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Global Hybrid Commercial Vehicle Market 2017-2021

Global Hybrid Commercial Vehicle Market 2017-2021

About Hybrid Commercial Vehicle

Hybrid commercial vehicles use a combination of an IC engine and an electric motor to power the vehicles. The vehicle uses either a combination of both or the preferred engine as per requirement. The inclusion of an electric motor provides instant torque when required and helps to increase fuel efficiency and reduce emissions.

Technavio’s analysts forecast the global hybrid commercial vehicle market to grow at a CAGR of 19.57% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global hybrid commercial vehicle market for 2017-2021. To calculate the market size, the report considers the Unit shipments.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Hybrid Commercial Vehicle Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Daimler
  • Hino Motors
  • PACCAR
  • Volvo
Other prominent vendors
  • Mahindra & Mahindra
  • MAN
  • Tata Motors
Market driver
  • Decreasing price of Li-ion batteries
  • For a full, detailed list, view our report
Market challenge
  • High initial investment
  • For a full, detailed list, view our report
Market trend
  • Growing popularity of hydrogen fuel cell hybrid
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Hybrid Commercial Vehicle Market 2017-2021

Technavio recognizes the following companies as the key players in the global hybrid commercial vehicle market: Daimler, Hino Motors, PACCAR, and Volvo

Other Prominent Vendors in the market are: Mahindra & Mahindra, MAN, and Tata Motors.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing popularity of hydrogen fuel cell hybrid. There are two preferred fuel choices for hybrid vehicles: the dominant one is fossil fuel, and the other is hydrogen. Hydrogen fuel cell vehicles (HFCVs) have lately become extremely popular after major manufacturers invested a lot in the development and promotion of the technology. The working mechanism of fuel cells is very easy to understand as it generates electricity using hydrogen and oxygen with water as a by-product. HFCVs are ZEVs as pure water is the only waste produced. Hydrogen is considered an ideal replacement for fossil fuels as it is abundant in the universe.”

According to the report, one of the major drivers for this market is Decreasing price of Li-ion batteries. Electric and hybrid vehicles are the future of vehicles, and hence the Li market plays a key role in keeping the cost in check. Li-ion batteries cost 70% of the total cost of the vehicle. In 2012, the cost of Li-ion batteries was six times more than that of lead acid batteries and four times more than that of NiMH batteries. The cost of the batteries has decreased from $1,000 per kWh in 2010 to $227 per kWh in 2016. The cost of the batteries has been declining since 2013 because of the increase in production. The reduction in cost was also driven by the increase in the production of HEVs, BEVs, PHEVs, uninterruptible power supply (UPS) systems, and other non-automotive electronic appliances.

Further, the report states that one of the major factors hindering the growth of this market is High initial investment. The cost of a hybrid vehicle is 15%-30% higher than that of any conventional IC engine vehicle. Although governments are providing subsidies, these subsidies will phase out with time (i.e., each manufacturer will lose the subsidy after reaching a certain sales number). The high initial cost and the immaturity of battery technology are the biggest hurdles for the industry. Hybrid commercial vehicles need a bigger battery pack to power the engine, and the use of more electronic components will lead to a significant increase in the cost of the vehicle. Additionally, commercial vehicle sales in terms of units are lesser than that for passenger vehicles, which leads to higher manufacturing cost. This cost is pushed to the customer. The increase in the payback period renders buyers reluctant to buy hybrid vehicles. The higher price point is also slowing down the adoption process.

Companies Mentioned

Daimler, Hino Motors, PACCAR, Volvo, Mahindra & Mahindra, MAN, and Tata Motors.

  • Executive summary
  • Scope of the report
  • Research Methodology
  • Introduction
    • Market outline
      • Table Global automotive market 2016-2021 (million units)
      • Table Top-selling green vehicles 2016
  • Market landscape
    • Market overview
      • Table Global hybrid commercial vehicle market segmentation
    • Market size and forecast
      • Table Global hybrid commercial vehicle market 2016-2021 (in thousands)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by application
    • Global hybrid commercial vehicle market segmentation by application
      • Table Global hybrid commercial vehicle market by application 2016 and 2021 (in %)
      • Table Global hybrid commercial vehicle market by application 2016-2021 (in %)
    • Global hybrid LCV market
      • Table Global hybrid LCV market 2016-2021 (in thousands)
    • Global hybrid M&HCV market
      • Table Global hybrid M&HCV market 2016-2021 (in thousands)
  • Geographical segmentation
    • Global hybrid commercial vehicle market segmentation by geography
      • Table Global hybrid commercial vehicle market segmentation by geography 2016 and2021 (in %)
      • Table Global hybrid commercial vehicle market segmentation by geography 2016-2021 (in%)
    • Hybrid commercial vehicle market in Americas
      • Table Hybrid commercial vehicle market in Americas 2016-2021 (in thousands)
    • Hybrid commercial vehicle market in APAC
      • Table Hybrid commercial vehicle market in APAC 2016-2021 (in thousands)
    • Hybrid commercial vehicle market in EMEA
      • Table Hybrid commercial vehicle market in EMEA 2016-2021 (in thousands)
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
  • Market trends
    • Growing popularity of hydrogen fuel cell hybrid
    • Increasing capacity of Li-ion batteries
    • Increasing consumer awareness about addressing environmental concerns
  • Vendor landscape
    • Vendor overview
    • Other prominent vendors
  • Key vendor analysis
    • Daimler
      • Table Daimler: Product portfolio
      • Table Daimler: Recent developments
    • Hino Motors
      • Table Hino Motors: Product portfolio
      • Table Hino Motors: Recent developments
    • PACCAR
      • Table PACCAR: Product portfolio
      • Table PACCAR: Recent developments
    • Volvo
      • Table Volvo: Product portfolio
      • Table Volvo: Recent developments
  • Appendix
    • List of abbreviations
  • Explore Technavio

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