Hybrid Drivetrain Market size worth over $385 Bn by 2027
Published Date: June 22, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Hybrid Drivetrain Market size is expected to exceed USD 385 billion by 2027, according to a new research study published by Global Market Insights, Inc.
Increasing industry focus on environmental impact of fossil fuel has increased the demand for hybrid vehicles. With improvement in battery technology, more and more plug-in hybrids are expected to be driven on both long and short routes. Increasing adoption in the commercial sector from heavy trucks and cabs is further anticipated to drive hybrid drivetrain industry.
Growth in the global plug-in vehicle sales
The implementation of stringent environmental regulations, increasing environmental awareness among consumers, and governments offering tax redemption on electric propulsion vehicles including PHVs, Electric Vehicles (EVs), and Fuel Cell Vehicles (FCVs) have augmented the penetration of hybrid drivetrains worldwide. Italy and Spain have observed substantial sales of hybrid electric vehicles despite COVID-19. For example, in the first quarter of 2021, the overall registrations of hybrid electric vehicles in Germany rose by 60.5% year-on-year while Spain observed 39% growth.
Get more details on this report - Request Free Sample PDF
Browse key industry insights spread across 255 pages with 205 market data tables & 23 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]), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The mild HEV segment is set to witness over 30% CAGR through 2027 owing to rising penetration in multiple varieties of electric vehicles including large, medium, compact, sub-compact, and premium cars. The automotive manufacturers are mounting electronic components to improve the CO2 emission saving potential and reducing dependence on conventional fuel.
In terms of value, the controller segment of plug-in hybrid drivetrain market is poised to grow at 24% CAGR till 2027. The controller is amongst the critical components of the hybrid drivetrain system as it engages in management and synchronization of hybrid drivetrain in conjunction with engine. It also manages power and software operations required for smooth synchronization amongst propulsion sources.
North America market size valued at around USD 14.5 million in 2020 on account of large hybrid vehicle sales. The sales of hybrid vehicles are generally high in states that have more consumer benefits program of owning PHEV as compared to other states. For instance, in August 2019, the State of Colorado in the U.S. announced its policy “Zero Emission-Vehicle Mandate” in which automakers are required to sell at least 5% electric and plug-in hybrid cars out of their total car sales.
Some of the major manufacturers in the hybrid drivetrain market are ZF Friedrichshafen, Punch Powertrain Nanjing, The Voith Group, Texas Instruments, Obrist Powertrain, Magna International, JATCO Ltd, Hofer Powertrain, Denso, Delphi Automotive, Continental AG, BorgWarner Inc, BAE Systems, and Aisin Seiki.
Explore More on Related Topics: