According to the report, the global Automotive Hybrid System market is expected to exhibit a strong 11.25% Compound Annual Growth Rate over the forecast period from 2019 to 2023.
Leading players in the global Automotive Hybrid System market include:
Infineon (Germany), Magna International (Canada), Schaeffler (Germany), Valeo (France), and GKN (U.K), Bosch (Germany), Continental (Germany), Denso (Japan), ZF (Germany), Johnson Controls (US), Hitachi Automotive (U.S.).
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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. 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.
Apparently, other developing countries have also taken similar initiatives to boost the production of electric vehicles. This will enable an increase in demand for the hybrid system in the vehicle. Moreover, electric vehicles are eco-friendly and have several benefits to environment. Also, the electric car owner doesn’t need any government license and other certification to run the vehicles. The market is expected to reach USD 256 billion by 2023 at a CAGR of 5.98% 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.
Over the past decade, it has been experienced that the prices of crude oil per barrel is increasing very rapidly and also the availability the crude oil is decreasing day by day. Due to these factors, the mind-set of a large pool of population is shifting their preference towards electric vehicles. In the last 3 to 4 years, the demand for electric vehicles in the United States is rapidly increasing and seen around 70% of year-over-year growth in the sales. This increase in the fuel prices will result in the growing demand for hybrid system in electric vehicle which will drive the market during forecast period.
The hybrid system in automotive constitutes various electric generated systems such as Start-Stop, Regenerative Braking, EV Drive, Others. This system enables the vehicle to reduce the emission which in turn saves the environment from its ill effects. Various components such as Battery, DC/DC Converter, DC/AC Inverter, and eMotor are integrated in the vehicle to increase the efficiency of the vehicle. Furthermore, the government of various countries have taken initiatives to increase the sales of electric vehicles.
In countries such as India, Singapore, Indonesia, Brazil, and MEA regions, the government has planned to invest more and welcome several electric vehicles manufacturers to set up manufacturing plants. Companies such as Tesla Motors, Hyundai, Mahindra & Mahindra, Tata Motors and others are leading the race to roll out electric vehicles soon.
Automotive Hybrid System Market Segmentation:
On the basis of Drive Type, the market is segmented into Start-Stop, Regenerative Braking, EV Drive.
On the basis of type, the market has been segmented as Battery, DC/DC Converter, DC/AC Inverter, eMotor.
On the basis of vehicle type, the market has been segmented into Li-Ion, Lead Acid.
On the basis of Electric Vehicle, the market has been segmented into Mild Hybrid, HEV, PHEV, EV.
Automotive Hybrid System Market Regional Analysis:
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 forecast period. The major factors that have driven the U.S. market are government initiatives and healthy disposable income.
Automotive Hybrid System Market Report Table Of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued…
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