HYBRID VEHICLES MARKET TO REACH 6272 THOUSAND UNIT BY 2024 | CAGR 9.3% – FORENCIS RESEARCH

Global Hybrid Vehicles Market: Key Highlights

• According to the new market research report “Hybrid Vehicles Market by Type (Parallel Hybrids, Series Hybrids, Plug-in Hybrids), by Component (Prime Mover, Electric Motor, Energy Storage System, Transmission System), by Propulsion (Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), Natural Gas Vehicles (NGV)), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global hybrid vehicles market is estimated to reach 6272 Thousand Units by 2024 at a CAGR of around 9.3% during the review period.
• Hybrid vehicles use two or more engines which work simultaneously to provide maximum power and helps in reducing fuel consumption and volatile organic compounds (VOC) emissions.
• Most common types of hybrid vehicles use a combination of an internal combustion engine (ICE) and 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.

Global Hybrid Vehicles Market: Key Market Dynamics

• Rising stringent emission regulations for vehicles imposed by governments has expected to surge the hybrid vehicle demand market.
• Increasing demand for low consumption vehicles from end-users has expected to surge the market demand.
• Higher production cost of hybrid vehicles may hinder the growth of product market.

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Global Hybrid Vehicles Market: Regional Overview

• North America

The hybrid vehicles market in the North America region is projected to witness high demand owing to higher demand for fuel efficient vehicles and increasing government regulations. For instance, the U.S. EPA regulates VOCs at federal level in 40 CFR 59 which is the national volatile organic compound emission standards for consumer and commercial Products, VOC control for application products such as automotive, aerospace, consumer products, and others.

• Asia-Pacific

Increasing population in the region coupled with rising middle class population has caused the automotive sales in the region. The underperforming and overburdened public transport system in countries such as India and China result in continual increase in the use of private automobiles. In India, Phase II of hybrid FAME scheme started commenced from 1st April 2019 with a budget of INR 10000 crores. Various states and union territories such as Delhi, Rajasthan, Uttarakhand and Lakshadweep don’t levy any VAT on electric vehicles. Thus, such government initiative in the region has expected to surge the demand for hybrid vehicles market.

Global Hybrid Vehicles Market: Key Players Overview

• TOYOTA MOTOR CORPORATION:

Toyota Motor Corporation was incorporated in 1937, and is engaged in production and sales of the various products. In 2020 the company generated sales of USD 5.9 million. In February 2020, Toyota Motor Corporation (Toyota) and Toyota Industries Corporation (Toyota Industries) have formed a joint venture to develop a new battery for hybrid electric vehicles. This will help the development and introduction of vehicles rapidly in the market.

• Delphi Technologies:

Delphi Technologies is a one of the global provider of propulsion technologies that make vehicles drive cleaner, better and further. It offers pioneering solutions for internal combustion engine, hybrid and electric passenger cars and commercial vehicles. In September 2019, developed an 800 V silicon carbide (SiC) inverter, one of the key components of highly efficient next generation electric and hybrid vehicles.

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