Global Hybrid Electric Vehicles Market: Key Insights and Opportunities Expected to Grow until 2022
The global hybrid electric vehicle market is expected to experience strong growth, reaching US$ 42,103.9 million revenue
[USPRwire, Wed Dec 12 2018] Hybrid electric vehicles combine conventional Internal Combustion Engine (ICE) system with an electric propulsion system. Hybrid electric vehicles are being equipped with various features such as modern powertrain systems, real-time information on battery level, navigation system, etc. Manufacturers are also focusing on increasing the speed of hybrid electric vehicles. They are also trying to reduce the cost of maintenance and upgrades. Hybrid electric vehicle manufacturers are also integrating remote monitoring systems to navigate heavy traffic and to assess energy consumption and cost. This FactMR report discusses key prospects for growth of global Hybrid Electric Vehicles Market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies.
The scope of the report is to analyze the global hybrid electric vehicles market for the period 2017-2022 and give readers an accurate, unbiased analysis. Hybrid electric vehicles manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
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Hybrid electric vehicles combine electric propulsion system with Internal Combustion Engine (ICE) system. These vehicles consist electric powertrain that offers better fuel economy and performance than conventional vehicles. Hybrid electric vehicles also use regenerative brakes for converting kinetic energy into electric energy. Moreover, there is no need to plug-in the batteries in hybrid electric vehicles to recharge as the batteries get recharged by regenerative braking.
Hybrid electric vehicle manufacturers are focusing on providing efficient and durable batteries, as hybrid electric vehicles need frequent charging as it loses its battery power in a very short time. Manufacturers are also adding new features to meet customer expectations. Stringent rules and regulations on vehicle emissions in various countries are also resulting into leading automobile manufacturers moving towards producing hybrid electric vehicles. Also, Li-ion batteries are being used on a large scale in hybrid electric vehicles as these batteries have very low self-discharge rate. However, hybrid electric vehicles still face some challenges such as costs, complex safety requirements, powertrain complexity, etc.
According to a study by FactMR, the global hybrid electric vehicle market is expected to experience strong growth, reaching US$ 42,103.9 million revenue. Manufacturers are working to increase the speed of hybrid electric vehicles. They are also focusing on offering lightweight vehicles and improve battery power. Moreover, increasing consumer preference for environmentally friendly and fuel-efficient vehicles are some of the factors driving the demand for hybrid electric vehicles.
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Compared to on-board electric generator as a power source for hybrid electric vehicles, stored electricity power source is expected to account for more than three-fourth of the revenue share by the end of 2017. Meanwhile, on-board electric generator will also experience impressive growth during 2017-2022.
Parallel hybrid powertrain system is expected to witness impressive growth during the forecast period. Towards the end of 2022, parallel hybrid powertrain system is projected to reach nearly US$ 32,700 million revenues. Meanwhile, series hybrid powertrain system will also experience strong growth during 2017-2022.
Passenger hybrid electric vehicles are expected to account for nearly three-fifth of the revenue share by the end of 2017. Towards the end of 2022, passenger hybrid electric vehicles are estimated to bring in nearly US$ 25, 300 million revenues. Commercial hybrid electric vehicles are also expected to create an incremental opportunity of more than US$ 4,400 million during 2017-2022.
The report also profiles companies that are expected to remain active in the expansion of global hybrid electric vehicles market through 2022, which include Bayerische Motoren Werke AG, Nissan Motor Corporation, Limited, Honda Motor Company, Limited, Volkswagen AG, Toyota Motor Corporation, Tesla Motors, Inc., Renault SA, Mitsubishi Heavy Industries Ltd, Ford Motor Company, General Motors, and Daimler AG.
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