DUBLIN, Jan. 22, 2020 /PRNewswire/ -- The "Hybrid Vehicle Market - Analysis of Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global hybrid vehicle market is anticipated to register a CAGR of about 10.23% during the forecast period (2019-2024). The market has been segmented by type, vehicle type, and geography.
Some of the major factors driving the growth of the market are the enactment of stringent emission and fuel economy norms, government incentives for the promoting purchase and adoption of hybrid vehicles.
Asia-pacific is expected to witness high growth rate during the forecast period. However, with countries like India and China, lifting subsidies for the purchase of electric vehicles may hinder the growth of the market in the region. For instance, in India, the government in 2017, lifted subsidies on mild-hybrid vehicles under FAME scheme.
According to the Norwegian Road Federation (NFR), a public road infrastructure administration in Norway, more than half of the new vehicle sales are accounted by pure electric cars and hybrid cars in the country in 2017 whereas in 2016 the share was only 40%. Norway's parliament has set a resolution goal that by 2025 all cars sold should be zero emissions.
Key Market Trends
Government Initiatives Around the World Fueling Hybrid Vehicle Demand
There has been tremendous growth in electric vehicles all over the world. China remains the dominant player globally in the pure electric vehicles market with more than 47% of the global market share followed by the US. Regarding the year on year growth.
The government around the world are offering many subsidies for the customers purchasing electric and hybrid vehicles. For instance, in April 2016, a scheme worth USD 1.13 billion was introduced for plug-in electric vehicles. About USD 678 million was reserved for the purchase of subsidies, which is expected to run until 2019. Another USD 339 million was allotted to finance the deployment of charging stations in cities and on autobahn highway. Nearly, USD 113 million was allocated for purchasing electric cars in the federal government fleet.
The Dutch government reduced the registration fees up to 4% for an electric vehicle and 7% for a plug-in hybrid vehicle. Also, the Ministry of Infrastructure and Environment gives a subsidy of USD 3,574 on the purchase of all-electric taxis or delivery vans and this value has been increased to USD 5957 per vehicle in the main cities, like Amsterdam, Rotterdam, the Hague, Utrecht, and Arnhem-Nijmegen.
With the government taking stringent action, in the form of regulation and incentives, along with the increased initiatives for the provision of the public charging stations for the electric vehicles, the market for these vehicles is expected to grow at a high rate.
Europe - Leading the Hybrid Vehicle Market
Sales of new energy passenger cars in Western Europe's 17 markets sold an impressive 900,000 units in 2018 with a growth rate of 27% YoY. In 2018, a full hybrid vehicle registered a total sales of 515,000 cars. A full hybrid vehicle has been growing significantly, adding 300,000 sales since 2015 and clearly a beneficiary of the region's recent move away from diesel.
The European market is highly dominated by Japanese and Korean brands, with European OEMs resisting the temptation to compete for head-on with the likes of Toyota and Hyundai/Kia. Instead, the European vehicle manufacturers are focusing on their non-plug-in efforts on Mild-Hybrid Electric Vehicle (MHEV) systems, increasingly with 48V electrical architecture.
Approximately 60,000 cars fitted with such systems were sold in 2018 with German premium brands holding the maximum share of volume sold in the region. The more technologically advanced versions of this technology, with electrical assistance of 20kW or more, offer most of the benefits of Full Hybrid Electric Vehicle (FHEV) but with lower cost. New zero emission vehicle (ZEV) incentives in several European countries and the arrival of several new Battery Electric Vehicle (BEV) models, including Tesla's Model 3 are fueling the market growth in the region.
The global hybrid vehicle market is majorly dominated by some of the major automotive players such as Toyota, Nissan, Honda, BYD, Mitsubishi, BMW, Ford, and etc., of which, Toyota, Nissan, and Honda holding a significant market share of the global hybrid vehicle market.
The companies are making new strategic partnerships, investing majorly in Research & Development projects and launching new products in the market for being ahead from their rivalries. For instance; Ford is investing USD 11 billion in electrification, with plans to add 40 hybrid and fully electric vehicles to its lineup by 2022. According to the company, every utility that is either redesigned or added to its portfolio will come with an electrified option, whether it's a hybrid, plug-in hybrid or fully electric.
Toyota-designed Prius was the world's first mass-produced hybrid car and the firm has sold 13 million hybrid cars since its introduction. The company has taken a strategic step to promote hybrid cars as a bridge to fully electric vehicles (EVs). Toyota will be granting license for around 24,000 patented technologies relating to motors, converters, and batteries.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.4 Plug-in Hybrid
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Toyota Motor Corporation
6.2.2 Nissan Motor Co. Ltd.
6.2.3 Honda Motor Company Ltd.
6.2.4 The Hyundai Motor Company
6.2.5 Kia Motors Corporation
6.2.7 Volvo Group
6.2.8 Volkswagen Group
6.2.10 Ford Motor Company
6.2.11 Mitsubishi Motors Corporation
6.2.12 BYD Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/lxi9bh
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