About Hybrid Electric Vehicle
HEVs represent the transformation of the global automotive industry. HEVs are an amalgamation of ICE vehicles and electric vehicles (EVs). Currently, traditional ICE vehicles dominate the industry due to their tested and proven engine mechanism, performance, and buyers' preferences. The production of HEVs started from the 19th century in Germany where Ferdinand Porsche made the first gasoline-electric hybrid automobile, the Lohner-Porsche Mixte. In 1905, Henri Pieper developed the historic HEV model, which had similar technology as the present one. This model from 1905 included an electric motor/generator, batteries, and a small engine. Batteries could be charged through electric motors while cruising at lower speeds. Wheels received power through both the motor and engine during extra torque requirements such as driving up a hill.
Technavio’s analysts forecast the global hybrid electric vehicle market to grow at a CAGR of 37.16% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global hybrid electric vehicle market for 2016-2020. To calculate the market size, the report includes the entire range of hybrid cars available in the market, with region-wise landscaping.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hybrid Electric Vehicle Market 2016-2020
Technavio recognizes the following companies as the key players in the global hybrid electric vehicle market: Toyota, Hyundai, Honda, Ford, and Nissan.
Other prominent vendors in the market are: Volkswagen, BMW, Chevrolet, Hyundai, Lexus, Porsche, and Volkswagen.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is international ZEV alliance by countries. The international Zero-Emission Vehicle (ZEV) alliance originated because of the EV and HEV production and the need to reduce GHG emissions in the transport sector. This alliance works in line with international and national emission reduction goals to counter consequences of climatic changes. This trend is rising due to the development and adoption of vehicle technologies that emit no tailpipe pollutants and can be powered by zero or near-zero emission levels. ZEVs in use today include battery-electric, plug-in hybrid, and fuel cell vehicles. These vehicles help improve the air quality and increase low-carbon development.”
According to the report, one of the primary drivers in the market is push toward adoption of green (eco-friendly) vehicles. On-road vehicles are one of the biggest contributors to air pollution, due to their immense CO₂ emissions. The CO₂ emission has been listed as the number one GHG that has been causing global warming and climatic changes. The main focus is reducing vehicular fuel consumption that contributes to the major GHG emissions. This measure is to curb unfavorable environmental impact. The development and adoption of green cars or vehicles are considered to be major solutions to reduce GHG levels in the atmosphere to an acceptable level. These vehicles run on only electricity, hybrid energy, and other power sources such as solar or wind energy or biofuels.
Further, the report states that one major challenge in the market is cost-to-weight ratio high for hybrid vehicles than ICE vehicles. Basic models of HEVs are costlier than ICE vehicles falling under the same category; HEVs basic model price difference range is $2,500-$4,000. For mid-luxury and other hybrid vehicles categories the price difference ranges from $5,000 to $10,000, which is also more than that of ICE vehicles in the same categories. Owing to the heavyweight of battery packs and supporting motors that are installed in HEVs, hybrid vehicles are 10%-20% heavier than their normal ICE models. Normally, it is 350-500 lbs. extra than that of a normal engine vehicle.
Toyota, Hyundai, Honda, Ford, Nissan, Volkswagen, BMW, Chevrolet, Hyundai, Lexus, Porsche, Volkswagen.
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