Hybrid Electric Vehicles Market: Stored Electricity Power Source to Gain Maximum Revenue Share

Published: Thu Jun 13 2019

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.

Leading market players are also focusing on improving performance and efficiency of cooling electronics in hybrid electric vehicles, as hybrid electric vehicles employ both electric motor and turbo diesel engine. High energy density and low-discharge rates make Li-ion batteries suitable for hybrid electric vehicles. However, low temperature reduces the energy of the battery, hence manufacturers are focusing on increasing capacity of Li-ion batteries in cold temperatures.

Additionally, overlooking massive demand upsurge across emerging countries, leading automakers are inclined towards exploring new opportunities in the regions. To cite an instance, a recent development marked the launch of Toyota Camry Hybrid vehicle in India with improved features and an affordable pricing bracket. Factors as such are likely to accelerate sluggish growth pace of hybrid electric vehicles in the region.

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 Highlights on Global Hybrid Electric Vehicles Market

  • Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global hybrid electric vehicles market. APEJ hybrid electric vehicles market is projected to bring in nearly US$ 16,800 million revenues by the end of 2022.

  • North America hybrid electric vehicles market is also expected to experience impressive growth during 2017-2022. Owing to the government focusing on pollution reduction, zero-emission vehicles are increasingly being promoted, hence, North America is witnessing the growth in adoption of hybrid electric vehicles. Moreover, manufacturers are also introducing cost-effective and lightweight vehicles.

  • Stored electricity is expected to be the largest power source for hybrid electric vehicles. Towards the end of 2022, stored electricity is estimated to reach nearly US$ 33,600 million revenues. Meanwhile, the on board electric generator is also expected to witness significant growth during the forecast period, 2017-2022.

Hybrid Electric Vehicles Market: Competition Landscape

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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