Hybrid Drivetrain Market worth over $645bn by 2026
Published Date: January 17, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Hybrid Drivetrain Market is predicted to cross USD 645 billion by 2026; according to a new research report by Global Market Insights, Inc.
Growing greenhouse gas emissions to boost hybrid vehicle sales
Increasing regulations pertaining to vehicle emissions is supporting the adoption of hybrid and electric vehicles. The regulatory authorities are upgrading the regulations to reduce emissions from on-road vehicles. For instance, in September 2018, the U.S. EPA proposed technical amendments for the Light-duty Greenhouse Gas Program for passenger cars. Further, the organization is planning to provide advanced technology incentives for plug-in hybrid vehicles, electric vehicles, fuel cell electric vehicle and natural gas fueled vehicle.
Strengthening charging infrastructure across the globe will induce significant growth potential in the hybrid drivetrain market. According to International Energy Agency (IAE), in 2018, there are around 5.2 million light duty vehicle chargers installed globally. The government authorities along with the industry participants are utilizing innovative technologies including wireless charging and battery swapping. In July 2019, SAIC Motors, announced to establish 660,000 charging stations across China till 2020.
Get more details on this report - Request Free Sample PDF
Full hybrid vehicles will witness around 30% CAGR during the study timeframe owing to superior fuel efficiency. According to Center for Advanced Automotive Technology (CAAT), the vehicles increase the fuel efficiency by around 40% - 45%. Moreover, it requires smaller engine and is capable to propel the vehicle solely on the electric motor. Mild HEV holds significant share in the industry landscape owing to the growing utilization of regenerative braking to improve brake efficiency and energy conservation.
Browse key industry insights spread across 255 pages with 205 market data tables & 11 figures & charts from the report, “Hybrid Drivetrain Market Size By Level (Mild HEV, Full HEV, PHEV), By Type (Series, Parallel, Series-Parallel), By Component (HEV, [Power Electronics, Battery, Electric Motor, Controller], PHEV [Power Electronics, Battery, Electric Motor, Controller]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Series hybrid drivetrain to bank upon simple configuration
Series type segment of the market will foresee significant traction as it offers simpler configuration and capable to drive power from both motor and generator. The drivetrain provides superior performance in stop-and-go traffic that enhances the vehicle efficiency. Further, increasing initiatives to reduce dependency on crude oil will support the segment penetration. However, series-parallel drivetrain leads the industry size owing to superior vehicle efficiency.
Battery dominates the market share and a major factor influencing the vehicle ownership cost. The industry players are taking initiatives such as increasing overall production and adoption of innovative technologies to reduce the battery cost. Government organizations are introducing concession and exemption schemes to support the development of battery. For instance, in 2015, the Government of India announced the exemption of custom duty for lithium ion battery manufacturers for the automobiles under the FAME Scheme.
Financial incentive to enhance the penetration in North America
North America hybrid drivetrain market revenue will witness substantial growth due to introduction of incentives, policies, and awareness campaigns by the government. In May 2019, the Canadian Government announced a rebate of up to USD 2,500 for plug-in HEV and USD 5,000 for electric vehicles.
The Middle East & Africa is at a nascent stage and will witness steady growth with improving living conditions along with strong GDP growth per capita and easier financing alternatives. Rising preferences for advanced technologies along with reduced vibrations and noise to enhance the premium appeal will further expand the regional share over the forecast timeframe.
Industry players to expand product portfolio to strengthen industry foothold
Industry players are expanding the product portfolio to serve larger consumer base. For instance, in November 2019, BorgWarner developed P2 drive module and entered into a strategic agreement with Changan Automobile for supplying the hybrid transmission in China. Further, in April 2016, Delphi Automotive introduced 48-volt hybrid drivetrain for Honda Civic.
The key hybrid drivetrain market participants include BAE Systems, Aisin Seiki, BorgWarner Inc., Delphi Automotive, Continental AG, Hofer Powertrain, Magna International and ZF Friedrichshafen among others.
Explore More on Related Topics: