About Hybrid Electric Vehicles
Hybrid Electric Vehicles (HEVs) combine two or more sources of power. Currently, HEVs use internal combustion (IC) [known as engine] and chemical batteries are the power sources. It combines the propulsion system with a rechargeable energy storage system (RESS) to have better fuel efficiency. In HEVs, the engine is the final source of the energy used to power the vehicle. The commercial vehicles and passenger vehicles are two types of HEVs and the degree of hybridization that functions as differently on HEVs. According to a survey published in Japan Times, in 2018, Japan has the largest hybrid electric vehicle fleet in the world, followed by the United States. Today, hybrid electric vehicles have established a foothold in the market, and pure electric vehicles are becoming increasingly available. The market for these vehicle technologies is still small and expected to increase in the coming five years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The hybrid electric vehicles market consists of few established players accounting for the major market shares. These key players are competing through innovations in product design and marketing to gain popularity in the market. The entry of private-labels in the market and the increasing competition has induced the vendors in this market to launch different products and services to maintain sustainability through unique and clear propositions. Analyst at AMA Research estimates that Japan, United States, and European Countries Vendors will contribute the maximum growth to Global Hybrid Electric 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.
Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor Company, Limited, Ford Motor Company (Japan), Nissan Motor Corporation (United States), Groupe Renault (France), Volkswagen AG (Germany), General Motors (United States), Daimler AG (Germany), BMW AG (Germany) and Mitsubishi Heavy Industries Ltd. (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Hybrid Electric Vehicles market by , Application (Commercial, Industrial and Personal) and Region.
On the basis of geography, the market of Hybrid Electric 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 Energy Storage Unit Type, the sub-segment i.e. Electricity will boost the Hybrid Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Degree of Hybridization, the sub-segment i.e. Strong Hybrid will boost the Hybrid Electric 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. Commercial Vehicles will boost the Hybrid Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Drivetrain Structure, the sub-segment i.e. Series Hybrid will boost the Hybrid Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand For Mild Hybrid Electric Cars
Market Growth Drivers:
Use of Batteries as Energy Stored in Hybrid Electric Vehicles, Better Fuel Efficiency than Conventional Vehicles and Growing Adoption in Emerging Economies, such as China and India
Challenges:
High Cost of Repair Parts
Restraints:
Hybrid Electric Vehicle is More Expensive
Opportunities:
Increasing Efficiency of Hybrid Electric Vehicles, Growing Demand for Plug-in Hybrid Electric Vehicles and Lower Emissions Than Similar Conventional Vehicles
Market Leaders and their expansionary development strategies
Toyota Motor Corp. will acquire Primearth EV Energy Co., a battery joint venture between the automaker and Panasonic. The acquisition, help it respond to changes in demand for electrified vehicles.
In October 2019, Toyota Motor Corporation introduced a compact battery electric vehicle (BEV) in India in association with compatriot Suzuki Motor Corporation. Toyota will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines and batteries, while also supplying THS (Toyota Hybrid System) to Suzuki in global markets.
Analyst View
The Japan and United States manufacturers will contribute to the maximum growth of global hybrid electric vehicles market throughout the predicted period
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Hybrid Electric Vehicles Manufacturer, Battery Manufacturers, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
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.