The Global Hybrid Electric Vehicles Market Is Projected To Grow At Nearly 14% CAGR Through 2031

As per Fact.MR - market research and competitive intelligence provider, from 2016 to 2020, the global market for hybrid electric vehicles expanded at a CAGR worth 9% to reach a high valuation.

Hybrid electric vehicles come with a variety of benefits like reduced operational and maintenance costs and less pollution. With technological breakthroughs, the portfolio for electric vehicles is ever-expanding with many consumers in different regions preferring to go in for fully hybrid or mild hybrid vehicles.

Thus, considering these factors, the market for hybrid electric vehicles is projected to witness immense growth, registering nearly 14% CAGR through the 2021-2031 assessment period.

𝗖𝗹𝗶𝗰𝗸 𝗛𝗲𝗿𝗲 𝗧𝗼 𝗴𝗲𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗜𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝗙𝘂𝗹𝗹 𝗧𝗢𝗖, 𝗧𝗮𝗯𝗹𝗲 & 𝗙𝗶𝗴𝘂𝗿𝗲𝘀):
https://www.factmr.com/connectus/sample?flag=S&rep_id=270

𝗛𝗼𝘄 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗔𝗹𝗴𝗼𝗿𝗶𝘁𝗵𝗺𝗶𝗰 𝗧𝗿𝗲𝗻𝗱𝘀 𝗦𝘁𝗲𝗽𝗽𝗶𝗻𝗴 𝘂𝗽 𝗙𝘂𝗲𝗹 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝗶𝗻 𝗛𝘆𝗯𝗿𝗶𝗱 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗩𝗲𝗵𝗶𝗰𝗹𝗲𝘀?

Newer and smarter algorithms are all set to revolutionize the fuel efficiency of hybrid electric vehicles. Owing to these trends, hybrid electric vehicles will capture a large market share of around US$ 29 Bn in the year 2021.
Hybrid electric vehicles are largely dependent on an energy management system that helps them to maintain an equilibrium between the electric motor and the internal combustion engine. Many new universities are now pioneering algorithms to help achieve this objective.
Technical teams at several universities are developing highly nuanced algorithms that can calculate the energy consumption of a hybrid vehicle in a very optimal manner.
For instance, a team at the Technical University of Dresden developed a new algorithm that could calculate optimal energy use up to one hundred thousand times faster than systems in use today. According to researchers, this method could increase fuel efficiency by as much as 50%.
This would help to enhance fuel efficiency by at least 50% thus bolstering the demand for hybrid electric vehicles during the forecast period. Since these algorithms have been found to be highly complex, future research will focus on reducing the computational effort of these algorithms. This will improve drivability.

𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱

Power Source :
• Stored Electricity HEVs
• On-Board Electric Generator HEVs

Powertrain :
• Series Hybrid Electric Vehicles
• Parallel Hybrid Electric Vehicles
• Combined Hybrid Electric Vehicles
Vehicle :
• Hybrid Electric Passenger Cars
• Commercial Hybrid Electric Vehicles
• Hybrid Electric Two Wheelers
• Other HEVs (Golf Cart, etc.)

𝗛𝗼𝘄 𝗶𝘀 𝘁𝗵𝗲 𝗣𝗮𝘀𝘀𝗲𝗻𝗴𝗲𝗿 𝗖𝗮𝗿𝘀 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗶𝗻𝗴?

According to International Energy Agency (IEA), electric vehicles will make 40% of all passenger vehicles by 2040. The estimation may not be surprising as electric vehicle makers like Tesla have already made a foray into new areas that serve the urban transportation demands like taxis.
Most prominently, the hybrid vehicles market registers demand from vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles. Nearly 2/5th of total HEV sales will comprise of passenger cars.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗖𝗼𝘂𝗻𝘁𝗿𝘆 -https://www.factmr.com/connectus/sample?flag=RC&rep_id=270

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

The global hybrid electric vehicles market is highly competitive in nature. Amid the growing competition in the hybrid electric vehicles market, leading players are focusing on strengthening their market position and gaining traction in the competitive global market.
• In April 2021, Ford Motor Company launched Mustang Mach-E SUV which has comfortably outfitted interior, seamless technology, and impressive range. This model is home to one truly iconic design paired with luxurious materials and standard driver-assist technologies like Ford Co-Pilot360™ 2.0.
• In July 2021, TotalEnergies signed a contract with Bolloré Group for the acquisition of 'Blue Charge'. Upon the approval of the relevant authorities, TotalEnergies will manage and operate the largest electric vehicle charging network in Singapore, with more than 1,500 charge points installed in the city-state.
• This urban charging network represents around 85% of the charge points currently under operation in Singapore, access to electric vehicles owners as well as to the car sharing solution BlueSG.

Key Companies Profiled:
• Delphi
• Continental AG
• BorgWarner
• ZF and Schaeffler
• Toyota Motor Corporation
• Ford Motor Company
• Volvo Cars
• Honda Motor Company
• Hyundai Motor Company
• Daimler AG
• Allison Transmission
• Nissan Motor Company Ltd.

𝗥𝗲𝗽𝗼𝗿𝘁 𝗦𝘂𝗺𝗺𝗮𝗿𝘆

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of hybrid electric vehicles across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of hybrid electric vehicles during the forecast period. Price point comparison by region with global average price is also considered in the study.

𝗙𝗼𝗿 𝗠𝗼𝗿𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:

https://www.prnewswire.com/news-releases/medical-polymers-market-to-expand-by-2-5x-as-demand-for-home-healthcare-devices-skyrockets-301415351.html

https://www.prnewswire.com/news-releases/portable-generators-sales-to-grow-by1-8x-as-electrical-grids-fail-to-meet-the-growing-need-for-energy-factmr-301415267.html

https://www.prnewswire.com/news-releases/government-push-to-biofuel-production-will-enable-isoprenol-market-surpass-us-375-mn-by-2031-301425276.html

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This release was published on openPR.