Impact of COVID-19 on Hybrid System in Automotive Market Advances as Top Players Introduce New Technologies

Market Scope
Market Research Future (MRFR) expects the hybrid system in automotive market 2020 to expand to a size of USD 256 billion by 2023. MRFR also anticipates the global market to achieve a CAGR of 5.98% between 2017 and 2023 (assessment period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.

Top Drivers and Key Restraints
The hybrid system in automotive market is being positively influenced by the strict regulations pertaining to carbon emissions, surging sales of electric vehicles, and the surge in fuel prices. The rising preference for electric vehicles is leading to higher deployment of hybrid systems in vehicles, which could mean great success for the global market.
Governments across countries are striving to promote the use of electric vehicles, to bring a decline in emissions and ensure environment protection. The governments in India, Indonesia, Brazil, Singapore and the MEA region are planning to spend more in the EV industry and draw in more electric vehicles manufacturers for setting up their manufacturing facilities in these countries. Companies like Mahindra & Mahindra, Tesla Motors, Tata Motors, Hyundai, Fiat and others are some of the market leaders in terms of electric vehicles, who are adopting various measures to boost their profits as well as their position in the hybrid system in automotive market.
For instance, in June 2020, reports confirm that Fiat Chrysler is adding to hybrid plug-in cars’ ability to automatically transform to electric-only mode while entering crowded city locations. The company is attempting to optimize the environmental advantages of Fiat Chrysler across Europe.
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Segmental Review
The Hybrid System in Automotive industry can be segmented in terms of type, component, battery type and electric vehicle type.
The various system types considered in the study are regenerative braking, start-stop, EV drive, and more. Between these, the market can be dominated by the regenerative braking segment in the years ahead owing to this type’s ability to bring down the fuel consumption and boost the efficiency of the vehicle by 10-25%.
The component-based categories include DC/DC converter, battery, eMotor and DC/AC inverter. The battery category is presumed to lead the global industry during the review timeline, since batteries are critical components in electric vehicles. Battery helps store the power that drives the electric vehicle, which can induce growth of hybrid systems in the future.
The primary battery types in the report are lead acid, Li-Ion, and more. The fastest advancing segment in the worldwide market can be Li-ion battery in the ensuing years.

Regional Insight
The hybrid system in automotive market has been regional considered for APAC or Asia Pacific, North America, Europe, as well as RoW/Rest of the World.
Asia Pacific is presently the global market leader, with Europe and North America securing the second and third spots, respectively. The hybrid system market in APAC has been thriving backed by the escalating sales of hybrid and electric vehicles along with sharp rise in fuel prices. China is evaluated as the highest revenue generating market in the region, having manufactured close to 40% of the global electric vehicle sale in 2016. Taking the lead from the U.S., China is currently the most lucrative market for hybrid systems in electric vehicles, given the rising concerns related to environment and the growing popularity of li-ion batteries in the country’s automotive industry.

Key Industry Contenders
Key industry contenders are GKN plc. (U.S.), BorgWarner Inc. (U.S.), Magtec (U.K), Aisin Seiki Co., Ltd. (Japan), American Axle & Manufacturing, Inc. (U.S.), Parker Hannifin Corp (U.S.), AxleTech International SAS (U.S.), Dana Holding Corporation (U.S.), AVTEC LTD (India), Visedo (Finland), Magna International Inc. (Canada), Punch Powertrain Nv (Belgium), TM4 (Canada), JTEKT Corporation (Japan), Delphi Automotive LLP (U.K), to name a few.
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