Hybrid System Market by System (Start-Stop, Regenerative Braking, EV Drive, eBoost), Component (Battery, DC/DC Converter, DC/AC Inverter, eMotor), Battery (Li-Ion, Lead Acid, NiMH), Vehicle (Mild Hybrid, HEV, PHEV, EV) - Global Forecast to 2022
“Requirement for fleet level emission limits in upcoming regulations is pushing the demand for hybrid and electric vehicles across the globe, which, in turn, fuels the demand for hybrid systems”
The hybrid system market is projected to grow at a CAGR of 10.79% from 2017 to 2022, to reach a market size of USD 40.99 billion by 2022. The increasing fuel prices and stringency in legislation governing emission standards are driving the demand for hybrid and electric vehicles across the globe. Owing to the high cost of battery-operated vehicles, OEMs are focused towards increasing hybridization features in ICE vehicles. Hence, the demand for micro- and mild-hybrid vehicles is increasing. In addition to decrease in harmful emissions, these vehicles improve fuel economy significantly. For instance, micro hybrid with start-stop function reduces fuel consumption by 2–5% compared with ICE vehicle without start-stop function, according to Natural Resource Canada (NRCan). On the other hand, vehicles with 48V architecture called as “mild hybrids” help in reducing fuel consumption by 8–15%. Full hybrid vehicles working on higher voltages reduce fuel consumption by 20–50%, and plug-in hybrid vehicles provide 40–80% reduction in fuel consumption.The market growth is restrained by the lack of standardization of the hybrid technologies, which needs to be worked upon by OEMs and Tier-1 companies.
“Mild hybrid segment is the fastest-growing vehicle segment in the hybrid system market”
Automotive manufacturers have started moving towards the manufacture of mild hybrid vehicles as the cost of conversion of conventional vehicles to full hybrid or plug-in hybrid vehicles is very high. Additionally, the cost of building battery charging infrastructure for plug-in hybrids and full electric vehicles is high too. Most of the benefits of hybrid or plug-in hybrid vehicles can be achieved by 48V mild hybrid vehicles at a fraction of the cost.
“Lithium-ion constitutes the largest battery type market globally”
Lithium-ion battery type is the most preferred battery type today in the electric cars market as these batteries have high power-to-weight ratio, superior high-temperature performance, high energy efficiency, and low self-discharge. Most components of lithium-ion batteries are recyclable. Because of their aforementioned benefits most of today's plug-in hybrid electric vehicles and full electric vehicles use lithium-ion batteries even though the cost of the battery is high. Thus, the market for lithium-ion battery type is the largest globally.
“Asia Pacific region constitutes the largest hybrid system market”
Asia Pacific is estimated to be the largest hybrid system market owing to the increasing electric vehicle sales in countries such as China and Japan. The vehicle sales in China and Japan is expected to increase from 0.49 million units and 1.09 million units in 2016 to 2.17 million units and 2.1 million units in 2022, respectively. The Chinese government’s move towards working on a timetable to end the production and sales of gasoline as well as diesel cars and Japanese government’s “Next-Generation Vehicle Strategy 2010”, which targets the market share of electric vehicles sales is 50% of total vehicle sales by the end of year 2020, are expected to increase the market of electric vehicles in the Asia Pacific region. Thus, the market for hybrid systems is also slated to increase with the increasing electric vehicles in the region.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from hybrid system component suppliers to hybrid system suppliers and OEMs. The break-up of the primaries is as follows:
By Company Type: OEM - 33%, Tier 1 - 55%, and Tier 2 (Battery Manufacturers) - 17%
By Designation: D level - 17%, C level - 50%, and Others (Product Specialist)-33%
By Region: Europe -17%, Asia Pacific - 33%, and North America - 50%
The report provides detailed profiles of major companies in the hybrid system market, including Bosch (Germany), Denso (Japan), ZF (Germany), Valeo (France). Hitachi Automotive (Japan), Delphi (UK), GKN (UK), Schaeffler (US), Johnson Controls (US), Infineon (Germany), and Magna (Canada).
The report analyzes the hybrid system market across different verticals and regions. It aims at estimating the market size and future growth potential of the hybrid system market by region, component, system, by battery type, and by vehicle type. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Reasons to buy the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the hybrid system market. It will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.