About Hybrid Engine Vehicles
A Hybrid Engine Vehicle uses a combination of an internal combustion engine and an electric engine as power sources. The major advantage it has over a conventional car is it consumes less fuel and emits lesser CO2. This allows buyers to save the expenditure on fuel and thus, hybrid vehicles have gained popularity. Rising fuel prices, awareness about pollution levels, and cost-efficient factors are the driving forces for the market for hybrid engine vehicles.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key players of hybrid vehicles are focusing on accelerating technological developments and improve the cost-benefit ratio. Also, developments are aimed at reducing the weight of the vehicle which in turn will cut costs. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Hybrid Engine Vehicles market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Tesla, Inc. (United States), General Motors (United States), Daimler (Germany), Ford Motor Company (United States), Toyota (Japan), Infiniti (Hong Kong), Renault (France), BYD Company (China), Stellantis (Netherlands), Honda Motor Company, Ltd (Japan), Nissan Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia (South Korea) and Volvo (Sweden) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are BMW (Germany), Volkswagen (Germany), Mitsubishi (Japan), SAIC Motor (China) and Mazada Mortor Corporation (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Hybrid Engine Vehicles market by Type (Parallel, Range extender and Plug-in) and Region.
On the basis of Type, Plug-in are dominating the market in the year 2023On the basis of application, Passenger Cars segment is dominating the market in the year 2023On the basis of geography, the market of Hybrid Engine Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Combustion Fuel, the sub-segment i.e. Petrol will boost the Hybrid Engine Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Passenger Cars will boost the Hybrid Engine Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Electric Powertrain Type, the sub-segment i.e. Parallel Hybrid will boost the Hybrid Engine Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Initiatives to Support the Development of Market for Hybrid Vehicles by Focusing On Technological Development, Demand Creation, and Changing Infrastructure
Market Growth Drivers:
Hybrid Car Owners Get Extra Benefits Such as Lower First Year Road Tax And Company Car Tax, As Well As Possibly Avoiding Congestion Charges and “Regenerative Braking” Is Another Fuel Saving Feature Which Makes Hybrid Engine Cars A Better Choice
Challenges:
High Cost of Electric Engine
Restraints:
Lack of Charging Infrastructure in Developing Countries and Affordability Is a Critical Issue in Developing and Under-developed Countries
Opportunities:
Rapid Depletion of Non-Renewable Sources of Energy like Petrol and Diesel Shifting the Focus towards Hybrid Vehicles
Market Leaders and their expansionary development strategies
In June 2021, Ideanomics has acquired Hybrid, a manufacturer and distributor of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications. The completed acquisition is another critical milestone in Ideanomics' mission to reduce commercial fleet greenhouse gas emissions through advanced EV technologies and forward-thinking partnerships.
In September 2019, Volvo became the first car manufacturer to offer plug-in hybrid versions of its entire model range with the launch of the new XC40 T5 Twin Engine. This petrol-electric hybrid powertrain is the UK's first plug-in hybrid premium compact SUV.
The United Nations Economic Commission for Europe’s World Forum for Harmonisation of Vehicle Regulations (WP.29), which is responsible for rules governing Vehicle Type Approvals, set down the standard for AVAS in its Regulation for Quiet Road Transport Vehicles. All new models of hybrid and pure electric vehicles must by law be fitted with an Acoustic Vehicle Alerting System (AVAS) that emits a continuous sound when the vehicle is traveling at speeds of up to 20km/hour after 1 September 2019. This will be extended to all new electric and hybrid vehicles registered after 1 September 2021. At low speeds, electric and hybrid vehicles are a real menace on the roads because they are so quiet at low speeds. Without the purr of a petrol or diesel engine to warn them, pedestrians are less likely to notice the approach of an EV than of a conventional vehicle.
Key Target Audience
Hybrid Engine Vehicles Manufacturer, Raw Material Supplier, End-User, Government bodies and associations, Research Companies and Traders/Distributors/Suppliers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.