The hybrid vehicle is founded on a technology that allows the integration of two or more power sources; one is a combustion engine and the other is an electric generator. This is a move to assist people in gradually shifting from the cars powered by fossil fuel to car powered by electricity. Switching from one mode of energy to other at the right time is known to be an efficiency provider as the engine reaches the optimum level of functionality. The global hybrid vehicle market is expected to rise with an impressive CAGR of 9% during the forecast period (2017-2023).
Market Research Future (MRFR) in their report declared growing eco-awareness as an important market factor, along with demand for curbing cost of the fuel. Governments in many regions are providing subsidies to encourage people in taking up these models. Leading automakers have also hiked their investment to boost the regional market.
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The global hybrid vehicle market can be segmented by electric powertrain, propulsion, component type, hybridization, and vehicle type for a better understanding of the market. This allows MRFR in gaining insights to have a better predictive model of the market in the coming years.
Based on the electric powertrain, the hybrid vehicle market can be segmented into parallel hybrid and series hybrid. Smaller and efficient engines have provided series hybrid cars with an ability to easily operate in urban and semi-urban regions owing to which its market dominance is quite impactful.
Based on the propulsion, the hybrid vehicle market includes hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and natural gas vehicle (NGV). The PHEV models are gaining prominence for their better miles per gallon measurement and cost-affordability.
Based on the component type, the hybrid vehicle market comprises electric motor, transmission, and battery.
Based on the hybridization, the hybrid vehicle market includes micro hybrid, mild hybrid, and full hybrid vehicle. The full hybrid segment has the widest expansion with the highest sales record.
Based on the vehicle type, the hybrid vehicle market consists passenger car and commercial car. The passenger car segment is quite happening as growing concern regarding eco-friendly productions have led to the easy acceptance of such cars among clients. At the same time, major car makers are increasing their investment for the sector which can inspire easy growth.
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are the four regions that have been included in the study of the hybrid vehicle market. MRFR, in their study, emphasized on finding out various growth opportunities across the globe as per the revelations made by region-specific figures.
The APAC region is expected to ensure their dominance during the forecast period with their extraordinary growth rate. China is providing much traction to the global market. The region has adopted this technology to get rid off the pollution which has riddled the country. Europe is also expected to gain substantial growth during the forecast period. Stringent eco-friendly laws are expected to make the case strong for the incorporation of hybrid vehicles, ensuring a smoother movement ahead.
Companies impacting the global hybrid vehicle market are Toyota Motor Corporation (Japan), The Ford Motor Company (U.S.), AB Volvo (Sweden), Continental AG (Germany) and ZF Friedrichshafen AG (Germany). Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.) and Allison Transmission (U.S.). MRFR in their latest report has made profiles of these companies based on their strategic decisions that include merger, acquisition, product launch, and other moves.
In 2019, Ferrari launched their new hybrid car SF90 Stradale with their first model to include plug-in technology. The vehicle comes with 769 horsepower and can switch from 0 to 62mph in just 2.5 seconds with a top speed of 211 mph. The car also boasts the presence of 3 additional electric motors that contributes extra 217 horsepower.
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