Press release
Hybrid Truck Market 2024 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2033
Hybrid Truck Market
Hybrid Truck Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $31.1 billion In 2028 At A CAGR Of 7.0% :
The hybrid truck market size has grown strongly in recent years. It will grow from $22.18 billion in 2023 to $23.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to fuel efficiency requirements, environmental regulations, cost savings and operational efficiency, government incentives and subsidies, rise in awareness of carbon footprint..
The hybrid truck market size is expected to see strong growth in the next few years. It will grow to $31.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to advancements in battery technology, expansion of green logistics, global transition to sustainable transport, stringent emission standards, economic and regulatory support.. Major trends in the forecast period include expansion of autonomous and semi-autonomous features, emphasis on aerodynamic design for fuel economy, introduction of regenerative braking systems, focus on last-mile delivery solutions, implementation of predictive maintenance technologies..
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Hybrid Truck Market Major Segments
The hybrid truck market market covered in this report is segmented -
1) By Technology Type: Parallel Hybrid, Series Hybrid, Series-Parallel Hybrid, Plug-In-Hybrid
2) By Vehicle Type: Light Duty Truck, Heavy Duty Truck
3) By Application: Construction, Pick Up And Delivery Vehicle
Key Driver - Government Regulations Fuel Growth In The Hybrid Truck Market
A surge in government regulations and policies against diesel and gasoline-powered vehicles is expected to propel the growth of the hybrid truck market. Emerging government regulations for the emission of greenhouse gases and pollution control policies are encouraging truck manufacturers to develop vehicles with alternate fuel-powered consumption vehicles. These government regulations and policies are helping the hybrid truck market expansion. For Instance, in December 2021, the Environmental Protection Agency (EPA), a US-based organization responsible for protecting the environment, approved federal greenhouse gas (GHG) emissions standards for Model Years (MY) 2023 through 2026 for cars and light trucks. The final regulations will reduce pollution, enhance public health, and cost-effectively fuel drivers, resulting in net benefits to Americans of $190 billion. Therefore, the surge in government regulations and policies against diesel and gasoline-powered vehicles is driving the growth of the hybrid truck market.
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Prominent Trend - Technological Advancements Enhance Hybrid Truck Market Growth
Technological advancement is a key trend in the hybrid truck market. Major companies operating in the market are developing advanced technology engines and motors, such as zero-emission hybrid powertrain technology, to sustain their position in the market. For instance, in May 2022, US Hybrid, a USA-based company that manufactures power conversion systems, launched near-zero-emission natural gas-powered parallel hybrid powertrain technology for drayage and long-haul trucks. This new technology delivers more power, consumes less fuel, increases efficiency, and has near-zero emissions. This advanced technology will provide near-zero-emission roadside charging assistance to standard long-haul fleet operators, providing versatility and convenience to fleet customers.
Hybrid Truck Market Players
Major companies operating in the hybrid truck market market report are Aktiebolaget Volvo, Daimler Truck Holding AG, Nissan Motor Co., BYD Auto Industry Company Limited, DAF NV. , Dongfeng Motor Corporation Ltd., Hino Motors Ltd., Chevrolet, Nikola Corporation, Toyota Motor Corporation, Ford Motor Company, Mitsubishi Motors Corporation, Liebherr, General Motors, Fiat Chrysler Automobiles, Peterbilt, Freightliner, Isuzu Motors Limited, Industrial Vehicles Corporation, Foton Motor, Ashok Leyland, Tata Motors Limited, Navistar International Corporation, Hyliion, Dongfeng Motor Corporation, First Automobile Works, Shanghai Automotive Industry Corporation, Eicher Motors, Volkswagen Truck & Bus GmbH (Scania), Stellantis
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Largest And Fastest Growing Region In The Market
North America was the largest region in the hybrid truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hybrid truck market during the forecast period. The regions covered in the hybrid truck market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hybrid Truck Market Report Structure
3. Hybrid Truck Market Trends And Strategies
4. Hybrid Truck Market - Macro Economic Scenario
5. Hybrid Truck Market Size And Growth
…..
27. Hybrid Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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