Global Hybrid Vehicle Market, Industry Insights by Component, Electric Power Train Type, Propulsion Type, Degree of Hybridization – Forecast to 2025

Industry Insights by Component (Electric Motor, Battery, and Transmission), by Electric Power Train Type (Parallel and Series), by Propulsion Type (HEV, NGV and PHEV), by Degree of Hybridization (Micro, Full and Mild) and by Vehicle Type (Passenger Cars and Commercial Vehicles)

The global hybrid vehicle market is growing at a significant rate, due to mounting alarm about environmental pollution and promising government strategies and supports. Different propulsion type contributed to the hybrid vehicle market size. The market has witnessed high demand for PHEV segment in the coming years due to mounting acceptance of mid and large-sized vehicles and the improvement of electric setup.

On the basis of component, the hybrid vehicle market is subdivided into electric motor, battery, and transmission.

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On the basis of electric power train type, the market is subdivided into parallel hybrid and series hybrid. Of all the electric power train type, the parallel hybrid accounted the larger share and is expected to grow at the fastest rate in the market due to augmented usage of braking technology, high performance and less complex system.

On the basis of propulsion, the market is subdivided into hybrid electric vehicle (HEV), natural gas vehicle (NGV) and plug-in hybrid electric vehicle (PHEV). Among the all propulsion, the HEV segment accounted the largest share in the hybrid vehicle market. In addition, PHEV segment is expected to grow at the fastest rate in the market due to mounting acceptance of mid- and large-sized vehicles and the improvement of electric setup.

On the basis of degree of hybridization, the market is subdivided into micro hybrid, full hybrid and mild hybrid. Among the all degree of hybridization, the full hybrid segment accounted the largest share in the market due to decreased emission owing to constant technology advancement and refining fuel competence.

In addition, the commercial vehicle segment is expected to grow at a faster rate in the market due to benefits of commercial vehicle such as amplified driving range, easiness of application of hybrid vehicle technology, elevated emphasis of OEMs to decrease emissions and fuel efficacy.

High vehicle price and mounting demand for FCEVs and BEVs are the major challenges for the growth of hybrid vehicle market. In addition, inadequate setup and elevated development price are also hindering the growth of the market.

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Geographically, Asia-Pacific is the largest hybrid vehicle market as it is home to various key players. Amplified sale of hybrid vehicles in Japan, South Korea and China, changing lifestyle, improving disposable income, mounting alertness about the advantages of hybrid vehicle, higher fuel price and government support and grants are also up surging growth of the Asia-Pacific hybrid vehicle market.

Key players in the hybrid vehicle market are catering the demand by collaborating with small players and investing on technologically advanced hybrid vehicle across the globe. In March 2018, Toyota and Suzuki Motor Corporation have signed an agreement for the conjoint supply of hybrid and other vehicles among the two companies for the Indian market. Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental and Schaefler are the key players offering hybrid vehicle.

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