DUBLIN, Feb. 15, 2023 /PRNewswire/ — The “Global Hybrid Electric Vehicle Market By Hybridization Type, By Vehicle Type, By Powertrain, By Propulsion, By Region, Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
The hybrid electric vehicle market stood around USD 290.63 billion in 2021 and is estimated to reach USD 523.74 billion in 2027, registering a CAGR of 10.60%. An increase in technological development and an upsurge in electrification of vehicles are driving the growth of the global hybrid electric vehicle market during the forecast period.
The hybrid car is cost-effective since it works on a twin-powered engine that reduces fuel consumption and saves energy. Hybrid cars are more affordable as they are supported by government tax credits and incentives. Hybrid electric vehicles are designed light weight as compared to ICE vehicles, therefore, they use less energy. When the vehicle is idle or standing, the engine automatically shuts off and begins when the accelerator is pressed. So, more and more individuals are transitioning to hybrid cars as well and the resale value provided by hybrid electric vehicles is also very good.
Technological Improvement in Hybrid Electric Vehicles
Due to high research expenses and concerns about general acceptance of electric vehicles, the concept was largely ignored for many years. Hybrid car demand has increased in recent years as a result of advancements in technology and the rapid growth of lithium-ion batteries. Hybrid electric vehicles technology has shown potential benefits in terms of fuel efficiency, with hybrid buses cutting fuel usage by 20-30%. The Hybrid Propulsion Program of the US Department of Energy was established in 1993 to speed up the technological development of hybrid cars. Also, the insufficient supply and rising price of gasoline is a crucial factor in the development of the technology.
Government Initiatives
Government in the United States and in different European nations are focusing on reducing emission constraints in order to reduce greenhouse gas emissions, as well as improving car fuel efficiency. The US Department of Transportation, has set CAFE (Corporate Average Fuel Economy) requirements for cars. The United Kingdom committed to a net-zero emissions target by 2050 and recommended a ban on all polluting vehicle sales by 2035. In contrast to 1990 levels, Germany wants to reduce greenhouse gas emissions by 40% by the end of 2020, 55% by the end of 2030, and up to 95% by the end of 2050, sustaining market growth.
Increased Price of the Vehicles
Compared to gasoline powertrain vehicles, the retail prices of hybrid electric vehicles in the countries are relatively high. Thi is due to high dependence on gasoline vehicles in the automotive ecosystem, from two- and four-wheelers to commercial vehicles.. The cost of hybrid electric vehicles has increased as a result of lithium-ion battery technology being used in new automobiles that need dual powertrain technology.
Recent Developments
Nissan announced in March 2021 that it was developing a mild-hybrid GT-R variant to be launched by the end of 2022. This GT-R would be equipped with a 48-volt mild hybrid system, which would most likely be partnered with the current GT-3.8-litre R’s twin-turbocharged V6 engine. GT-R R36 is rumored to be the codename.
Mercedes-Benz introduced its two diesel mild hybrid vehicles, the GLE and GLE Coupe, in October 2021. They have a four-cylinder diesel engine (OM 654 M) with an integrated second-generation starter-generator (ISG) that produces 200 kW/272 horsepower. A second-generation integrated starter-generator is included in the modern OM 654 M engine (ISG). A 48-volt electrical system is included in the ISG.
Report Scope:
In this report, global hybrid electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Hybrid Electric Vehicle Market, By Hybridization Type:
Global Hybrid Electric Vehicle Market, By Vehicle Type:
PC
LCV
M&HCV
Global Hybrid Electric Vehicle Market, By Powertrain:
Parallel Hybrid
Series-Parallel Hybrid
Series Hybrid
Global Hybrid Electric Vehicle Market, By Propulsion:
Petrol Hybrid
Diesel Hybrid
Global Hybrid Electric Vehicle Market, By Region:
APAC
China
Japan
South Korea
India
Australia
Europe
Germany
Italy
United Kingdom
France
Spain
Netherland
Sweden
Norway
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Colombia
Middle East and Africa
UAE
Saudi Arabia
South Africa
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Hybrid Electric Vehicle Market
5. Voice of Customers
6. Global Hybrid Electric Vehicle Market Outlook
7. Asia-Pacific Hybrid Electric Vehicle Market Outlook
8. Europe Hybrid Electric Vehicle Market Outlook
9. North America Hybrid Electric Vehicle Market Outlook
10. South America Hybrid Electric Vehicle Market Outlook
11. Middle East & Africa Hybrid Electric Vehicle Market Outlook
12. Market Dynamics
13. Market Trends and Developments
14. Competitive Landscape
15. Strategic Recommendations
A selection of companies mentioned in this report includes
Toyota Motor Corporation
Volkswagen AG
Honda Motor Co., Ltd.
Nissan Motor Co., Ltd.
Groupe Renault
BMW AG
Suzuki Motor Corporation
Wuling Motors Holdings Limited
AB Volvo
The General Motors Company
For more information about this report visit https://www.researchandmarkets.com/r/p27qzh-hybrid?w=5
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