Global Hybrid Vehicle Market was 3,401 Thousands Units in 2017 and is expected to reach 8,781 Thousands Units by 2026 at a CAGR of about 12.59% during a forecast.Global Hybrid Vehicle Market is segmented into by type, by vehicle type, by component and by region. Based on type, Hybrid Vehicle Market is classified into ICE Range Extender, Fuel Cell Range Extender & Others. In vehicle type are parted into Passenger Vehicle & Commercial Vehicle. In component are segmented into Battery Pack, Generator, Power Converter & Electric Motor. Geographically into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Global industry Analysis and forecast 2018-2026.
Driving factors of hybrid vehicle market are rapid decrease in oil reserves and less emissions. Hybrid vehicles use conventional as well as alternative fuels as sources of power along with electric drives, increase in demand for fuel-efficient vehicles, government initiatives such as investment in electric and hybrid buses for public transit, longer driving range than other electric vehicles and increased concerns about the pollution will boost the demand hybrid vehicle market.
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High initial cost of infrastructure and increasing cost of fuel can hamper the growth of hybrid vehicle market.
In terms of Type, Parallel hybrid segment is projected to grow at fastest during the forecast period. As the engine is connected to the wheels via mechanical coupling, it makes this type hybrid quite efficient on the highway and parallel hybrid vehicle only needs two propulsion devices â€“ engine and electric motor, which makes the system very compact. While parallel hybrid electric motor and battery are larger, decreasing emissions and increasing fuel economy will create more opportunity in hybrid vehicle market.
In terms of Vehicle type, Passenger Vehicle segment shares the largest market during the forecast period. Increase in production of passenger vehicle across the globe, improved lifestyle and tax rebates, decline in bank interest rate, rapid urbanization, rising safety concern and Government initiatives and developing economies are offering several incentives. Incentives on the purchase of a hybrid vehicle are expected to drive more market penetration in hybrid vehicle market.
Among region, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Emerging economics, countries in the region are focusing on deploying a large fleet of low-emission vehicles in coming years, strong presence of manufacturers, rapid changes in regulations to make transportation more advancing on the technology front and ever increasing population will have more demand in hybrid vehicle market. For Instance China’s automobile industry has been the largest in the world in terms of automobile unit production since 2008.
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Daimler AG, Zero Motorcycles, Inc., Volkswagen AG, Continental, Delphi, Volvo, Nissan Motor corporation, Mitsubishi Motors Corporation, Nikola Motor Company, Tata Motors, Suzuki Motor Corporation, Renault, PSA Peugeot Citroen, Polaris Industries, Inc., Scania, Toyota Motor Corporation, Tesla Motors, AUDI AG, BMW Group, General Motors, Ford Motor Company, Honda Motor Co., Ltd. and BYD Company Limited.