Hybrid Electric Car Market Development, Growth, and Demand Forecast, 2013-2023

The strict government regulations on the emission of carbon dioxide (CO2) from vehicles and the fall in battery prices are some of the reasons behind the growth of the hybrid electric car market. In 2017, the market generated a revenue of $57,164.8 million, and it is expected to attain a size of $1,38,023.3 million by 2023, progressing at a 16.7% CAGR during the forecast period (2018-2023). Hybrid electric cars use an internal combustion engine (ICE) with a battery, which is charged by converting the kinetic energy produced during braking into electric energy.

On the basis of hybridization, the hybrid electric car market is bifurcated into full and mild. Of these, in 2017 the full bifurcation held a larger revenue share of more than 85.0% in the market, and it is predicted to dominate it during the 2018-2023 period as well. However, mild hybrid cars are predicted to grow faster in the market during the forecast period, especially in developing nations, such as India and China. This growth can be due to the low cost of mild hybrid cars compared to full hybrid variants.

Further the mechanical integration of components and powertrains and properties, such as electric turbocharger, power steering, and air conditioning, at a low cost is easier in mild hybrid cars. A full hybrid car is nearly $2,500-$3,500 costlier than a similar conventional car. Even though a full hybrid car is more fuel-efficient than the mild one, the latter provides a better cost-to-benefit ratio due to its comparatively low upfront cost. Furthermore, the cost-efficient aspect for customers and the time-saving aspect for producers are boosting the growth of the hybrid electric car market.

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Furthermore, several initiatives are being taken by the European Commission to ensure a cleaner and greener environment. For instance, it targets to lower CO2 emissions by 20.0% by 2020 from the levels registered in 2008. Similarly, various nations have proposed motor vehicle carbon emission or fuel efficiency policies. The increasing concern in the light of CO2 emissions around the globe is wiping out conventional vehicles. These strict emission policies would ultimately raise the price of traditional cars and impel customers and automobile organizations to adopt low-emission hybrid electric vehicles (HEVs).

Geographically, the Asia-Pacific region led the hybrid electric car market in the historical period (2013-2017), wherein it made a revenue contribution of more than 57.0%, and it is expected to maintain its lead in the market till 2021. This is attributed to the rising government incentives, increasing environmental awareness among customers, and strict emission policies in various countries, including Japan, which is a hub for giant hybrid electric vehicle makers, such as Honda, Toyota, Nissan, and Mitsubishi.

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Various nations are offering support, such as high-occupancy vehicle lane and emission inspection exemption, to owners of hybrid cars. Further, the electric car battery cost reduced from $1000/kWh to $227/kWh during 2010-2016. During the forecast period, the prices of lithium ion (Li-ion) batteries are predicted to witness a greater fall compared to nickel-metal hydride (NiMH) batteries. As per industry experts, the cost of Li-ion batteries is expected to drop below $120/kWh by 2020, which, in turn, would boost the hybrid electric car market as the price of battery often decides the electric car cost.

Thus, stringent government regulations and a drop in the battery prices are predicted to augment the market growth during 2018-2023.

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This release was published on openPR.