Hybrid Electric Vehicle Market - Global Industry Analysis, Size, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Hybrid electric vehicle is a combination of internal combustion engine and electric propulsion system. The electric propulsion system helps achieve either better performance or better fuel economy. There are various types of hybrid electric vehicles available in the market; hybrid electric cars is the most common type. Modern hybrid electric vehicles use regenerative brakes, a type of efficiency-improving technology, which convert kinetic energy into electric energy to recharge the batteries. Some hybrid electric vehicles use their internal combustion engine to generate electricity, either to directly power the electric drive motor or recharge batteries. Hybrid electric vehicle's internal combustion engine is usually smaller in size as compared to a pure gasoline-burning engine. Hybrid electric vehicle shuts down its internal combustion engine when it is idle and restarts it when in need, thus reducing idle emissions.
The global hybrid electric vehicle market can be segmented into powertrain type, hybrid level, vehicle type, and region. Based on powertrain type, the market can be classified into series, parallel, and series-parallel. A series powertrain hybrid electric vehicle is akin to a battery electric vehicle in design, wherein a combustion engine powers an electric generator instead of driving the wheels. The generator charges the battery and powers the electric motor which drives the vehicle. Series powertrain hybrid electric vehicles are also known as range-extended electric vehicles (REEVs), since the internal combustion engine is used to power electric motor and does not directly drive the wheels. A parallel powertrain hybrid electric vehicle is propelled by an electric motor connected to a mechanical transmission as well as an internal combustion engine. There is no separate generator in the system; therefore, whenever the operation of the generator is needed, electric motor functions as a generator. In a parallel powertrain, the vehicle does not run on pure electric mode. A series-parallel powertrain hybrid electric vehicle can be powered by an electric motor, gasoline engine, or both. The engine and motor are designed in such a way that the vehicle can run its optimum operating range as much as possible. Series-parallel powertrain vehicles have complicated systems and are more expensive. The parallel powertrain hybrid electric vehicle segment holds major share of the hybrid electric vehicle market and is estimated to expand at highest CAGR during the forecast period, due to the system’s high fuel efficiency.
In terms of hybrid level, the hybrid electric vehicle market can be divided into micro, mild, full, and plug-in. A micro hybrid electric vehicle is integrated with an alternator/ starter that employs start/stop technology. Its typical fuel efficiency is around 10% as compared to non-hybrid vehicles. Mild hybrid electric vehicle is integrated with stronger electric components as compared to micro hybrid electric vehicles and has fuel efficiency of around 20% to 25%. Full hybrid electric vehicle is similar to mild hybrid electric vehicle; however, it is equipped with a larger alternator, electric motor, battery pack, and has around 40% to 45% fuel efficiency. Plug-in hybrid electric vehicle is more suitable for short trips. Its system comprises downsized combustion engine and large electrical components. Full hybrid electric vehicles holds major share of the hybrid electric vehicle market. However, plug-in hybrid electric vehicles segment is estimated to expand at a significant rate. Based on vehicle type, the hybrid electric vehicle market can be segregated into mid-luxury, SUV, luxury, and commercial. The mid-luxury hybrid electric vehicles segment holds major market share due its wide adoption in North America and Europe.
In terms of region, the hybrid electric vehicles market can be divided into North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. North America holds major market share followed by Europe. New fuel emission regulations and increase in per capita income are projected to boost the hybrid electric vehicles market in these regions. However, the market in Asia Pacific is estimated to expand at a significant pace during the forecast.
Key players operating in the hybrid electric vehicle market are Ford Motor Company, Toyota, Honda Motor Company, Mahindra & Mahindra Ltd, BMW AG, Lexus, Mercedes-Benz, Infiniti, Hyundai Motor Company, General Motors, Porsche, and Volkswagen.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.