DUBLIN--(BUSINESS WIRE)--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 kinetic energy is being used in the regenerative braking system of the hybrid electric vehicle. The driving vehicle converts its energy into electric energy, which is stored in the batteries. Hybrid electric vehicles also offer dual power, which can originate from the engine, the motor, or both, depending on how the vehicle is constructed. 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.
The global spread of the COVID-19 pandemic has caused public health and economic challenges. Due to full and partial lockdowns enforced across several nations to reduce the risk of coronavirus transmission, most vehicle manufacturers were obliged to cease manufacturing for a few months, directly hybrid sales worldwide. According to published data from the World Bank, global GDP plummeted by 3.3% in 2020, impacting worldwide economies.
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.
Market Segmentation
The hybrid electric vehicle market is segmented based on engine type, hybridization type, vehicle type, powertrain type, propulsion type, and region. On the basis of hybridization type, the market is segmented into MHEV and FHEV.
Based on vehicle type, the market is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. On the basis of powertrain, the market is segmented into series-parallel hybrid, parallel hybrid, series-parallel hybrid. On the basis of propulsion type, market is bifurcated into diesel and petrol.
The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific, Europe, Americas, and the Middle East and Africa. In terms of country, the United States hybrid electric vehicle market is forecast to reach around USD 43.25 billion in 2027 from USD 26.83 billion in 2021 at a CAGR of 8.88%.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global hybrid electric vehicle market.
- 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
Report Scope:
Global Hybrid Electric Vehicle Market, By Hybridization Type:
- MHEV
- FHEV
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
For more information about this report visit https://www.researchandmarkets.com/r/ipyhl3
