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Decreasing Price of Li-ion Batteries to Bolster Hybrid Commercial Vehicle Market Growth

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Published on : Dec 07, 2017

ALBANY, New York, December 07, 2017: The global hybrid commercial vehicle market has been evaluated in detail in a market research report by ResearchMoz.us, bearing the title “Global Hybrid Commercial Vehicle Market 2017-2021” The 69-page report comes with a comprehensive overview of the market along with an elaborate study of the various categories of the market.. All the segments have been analyzed elaborately and comprehensively in the report to provide with a deep and detailed insight pertaining to the hybrid commercial vehicle market.

The report provides with an expansive details of the competitive trends and situation of the global hybrid commercial vehicle market. The same section also contains mergers and acquisitions, expansion, market shares of top five companies, and the rate of market concentration. Analysis of the competition that is prevalent in this market has also been done as per various elements considered important on the part of the manufacturers, viz. revenue, average price, sales area, market shares, production, product type, and manufacturing base distribution. 

Hybrid and electric vehicles are the future of the vehicle industry. Moving forward most of the vehicles that would ply on the road would be either hybrid vehicles or electric vehicles. 

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According to this report, the global hybrid commercial vehicle market is anticipated to reach a fairly large amount in value by 2021 registering a significant growth rate with a healthy CAGR during the forecast period of 2017-2021. Much of the growth is attributed to various factors such as diminishing price of Li-ion batteries. Li-ion batteries comprise 70% of the total cost of the vehicle. The cost of Li-ion batteries have been declining since the year 2013 owing to increased production of Li-ion batteries. Thus, it has contributed to the growth of the market for hybrid commercial vehicle. 

Furthermore, various regulatory bodies worldwide have been providing incentives and offering tax benefits in a bid to increase the usage of hybrid vehicles globally thereby augmenting the demand for hybrid commercial vehicles.

However, hybrid vehicles cost more than any of the prevailing internal combustion (IC) engine vehicles. Industry is faced with this challenge of high cost and immaturity of the battery technology. A much bigger battery pack is needed to power the engine. These factors, therefore, mar the growth of the market for hybrid commercial vehicle.

Nevertheless, the opportunity of the market lies in the increasing popularity of hydrogen fuel cell hybrid vehicles. Manufacturers have invested quite a lot in hydrogen fuel cell vehicles (HFCV) leading to its innovation and promotion. As such, the HFCV gained popularity amongst many. 

North America accounted for the majority of the share of the market for hybrid commercial vehicles. The region is the top manufacturer of hybrid commercial vehicles and is anticipated to retain its position over the forecast period. The region has been exhibiting a strong demand owing to the initiatives taken by the companies and government to promote usage of eco-friendly transport and battery-powered electric vehicles. Asia Pacific and Latin America are also anticipated to be a lucrative market for the hybrid commercial vehicles owing to soaring awareness about eco-friendly vehicles.

Some of the key players that have been assessed in the report are Daimler, Hino, PACCAR, Volvo, and MAN. Each of the companies that have been profiled in the report has been carefully evaluated on the basis of several factors such as price, market share, capacity, revenue, and production. The section has also provided a basic analysis of each of these companies, including their products, specifications, competitors, and applications.

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