The hybrid vehicle market is estimated to be 3,687 thousand units in 2017 and is projected to reach 7,593 Thousand Units by 2025, at a CAGR of 8.94% during the forecast period. The base year for the study is 2017 and the forecast period is 2018–2025. The hybrid vehicle market is primarily driven by the benefits offered by hybrid vehicles, such as better fuel efficiency, increased driving range, and low emission.
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The key growth drivers for Hybrid Vehicle Market are increasing government initiatives, higher fuel efficiency, longer driving range, stringent emission regulations and the increasing demand for mid-size and large size cars in countries such as Norway, Sweden, Germany, the US, and others. Rising demand for mid- and large-sized PHEV and NGV cars, government initiatives pertaining to hybrid vehicles are likely to further boost the hybrid vehicle market.
Key Target Audience
- Auto OEMS
- Companies operating in the hybrid vehicle ecosystem
- Country-level governments and other policymakers
- Country-level industry associations and experts
- Distributors and suppliers of hybrid vehicle components
- Electric vehicle manufacturers
- Manufacturers of hybrid vehicle components
- Manufacturers of hybrid vehicles
- Raw material manufacturers
- Raw material suppliers
The trend in hybrid vehicles is growing toward PHEVs and Natural Gas Vehicles (NGVs).
It is seen that the demand for hybrid vehicles is either falling or growing slowly. This is possibly due to the continuous decrease in the battery price as developed nations are focusing more toward zero-emission vehicles to cope with stringent emission standards.
However, the sale of PHEVs and NGVs is rising due to the availability of these cars in mid- and large-sized segment.
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Though the passenger car market is estimated to be the largest in the hybrid vehicle market, commercial vehicle market is estimated to be the fastest growing market. The developments in terms of reducing emissions are also being seen in the commercial vehicle segment.
OEMs such as Volvo, Scania, Daimler, and others are focusing on developing hybrid commercial vehicles to cope with the stringent emission norms.
1 Attractive Opportunities in the Hybrid Vehicle Market
2 Hybrid Vehicle Market, By Electric Powertrain Type, 2018–2025
3 Hybrid Vehicle Market, By Degree of Hybridization, 2018–2025
4 Hybrid Vehicle Market, By Propulsion, 2018–2025
5 Hybrid Vehicle Market, By Component Type, 2018–2025
6 Hybrid Vehicle Market, By Vehicle Type, 2018–2025
7 Hybrid Vehicle Market, By Region, 2018–2025
The ecosystem of the hybrid vehicle market consists of hybrid vehicle technology manufacturers such as Delphi (UK), Continental (Germany), BorgWarner (US), ZF (Germany), and Schaeffler (Germany). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).
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Asia Pacific is estimated to be the fastest growing market for hybrid vehicles, with Japan accounting for the largest market share in 2018. The market growth in the region can be attributed to the increased focus on the development of hybrid vehicle technology.
The break-up of the primaries is as follows:
- By Company Type: Tier-1–43%, Tier-2–36%, and Tier 3–21%
- By Designation: C—level Executives–57%, Directors–29%, Others–14%
- By Region: North America–29%, Europe–38%, Asia Pacific–26%, RoW–7%
The Asia Pacific region is home to major hybrid vehicle manufacturers, such as Toyota, Honda, Nissan, Kia, BYD, and Hyundai. Also, the government in the region is supporting the development of PHEVs and NGVs by providing purchase grants and tax rebates.
The support from government and increasing sales are likely to boost the hybrid vehicle market in the region.
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