Global Hybrid Vehicle Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The Global Hybrid Vehicle Market is anticipated to record a CAGR of 5.78% during the forecast period. Stringent emission norms, government incentives for the use of hybrid vehicles, and concern for fuel efficiency, are the factors driving the global hybrid vehicle market. In 2017, Hybrid Electric Vehicles (HEV) hold the largest market share followed by Plug-In Hybrid Electric Vehicles (PHEV).
Regenerative Braking and Large Batteries are a Cost Effective Solution
The most commonly used hybrid vehicles are equipped with batteries of higher charge storage capacities through which they help in an extended drive distance, which is further complimented by regenerative braking.
With technological innovations, lithium-ion batteries emerged as a combo-addition to the traditional battery, supporting the lead-acid battery to hold the charge for a longer time. However, increase in the weight and space have urged innovators to revamp this combination into a battery with the voltage ranging from 24V to 48V. Latest lithium iron phosphate battery proves to be robust in performance and ampere holding capacity. The composite iron phosphate added to the lithium has improvised properties, such as, improved fuel efficiency, reduced emissions, high power capabilities, and wider temperature operating range, as compared to other lithium ion batteries, and this has ruled out the deployment of two batteries in a single vehicle. The combination of lead-acid battery and a smaller lithium-ion battery did not prove to be much reliable, as additional hardware and complexity in integration resulted in moderate performance, compared to that of single battery type.
Low Operating and Maintenance Costs
The benefits of micro-hybrid vehicle over pure ICE vehicles, such as, lower operating cost with 5-15% less fuel expenditure. Furthermore, micro-hybridization has become one of the cheapest and easiest solutions for increasing fuel efficiency of a passenger car. The reason is primarily attributed to technologies, such as, the start-stop system and regenerative braking. The aforementioned factors help to drive emerging countries in the adoption of micro-hybrid vehicles as fuel-efficient vehicles during the forecast period.
Key Developments in the Market:
November 2017: Ford launched its first new plug-in hybrid vehicle for police and government customers in US; with 76 kwh lithium ion battery that propels the new sedan plug-in hybrid vehicle to cover 21 miles on a single charge.
September 2017: Few incentives are introduced in Dubai jointly by Dubai Electricity and Water Authority (DEWA), and the Road and Transport Authority (RTA), to encourage the public to use electric and hybrid vehicles in the country.
Major Players: TOYOTA, NISSAN, HONDA, HYUNDAI, MERCEDES-BENZ amongst others
Reasons to Purchase this Report:
Latest technology trends adopted by the manufacturers in the hybrid vehicle industry.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
Study on the hybrid vehicle type that is expected to dominate the market.
Study on the region and country that are expected to dominate the market.
Identify the latest developments, market shares and strategies employed by the major market players.
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