In the fast-growing economies and developing market, the automotive industry is expected to gain momentum in the coming years. To reduce the impact on the environment, the automotive industry is shifting towards electric vehicle and hybrid vehicle technologies.
In the present scenario, innovations in automotive industry are more focused towards hybrid vehicles and electric vehicles. This factor boost the growth of hybrid vehicles market that include hybrid vehicle transmission as well. Hybrid vehicle transmission system combine an internal combustion engine, transmission system and conventional powertrain components with electric motors, electric components, high voltage energy storage, such as battery and power electronics.
Hybrid vehicle market is currently in the growth stage and the production of hybrid vehicle transmission is directly related with the production of hybrid vehicle. Moreover, strong outlook of hybrid vehicle in the coming years will create substantial opportunities for the hybrid vehicle transmission manufacturer.
Hybrid Vehicle Transmission Market Drivers:
Increasing production of hybrid vehicles both in developing and developed economies is expected to be the prime factor responsible for the growth of the global hybrid vehicle transmission market over the forecast period. Moreover, growing consumer preference towards the advanced technologies such as hybrid vehicle and electric vehicles is also anticipated to drive the growth of hybrid vehicle transmission market in the coming decade. That apart, mandatory compliance with CO2 emission norms will upsurge the demand of hybrid vehicles across the globe, thus giving traction to the hybrid vehicle transmission market.
Lack of commercialization of hybrid vehicle in the developing economics is expected to be a major factor deterrent the growth of hybrid vehicle transmission market over the forecast period. Moreover, high rate of adoption of battery electric vehicle coupled with continuous fall in the price of battery act as a restraining factor to the growth of hybrid vehicle market as well as hybrid vehicle transmission market.
A major trend projected five years down the line includes market leaders both OEMs and dedicated hybrid vehicle transmission manufacturer are focusing on research and development (R&D) activities to develop new and innovative products with high efficiency to maintain leadership. Moreover, the manufacturers in global hybrid vehicle transmission market are focused on strategic expansion to expand presence across the globe and to meet consumer needs.
Over the forecast period, Asia Pacific is expected to be closely followed by North America. Both of these markets are foreseen to witness massive growth in the hybrid vehicle transmission market owing to the anticipated growth in the production of hybrid vehicle in emerging economies, such as the China and U.S. Western Europe is estimated to grow at a considerable CAGR during the forecast period owing to high demand for hybrid vehicle transmission in the growing automotive sector in the region.
Germany is estimated to be the leading automobile and automotive market in Western Europe. Middle East & Africa is anticipated to witness the growth of hybrid vehicle transmission market over the forecast period. Latin America is likely to grow at a substantial CAGR during the forecast period owing to growing concerns relating to rising air pollution in the region.
Examples of some of the key participants identified across the value chain of the global hybrid vehicle transmission market include:
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The global hybrid vehicle transmission market can be segmented on the basis of type, vehicle type and sales channel.
Based on type, the global hybrid vehicle transmission market is segmented into:
Based on vehicle type, the global hybrid vehicle transmission market is segmented into:
Based on sales channel, the global hybrid vehicle transmission market is segmented into:
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