Hybrid Cars and EVs Market Scope
A hybrid electric vehicle is an automobile powered by a combination of an internal combustion engine and an electric motor. It relies on energy stored in batteries for functioning and regenerative braking, which changes the kinetic energy produced into electric energy. The advantages of hybrid cars and Evs include a high driving range, fast refueling, noiseless operation, and zero-emission of greenhouse gases and air pollutants. These benefits are positively impacting the demand for hybrid cars and Evs. Moreover, governments are taking initiatives and promoting fuel cells for transportation, which can further boost the demand for fuel cells in the automotive sector. The largest consumption region is also Japan, China has the largest consumption growth rate, the Europe and USA have relatively smaller consumption regions because their government's support intensity cannot meet their demand.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Tesla (United States), SAIC Motor (China), Volkswagen Group (Germany), BYD (China), Hyundai (South Korea), Stellantis (Netherlands), Toyota (Japan), General Motors (United States), Ford (United States) and XPENG Motors (China) |
CAGR | % |
The demand for hybrid cars and Evss is increasing with each passing day. Many international as well as regional providers are participants in the industry and directly compete with leaders. It has been identified that market-leading players are investing heavily in growth strategies such as technological development, and resource utilization to enhance their market position. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Tesla (United States), SAIC Motor (China), Volkswagen Group (Germany), BYD (China), Hyundai (South Korea), Stellantis (Netherlands), Toyota (Japan), General Motors (United States), Ford (United States) and XPENG Motors (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Li Auto (China), Rivian (United States), Lucid Motors (United States) and SAIC-GM-Wuling Motors (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Hybrid Cars and EVs market by Type , by Application (Home Use and Commercial Use) and Region with country level break-up.
On the basis of geography, the market of Hybrid Cars and EVs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
On 10th February 2022, Reliance Industries Ltd. announced the purchase of a share in Altigreen Propulsion Labs Pvt Ltd, a provider of electric vehicle technologies and solutions, for Rs 50.16 crore.
On 4th May 2022, Honda launches the hybrid electric vehicle City e: HEV tagged at Rs 19.49 lakh. According to the manufacturer, the vehicle, which is an expansion of its City model line, has a 1.5-liter petrol engine coupled to a self-charging two-motor strong hybrid system with a maximum output of 126 PS and a fuel economy of 26.5 km per liter.
Indian regulations regarding automotive industries are issued by the Ministry of Road Transport & Highways and legitimized by the Motor Vehicles Act and Central Motor Vehicles Rules. Within this framework the Automotive Industry Standards Committee (AISC) is the major institution responsible for designing regulations concerning the technical standards of vehicles. The regulations AIS-38 until 41, 49 and 102 address electric and hybrid vehicles. Furthermore, the AIS-52, 63 and 68 provide standards for buses in general. Besides that, the Ministry of Urban development regulates the appearance as well as the technical standards of city-buses within its Urban Bus Specifications - II. However, the specifications provided do not differentiate between the requirements for different propulsion systems.
Influencing Trend:
The trend toward Digital Transformation of the Electrification, Growing Concerns over the Environment and Sustainability and High Adoption of Hydrogen Fuel Cell Buses
Market Growth Drivers:
Rising Population levels Positively Affect the Adoption of Hybrid Electric Vehicles, New Emerging Technology Propelling the Growth of Hybrid Cars and Evs and Rise In Demand For Fuel-Efficient, High-Performance, And Low-Emission Cars and EVs
Challenges:
Lack of Awareness of Hybrid Electric Vehicles in Emerging Economies
Restraints:
High Cost Associated with Hybrid Cars and Evs
Opportunities:
Increasing Thermal Performance impact on System Packaging and Volume will Minimize Operating Cost and Maintenance, Rising Demand due to High Efficiency of Electric-Drive Components and New Revenue Pockets in Developing Regions of Asia Pacific
Key Target Audience
Hybrid Cars and Evs Manufacturer, Hybrid Cars and Evs Distributors and Suppliers, Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Raw Material Suppliers, End-use industries and Others