Hybrid electric vehicles combine conventional Internal Combustion Engine (ICE) system with an electric propulsion system. Hybrid electric vehicles are being equipped with various features such as modern powertrain systems, real-time information on battery level, navigation system, etc. Manufacturers are also focusing on increasing the speed of hybrid electric vehicles. They are also trying to reduce the cost of maintenance and upgrades. Hybrid electric vehicle manufacturers are also integrating remote monitoring systems to navigate heavy traffic and to assess energy consumption and cost. This Fact.MR report discusses key prospects for growth of global hybrid electric vehicles market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies.
The Fact.MR report offers an in-depth and segment-wise analysis and forecast of the global hybrid electric vehicles market. The global hybrid electric vehicles market is segmented into power source, powertrain, vehicle type and region. Through this section, the report provides country-wise forecast on all the key parameters.
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According to a study by Fact.MR, the global hybrid electric vehicle market is expected to experience strong growth, reaching US$ 42,103.9 million revenue. Manufacturers are working to increase the speed of hybrid electric vehicles. They are also focusing on offering lightweight vehicles and improve battery power. Moreover, increasing consumer preference for environmentally friendly and fuel-efficient vehicles are some of the factors driving the demand for hybrid electric vehicles.
Stored Electricity Power Source to Gain Maximum Revenue Share
Compared to on-board electric generator as a power source for hybrid electric vehicles, stored electricity power source is expected to account for more than three-fourth of the revenue share by the end of 2017. Meanwhile, on-board electric generator will also experience impressive growth during 2017-2022.
Parallel Hybrid Powertrain System to Witness Robust Growth
Parallel hybrid powertrain system is expected to witness impressive growth during the forecast period. Towards the end of 2022, parallel hybrid powertrain system is projected to reach nearly US$ 32,700 million revenues. Meanwhile, series hybrid powertrain system will also experience strong growth during 2017-2022.
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Passenger Hybrid Electric Vehicles to Witness Maximum Sales
Passenger hybrid electric vehicles are expected to account for nearly three-fifth of the revenue share by the end of 2017. Towards the end of 2022, passenger hybrid electric vehicles are estimated to bring in nearly US$ 25, 300 million revenues. Commercial hybrid electric vehicles are also expected to create an incremental opportunity of more than US$ 4,400 million during 2017-2022.
Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of global hybrid electric vehicles market through 2022, which include Bayerische Motoren Werke AG, Nissan Motor Corporation, Limited, Honda Motor Company, Limited, Volkswagen AG, Toyota Motor Corporation, Tesla Motors, Inc., Renault SA, Mitsubishi Heavy Industries Ltd, Ford Motor Company, General Motors, and Daimler AG.
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