Power split hybrid vehicles to hold majority of the revenue share in the global hybrid vehicles market
Power split hybrid vehicles are the most preferred type of powertrains in the hybrid vehicles market, owing to their advantages over the other types of powertrains. Power split hybrid systems feature both, series and parallel hybrid systems. Power from the internal combustion engine and electric motor can be used to move the vehicle.
The point where it slightly differs from other powertrain systems is that, the wheels of the vehicle can be powered by the internal combustion system alone, or the internal combustion system can be turned off and the battery can supply the necessary power to the generator that initiates the electric motor, and hence, drive the wheels. It is projected that power split hybrid vehicles will continue to dominate the hybrid vehicles market, and will reach a market value of more than US$ 335 billion by 2026.
Passenger cars segment to dominate the hybrid vehicles market
The passenger cars segment holds a majority of the share in the hybrid vehicles market. This is due to the dominance of passenger cars in the automotive industry. Passenger car production in 2015 was more than 68 million units, way ahead than light and heavy commercial vehicles. It is projected that, the hybrid vehicles market for passenger cars will continue to be a significant market segment, and is estimated to grow at a CAGR of 22.8% during the forecast period.
Hybrid vehicles tend to be more fuel-efficient than conventional vehicles, as it utilizes power from automotive batteries, in the event of start-stop or at cruising speeds. Along with this, the presence of an internal combustion engine with the electric system makes a hybrid vehicle more economical and easy to drive, especially in urban areas where traffic is usually high.
Gasoline hybrid vehicles more preferred over diesel hybrid vehicles in the hybrid vehicles market
Gasoline hybrid vehicles are favored over diesel hybrid vehicles due to improved performance, high fuel efficiency, and low tailpipe emissions. There aren’t many diesel hybrid vehicles, owing to high maintenance and tailpipe emissions, which makes gasoline hybrid vehicles as the preferred choice of consumers. The market for gasoline hybrid vehicles is projected to grow at a significant CAGR of 21% in terms of value during the forecast period.
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Insufficient infrastructure may hamper the plug-in hybrid vehicles market
The growth of plug-in hybrid vehicles mainly depends on the availability of charging stations on the road networks. Gasoline station availability is much higher than that of charging stations, which come across as a roadblock to the growth of hybrid vehicles market. Though charging systems are provided by manufacturers to customers, they are stationary and probably would be attached to a home or workplace. Public charging stations are far less available, and is an issue when a low battery emergency arises.
About the global hybrid vehicles market report
FMI has published an exclusive forecast report for the hybrid vehicles market between 2016 and 2026. The foremost objective of this report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the hybrid vehicles market. Also, the study addresses the key dynamics which are expected to diversify the sales and future prominence of the hybrid vehicles market.
The report on the hybrid vehicles market stars with an executive overview, in which product definitions are provided. The report further proceeds with the taxonomy of the hybrid vehicles market, elaborating on the key segments. Also, the report outlines visionary insights on the dynamics of hybrid vehicles market, including drivers, restraints, opportunities, trends, value chain analysis, and pricing analysis.
The value chain analysis and pricing analysis of the hybrid vehicles market have also been included in the report to help readers to clearly understand the product framework map in the hybrid vehicles market.
Hybrid Vehicles Market – Segmentation
The hybrid vehicles market has been analysed with respect to segments such as product type, vehicle type, engine type, powertrain configuration, and region. The product types in the report for the hybrid vehicles market include hybrid electric vehicles and plug-in hybrid electric vehicles. The hybrid vehicles market registers demand from vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles.
By engine type, it includes gasoline hybrid vehicles and diesel hybrid vehicles. Powertrain configuration involved in the hybrid vehicles market includes series hybrid, parallel hybrid, and power split hybrid. The hybrid vehicles market has been evaluated across primary regions such as North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA).
Hybrid Vehicles Market – Competition Dashboard
Efforts are being made by manufacturers in the hybrid vehicles market to expand with strategic interventions, including establishing new entities, expanding production capacities, introduction of enhanced product portfolios, and technological breakthroughs in the hybrid vehicles market. Some of the key players operating in the hybrid vehicles market include Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Daimler AG, Volkswagen AG, Renault SAS, Toyota Motor Corporation, Nissan Motor Corporation, Mitsubishi Motor Corporation, Hyundai Motor Company, and Bayerische Motoren Werke AG (BMW).
Key segments covered in the hybrid vehicles market report
On the basis of product type, the hybrid vehicles market can be segmented into:
- Hybrid Vehicles
- Plug-in Hybrid Vehicles
On the basis of vehicle type, the hybrid vehicles market can be segmented into:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
On the basis of engine type, the hybrid vehicles market can be segmented into:
- Parallel Hybrid
- Series Hybrid
- Power Split Hybrid
On the basis of powertrain configuration, the hybrid vehicles market can be segmented into:
- Gasoline Electric
- Diesel Electric
On the basis of region, the hybrid vehicles market can be segmented into:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa (MEA)