Hybrid System in Automotive Market Highlights
Also, it has been witnessed that the hybrid electric vehicles sales is growing at a rapid pace due to the presence of several manufacturers with a wide range of variety. The increase in sales of hybrid electric vehicle will result in the growth of Hybrid System in Automotive Market during the forecast period. Factors such as government initiative to reduce hazardous emission and the growing fuel prices have led to the growth of the market during the forecast period. Along with agencies such as European Environment Agency and others, have set stringent regulations on vehicles to reduce the emission. As a result, a large pool of population have shifted their preferences towards electric vehicles such as e-bikes. This change in preference towards electric vehicle will result in increased use of hybrid systems. The market is expected to reach USD 38.5 billion by 2023 at a CAGR of 11.25% during the forecast period.
The current trend in automotive industry is going toward electrification. Many manual transmission parts are replaced by electric transmitted components for better efficiency. The hybrid system in automotive includes various electric generated systems such as Start-Stop, Regenerative Braking, EV Drive, Others. The hybrid systems are used in electric vehicle such as HEV, PHEV, mild hybrid and others. The major share of the market is contributed by HEV. The HEVs mainly includes motorcycles, cars, trucks, buses, aircraft and others. Over the last few years, the hybrid electric vehicles gained much attention due the combination of both better as well as internal combustion engine systems.
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On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region is expected to account for the largest market in hybrid system in automotive during the forecast period due to increase in the sale of electric vehicle in this region. In Asia Pacific, China is the largest market for hybrid system and has about 40% of the electric vehicles developed in this region. Europe is the second largest market due to the presence of major automakers, increase in technological advancements and huge demand for e-cars. North America is growing at a steady rate in hybrid system because of the U.S. contributing the highest revenue in this region.
The U.S. has always been the most lucrative market for electric vehicles. Over the past few years, the sales of electric vehicles in the U.S. have doubled, which means the market will generate ample revenue in the forecate period. The major factors that have driven the U.S. market are government initiatives and healthy disposable income.
Key Industry Contenders
Key industry contenders are GKN plc. (U.S.), BorgWarner Inc. (U.S.), Magtec (U.K), Aisin Seiki Co., Ltd. (Japan), American Axle & Manufacturing, Inc. (U.S.), Parker Hannifin Corp (U.S.), AxleTech International SAS (U.S.), Dana Holding Corporation (U.S.), AVTEC LTD (India), Visedo (Finland), Magna International Inc. (Canada), Punch Powertrain Nv (Belgium), TM4 (Canada), JTEKT Corporation (Japan), Delphi Automotive LLP (U.K), to name a few.
Top Drivers and Key Restraints
The hybrid system in automotive market is being positively influenced by the strict regulations pertaining to carbon emissions, surging sales of electric vehicles, and the surge in fuel prices. The rising preference for electric vehicles is leading to higher deployment of hybrid systems in vehicles, which could mean great success for the global market.
Governments across countries are striving to promote the use of electric vehicles, to bring a decline in emissions and ensure environment protection. The governments in India, Indonesia, Brazil, Singapore and the MEA region are planning to spend more in the EV industry and draw in more electric vehicles manufacturers for setting up their manufacturing facilities in these countries. Companies like Mahindra & Mahindra, Tesla Motors, Tata Motors, Hyundai, Fiat and others are some of the market leaders in terms of electric vehicles, who are adopting various measures to boost their profits as well as their position in the hybrid system in automotive market.
For instance, in June 2020, reports confirm that Fiat Chrysler is adding to hybrid plug-in cars’ ability to automatically transform to electric-only mode while entering crowded city locations. The company is attempting to optimize the environmental advantages of Fiat Chrysler across Europe.
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Hybrid System in Automotive Market Segmental Review
The Hybrid System in Automotive industry can be segmented in terms of type, component, battery type and electric vehicle type.
The various system types considered in the study are regenerative braking, start-stop, EV drive, and more. Between these, the market can be dominated by the regenerative braking segment in the years ahead owing to this type’s ability to bring down the fuel consumption and boost the efficiency of the vehicle by 10–25%.
The component-based categories include DC/DC converter, battery, eMotor and DC/AC inverter. The battery category is presumed to lead the global industry during the review timeline, since batteries are critical components in electric vehicles. Battery helps store the power that drives the electric vehicle, which can induce growth of hybrid systems in the future.
The primary battery types in the report are lead acid, Li-Ion, and more. The fastest advancing segment in the worldwide market can be Li-ion battery in the ensuing years.
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Regional Insight
The hybrid system in automotive market has been regional considered for APAC or Asia Pacific, North America, Europe, as well as RoW/Rest of the World.
Asia Pacific is presently the global market leader, with Europe and North America securing the second and third spots, respectively. The hybrid system market in APAC has been thriving backed by the escalating sales of hybrid and electric vehicles along with sharp rise in fuel prices. China is evaluated as the highest revenue generating market in the region, having manufactured close to 40% of the global electric vehicle sale in 2016. Taking the lead from the U.S., China is currently the most lucrative market for hybrid systems in electric vehicles, given the rising concerns related to environment and the growing popularity of li-ion batteries in the country’s automotive industry.
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