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(Transportation-News.com, April 11, 2019 ) The volume of the Hybrid Vehicle Market is estimated to be 4,169 thousand units in 2018 and is projected to reach 7,593 Thousand Units by 2025, at a CAGR of 8.94% from 2018 to 2025.
The key growth drivers for the market are increasing government initiatives, higher fuel efficiency, longer driving range, stringent emission regulations and the increasing demand for mid-size and large size cars in countries such as Norway, Sweden, Germany, the US, and others.
The full hybrid segment is estimated to hold the largest market share, by volume, for the hybrid vehicle market, by the degree of hybridization, during the forecast period. But the fastest growth can be seen in the mild hybrid segment. The growth of the full hybrid segment can be attributed to improving fuel efficiency and reduced emission due to a continuous technology upgrade.
The parallel hybrid is estimated to be the largest and fastest growing market, in terms of volume, in the hybrid vehicle market, by electric powertrain type. The market for parallel hybrids is likely to grow due to the increased use of regenerative braking technology. 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 PHEVs will boost the demand for parallel hybrids.
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The Asia Pacific is estimated to be the largest market for hybrid vehicles during the forecast period, followed by Europe and North America. The market growth in the region can be attributed to the increased sales of hybrid vehicles in Japan, China, and South Korea. Also, the Asia Pacific region is home to major players in the hybrid vehicles market, such as Toyota, Honda, Nissan, Kia, BYD, and Hyundai. Japan is the largest market in the hybrid vehicle segment worldwide.
The HEV segment, by propulsion type, is estimated to hold the largest market share in 2018. However, the PHEV segment is estimated to be the fastest growing during the forecast period because of the increasing adoption of mid- and large-sized vehicles and the development of electric infrastructure.
The passenger car segment is estimated to hold the largest market share, in terms of volume, for the hybrid vehicle market, by vehicle type, during the forecast period. But, the commercial vehicle segment is estimated to be the fastest growing market owing to the ease of application of hybrid vehicle technology in the commercial vehicle, increased driving range, fuel efficiency, and high focus of OEMs to reduce emissions from commercial vehicles.
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The hybrid vehicle market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Toyota (Japan), Ford (US), Volvo (Sweden), Continental (Germany), Daimler (Germany), Delphi (UK), and others.
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