicles. Towards the end of 2022, stored electricity is estimated to reach nearly US$ 33,600 million revenues. Meanwhile, the on board electric generator is also expected to witness significant growth during the forecast period, 2017-2022.
Parallel hybrid powertrain system is estimated to account for nearly three-fourth of the revenue share by the end of 2017. The parallel hybrid powertrain system is projected to create an incremental opportunity of over US$ 16,600 million between 2017 and 2022.
Compared to commercial hybrid electric vehicles, passenger hybrid electric cars are expected to witness robust growth. By the end of 2022, passenger hybrid electric cars are estimated to surpass US$ 25,200 million revenue. Whereas, commercial hybrid electric vehicles are projected to account for nearly one-third of the revenue share on global revenues by 2017 end.
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The report has also profiled leading players in the global market for hybrid electric vehicles, which will remain active through 2022. These include companies such as Nissan Motor Corporation, Limited, Bayerische Motoren Werke AG, Honda Motor Company, Limited, Toyota Motor Corporation, Volkswagen AG, Tesla Motors, Inc., Mitsubishi Heavy Industries Ltd, Renault SA, Ford Motor Company, Daimler AG, and General Motors.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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