Multiple Trends Driving Strong Growth for Hybrid Vehicles
By geography, the Asia-Pacific region is the highest market due to the huge sales volume in Japan and China.
The global hybrid vehicle market accounted for over $68 billion in 2017 and is expected to reach $243.2 billion by 2026, growing at a CAGR of 11.2%, according to a recent report available from Research and Markets. Raising discharge norms, growing eco-friendly initiatives pertaining to fuel emissions, optimum fuel ratio and uninterrupted reduction in battery prices are all trends driving the market. However, increasing vehicle costs and growing demand for battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) are inhibiting market growth.
On the basis of powertrain, parallel hybrid is one of the fastest-growing markets in the hybrid vehicle market due to its less-complex system and high performance. It is also suitable for long-distance travel. In addition, the energy conversion losses are minimized in a parallel hybrid since the engine and battery are connected to the motor directly. The regenerative braking system is the most commonly used technology in hybrid vehicles. The use of the regenerative braking system and the lesser cost of micro and mild hybrids compared to plug-in electric vehicles (PHEVs) will boost demand for parallel hybrids.
By geography, the Asia-Pacific region is the highest market due to the huge sales volume in Japan and China. Additional details are available at www.researchandmarkets.com.