The hybrid system market is projected to grow at a CAGR of 10.79% during the forecast period and is projected to reach USD 40.99 Billion by 2022. Owing to the benefits offered by hybrid system, such as elimination of mechanical linkages, improved fuel efficiency and, thereby, decreased tail-pipe emissions, the demand for these systems is projected to grow in near future.
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The report "Hybrid System Market by System (Start-Stop, Regenerative Braking, EV Drive, eBoost), Component (Battery, DC/DC Converter, DC/AC Inverter, eMotor), Battery (Li-Ion, Lead Acid, NiMH), Vehicle (Mild Hybrid, HEV, PHEV, EV) - Global Forecast to 2022", The hybrid system market is projected to grow at a CAGR of 10.79% from 2017 to 2022, to reach a market size of USD 40.99 Billion by 2022. The market is primarily driven by the increasing demand for higher fuel efficiency, high voltage applications, and stringent emission regulations by governments that have forced the manufacturers to adopt the hybrid and electric vehicle technology.
Browse 138 Market Data Tables and 44 Figures spread through 213 Pages and in-depth TOC on "Hybrid System Market by System (Start-Stop, Regenerative Braking, EV Drive, eBoost), Component (Battery, DC/DC Converter, DC/AC Inverter, eMotor), Battery (Li-Ion, Lead Acid, NiMH), Vehicle (Mild Hybrid, HEV, PHEV, EV) - Global Forecast to 2022"
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HEVs estimated to showcase the largest demand for Hybrid Systems”
The HEV segment is estimated to hold the largest share of the hybrid system market.
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HEVs use hybrid systems such as start-stop, regenerative braking, and E-booster. The demand for the hybrid system in HEVs is influenced by the total HEV vehicle sales.
According to MarketsandMarkets analysis, the HEV vehicle sales are projected to grow from 1.8 million units in 2016 to 4.6 million units in 2022 and are expected to increase further in the future. Furthermore, the conversion of a conventional vehicle to an HEV is the least inexpensive option in comparison to PHEVs and BEVs.
Hence, the hybrid system market is led by the HEV vehicle segment.
“Plug-in charging system to be the fastest growing segment of the Hybrid System Market”
The plug-in charging system segment is projected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the various initiatives by government bodies to improve EV charging infrastructure across the world.
The growth can also be attributed to high growth projections of BEVs and PHEVs in countries such as China and Japan. For instance, China has an ambitious plan of going all electric by 2025.
Both these vehicle types use a plug-in charging system. Hence, this system is expected to experience the highest growth during the forecast period.
“North America expected to be the fastest growing market for Hybrid System”
The hybrid system market for North America is estimated to grow at the highest rate during the forecast period. The increasingly stringent CAFE regulations have led to an increase in the demand for hybrid and electric vehicles in the region.
Thus, the region is expected to see the fastest growth in the sales of hybrid and electric vehicles during the forecast period. Hence, the market for hybrid system in North America is also expected to grow in line with the growth of hybrid and electric vehicles.
The hybrid system market is dominated by a few global players. Some of the key manufacturers operating in the market are Bosch (Germany), Continental (Germany), Denso (Japan), ZF (Germany), and Valeo (France).
There are certain key innovators gaining attention in the hybrid system market including UQM Technologies (US), Schaeffler (Germany), and Johnson Controls (US).
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