Hybrid Vehicles Market by Type (Parallel, Series), by Component (Prime Mover, Electric Motor), by Propulsion (HEVs, PHEVs, BEVs, and NGV), by Vehicle Type (Passenger Vehicles, LCV, HCV), by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast 2017 to 2024
Hybrid Vehicles Market: Summary
The Global Hybrid Vehicles Market is estimated to reach 6,272 (Thousand) Units in 2024 at a CAGR of 9.3 %, predicts forencis research (FSR).
Hybrid vehicles use two or more engines who work simultaneously to provide maximum power for reducing fuel consumption and volatile organic compounds (VOC) emissions. Few variants of hybrid vehicles can run completely on electric motor whereas some variants can utilize both gas engines and an electric motor which results in low fuel consumption. These vehicles are mainly powered by Internal Combustion Engine (ICE) but are assisted by an electric motor. Regenerative braking system is one of the advanced technology used in these vehicles which helps is recapturing the lost energy and generate electricity to charge the battery that helps to boost the electric motor while applying breaks.
Hybrid Vehicles Market: Drivers & Restraints
- Rise in Demand for Emission Free Vehicles
The market is growing on the grounds of the growing need for emission free vehicles globally. The prime contributor to air pollution is the transportation sector. As per U.S. Environmental Protection Agency (EPA) on an average, a medium-size vehicle per mile emits 411 grams of CO2 and fuel engine vehicles emits carbon monoxide (CO), sulfur oxides (SOx), nitrogen oxide (NOx) and unburned hydrocarbons (CxHy). The impact of these gases is high on global warming than CO2, which is boosting the demand for emission free vehicles. Hybrid Vehicles are environment-friendly because it emits less CO2 comparatively diesel or petrol-powered vehicles, is fueling the market demand. For instance, India’s objective by 2030 is to have all-electric car vehicles which will help in lowering the import of fuel.
- Demand for Low Fuel Consuming Vehicles
Hybrid vehicles need less fuel which results in low emission. These vehicles run on diesel or petrol engine with an electric motor. The purpose of using them together results in low fuel consumption and conserves energy. Hybrid vehicles provide a high fuel economy which results in reducing the overall running cost. According to the International Council on Clean Transportation (ICCT), hybrid systems reduce CO2 emissions and fuel consumption by 35% which is equal to a 50% increase in fuel economy. Hence the demand for low fuel consuming vehicles is expected to drive the hybrid vehicles market during the forecast period.
- High Production Cost
Hybrids are more expensive than petrol or diesel engine vehicles due to designing, developing, validating and building reasons. These vehicles include systems like electronic control units, electric inverters & converters, high-voltage batteries, sensors and semiconductors which are not used in conventional vehicles which results in high purchasing costs. Additional complex components add extra cost to hybrid cars. Thus high production cost impacts the market growth of the hybrid vehicles market.
Hybrid Vehicles Market: Key Segments
- Based on Type: Parallel Hybrids, Series Hybrids, and Plug-in Hybrids.
- Based on Component: Prime Mover, Electric Motor, Energy Storage System and Transmission System.
- Based on Propulsion: Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs) and Natural Gas Vehicles (NGV).
- Based on Vehicle Type: Passenger Vehicles, Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV).
- Key Regions Covered: North America, South America, Europe, Asia-Pacific Middle East & Africa, South America with individual country-level analysis.
Hybrid Vehicles Market: Report Scope
The report on the hybrid vehicles market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2019-2024 (2019 estimated year, forecasted up to 2024)
Volume (Thousand Units)
Type, Component, Propulsion, Vehicle Type and Region
Asia-Pacific, North America, Europe, Middle East & Africa, South America
Key Companies Covered
- TOYOTA MOTOR CORPORATION (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Delphi Technologies
- Ford Motor Company
- Continental AG
- ZF Friedrichshafen AG
- AB Volvo
- Daimler AG
- Hyundai Motor Co
- Honda Motor Co., Ltd.
- BorgWarner Inc.
- Other Key Companies
Hybrid Vehicles Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Hybrid Vehicles Market, by Type
- Parallel Hybrids
- Series Hybrids
- Plug-In Hybrids
Hybrid Vehicles Market, by Component
- Battery system
- Prime Mover
- Electric Motor
- DC/DC Converter
- DC/AC Inverter
- Energy Storage System
- Transmission System
Hybrid Vehicles Market, by Propulsion
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Natural Gas Vehicles (NGV)
Hybrid Vehicles Market, by Vehicle Type
- Passenger Vehicles
- Internal Combustion Engine (ICE)
- Electric Vehicles
- Light Commercial Vehicles (LCV)
- Internal Combustion Engine (ICE)
- Electric Vehicles
- Heavy Commercial Vehicles (HCV)
- Internal Combustion Engine (ICE)
- Electric Vehicles
Hybrid Vehicles Market, by Region
- South Korea
- Rest of Asia-Pacific
- North America
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the major developments impacting the global market and its growth?
- What will be the effects of the developments in the global market on the industry and the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of the global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key global players operating in the market?
- How are the major players leveraging in the existing global market conditions?
- Hybrid Vehicles Market Providers
- Hybrid Vehicles Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Hybrid Vehicles Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE HYBRID VEHICLES MARKET
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Regional Coverage
1.5 Research Timeline
2 RESEARCH DESIGN & SCOPE
2.2 Primary Research
2.2.1 Key Industry Expert Insight
2.3 Secondary Research
2.3.1 Vital Data from Secondary Sources
2.4 Market Size Estimation
2.5 Data Validation & Triangulation
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.2.1. Rise in Demand for Emission Free Vehicles
4.2.2. Demand for Low Fuel Consuming Vehicles
4.3.1. High Production Cost
4.4.1 Development of CNG Hybrid Agriculture Vehicle
4.5.1 High Maintenance Cost
4.5.2 Presence of High Voltage Battery
5 INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
5.1.1. Power of Buyers
5.1.2. Power of Suppliers
5.1.3. Intensity of Competition
5.1.4. Challenges of Substitutes
5.1.5. Challenges of New Entrants
5.2 Macro-Economic Indicators
6 HYBRID VEHICLES MARKET BY TYPE, Market Size in Units (2017—2024)
6.2 Parallel Hybrids
6.3 Series Hybrids
6.4 Plug-In Hybrids
7 HYBRID VEHICLES MARKET BY COMPONENT, Market Size in Units (2017—2024)
7.2 Prime Mover
7.3 Electric Motor
7.3.1 DC/DC Converter
7.3.2 DC/AC Inverter
7.4 Energy Storage System
7.5 Transmission System
8 HYBRID VEHICLES MARKET BY PROPULSION, Market Size in Units (2017—2024)
8.2 Hybrid Electric Vehicles (HEVs)
8.3 Plug-In Hybrid Electric Vehicles (PHEVs)
8.4 Battery Electric Vehicles (BEVs)
8.5 Natural Gas Vehicles (NGV)
9 HYBRID VEHICLES MARKET BY VEHICLE TYPE, Market Size in Units (2017—2024)
9.2 Passenger Vehicles
9.2.1 Internal Combustion Engine (ICE)
9.2.2 Electric Vehicles
9.3 Light Commercial Vehicles (LCV)
9.3.1 Internal Combustion Engine (ICE)
9.3.2 Electric Vehicles
9.4 Heavy Commercial Vehicles (HCV)
9.4.1 Internal Combustion Engine (ICE)
9.4.2 Electric Vehicles
10 HYBRID VEHICLES MARKET BY REGION, Market Size in Units (2017—2024)
10.1 North America
10.2.7 Rest of Europe
10.3.4 South Korea
10.3.5 Rest of Asia-Pacific
10.4 Middle East & Africa
10.4.1 Saudi Arabia
10.4.3 Rest of Middle East & Africa
10.5 South America
10.5.3 Rest of South America
11 COMPETITIVE LANDSCAPE
11.2 Market Ranking/Share Analysis of Key Companies
11.3 Company Benchmarking
12 COMPANY PROFILES
12.1 TOYOTA MOTOR CORPORATION
12.1.1 Company Overview
12.1.2 Financial Overview
12.1.3 Products/Solutions/Services Offered
12.1.4 Key Developments
12.1.5 SWOT Analysis
12.2 Delphi Technologies
12.3 Ford Motor Company
12.4 Continental AG
12.5 ZF Friedrichshafen AG
12.6 AB Volvo
12.7 Daimler AG
12.8 Hyundai Motor Co
12.9 Honda Motor Co., Ltd.
12.10 BorgWarner Inc.
13.1 Key Industry Expert Insights
13.2 Primary Discussion Guide
13.3 Customization Options
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
Forencis Research follows robust and deep dive research methodologies to deliver accurate – current, estimated and forecasted market data. Our extensive primary and secondary research help in deriving reliable qualitative and quantitative data to provide verified market insights. Our research team tracks historic trends, existing and recent market dynamics, growth prospects, competitor landscape, and the entire value chain dynamics to attain reliable industry facts to reach accurate market estimates. Primary research is conducted through thorough interviews and detailed surveys with the Key Industry Experts and related participants across the value chain. Secondary research entails acquiring data through paid and reliable databases such as annual reports, SEC filings, research publications, association publications, investor presentations, white papers and other sources. All the above-obtained information is further processed and collated with our existing database prior to its presentation in our publications.
About Forencis Research
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Key Questions Answered by the Report
- Major factors impacting the market and its growth
- Evolving Types of the various products in the Market
- Evolving Application of the various products in the Market
- Growing countries in the Global Market
- Effects of the developments in the market on the industry and on the market players
- Key market developments undertaken by the leading players
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