Hybrid Vehicles Market Estimated to Exhibit 20.4% CAGR through 2026

 

FMI delivers key insights on the global hybrid vehicles market in its latest report titled, ‘Hybrid Vehicles Market: Global Industry Analysis and Opportunity Assessment 2016-2026.’ The long-term outlook of the global hybrid vehicles market remains positive, with market value expected to increase at a CAGR of 20.4% during the forecast period (2016-2026). Among the product types, the hybrid electric vehicles segment is expected to expand at a significant CAGR in terms of value over the forecast period. The global hybrid vehicles market for passenger cars is estimated to be valued at US$ 54.7 Bn by the end of 2016. Japan is estimated to account for a value share of 48.1% in the global hybrid vehicles market by 2016 end, and it is anticipated to retain its dominance throughout the forecast period. In this report, FMI throws light on the drivers and restraints likely to impact the global hybrid vehicles market during this period.

Global Hybrid Vehicles Market: Factors Influencing Revenue Growth

The hybrid vehicles market is driven by various factors such as better fuel efficiency, incentives & subsidies offered by governments, rising prices of petroleum products, and reduction in air pollution, among others. Hybrid vehicles have better fuel efficiency than conventional vehicles, as apart from using IC engines, hybrid vehicles also use energy stored in a battery, which uses 80% of the energy for driving the vehicle, owing to the higher efficiency involved in converting the chemical energy of batteries into electrical energy. Using battery energy also minimizes the harmful carbon emissions involved with IC engines. Apart from this, various government authorities provide subsidies and incentives to the owners of hybrid vehicles. For instance, in China, the government offers subsidies ranging from US$ 6,750 to US$ 14,000, depending upon the size of the battery pack, to every purchase of a hybrid or electric vehicle. Cities such as Beijing and Shanghai offer free registration plates for electric hybrid vehicles.

The insufficient number of public charging stations hampers the growth of the plug-in hybrid vehicles sector, though portable charging systems are provided by manufacturers, which can be used at home or at the workplace. But while travelling between cities or during an emergency situation, this can cause difficulty to the consumers. Therefore, to fully explore the potential of plug-hybrid vehicles, a sufficient number charging stations are required, which will enhance the market for plug-in hybrid vehicles.

Segmental Analysis of the Hybrid Vehicles Market

The hybrid vehicles market is segmented on the basis of product type, vehicle type, engine type, and powertrain configuration.

·         The hybrid electric vehicles segment is anticipated to continue to dominate the market in terms of value over the forecast period. The hybrid electric vehicles segment is estimated to grow at a significant CAGR over the forecast period. It is expected to represent a total incremental opportunity of US$ 297 Bn between 2016 and 2026.

·         The power split hybrid vehicles segment is projected to be the most prominent powertrain configuration in the hybrid vehicles market. The power split hybrid vehicles segment is estimated to grow at a significant CAGR of 22.7%, in terms of value, over the forecast period. The market for power split hybrid Vehicles is driven by the benefits they offer over parallel and series hybrid vehicles.

Hybrid Vehicles: Regional Market Projections

The hybrid vehicles market in Japan is expected to represent a significantly higher incremental opportunity between 2016 and 2026. The market for hybrid vehicles in Japan is expected to represent a total incremental opportunity of US$ 241 Bn between 2016 and 2026.

Hybrid Vehicles Market: Key Participants

The report highlights some of the top companies operating in the hybrid vehicles market, such as 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).

For more Information:

https://www.futuremarketinsights.com/reports/global-hybrid-vehicles-market

 

Comments

Post a Comment

Popular posts from this blog

Automotive Wiring Harness Market to witness a high CAGR through 2027

  Substantial increase in the investment for automated driving activities and development of electric vehicles charging infrastructure across the globe are expected to remain key defining factors in the global  automotive wiring harness market . As per FMI’s analysis, the global automotive wiring harness sales are set to exceed US$ 48 Bn in 2021, whereas in the long-term, revenues will grow at 9.4%. FMI’s latest edition of the report reveals latest perspectives, along with a detailed analysis of how COVID-19 induced slowdown will impact future sales. The COVID-19 pandemic crisis has severely affected the global economic growth, resulting in complete shutdown manufacturing activities and disruptions in the supply chain networks. However, automotive wiring harness market is expected to recover sharply as the economic activity resumes post the containment of pandemic. Key Takeaways ·          Automotive wiring harness demand is driven by healthy demand from automotive production in
Read more

Automotive Pump Market Expected to Behold a CAGR of 6.1% through 2021-2031

  The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on  automotive pump market  has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031). The rising passenger vehicle sales will remain a chief growth driver. In terms of vehicle type, passenger vehicle segment is forecast to remain dominant, accounting for over 70% of sales recorded in the market. Key Takeaways of Automotive Pump Market Study ·          After a period of slow growth amid COVID-19, the automotive pump sales is poised to recover, exhibiting nearly 6% Y-o-Y growth in 2021 ·          The demand from the U.S. will remain a chief growth driver as the country continues accounting for over 80% of sales registered in North America ·          Increasing passenger vehicle production will support growth i
Read more

Battery Energy Storage System Market Estimated to Exhibit 32% CAGR through 2026

  According to an analysis by Future Market Insights (FMI), the   battery energy storage systems  market  is expected to be valued at US$ 64.92 Bn in 2032, with 27.9% CAGR during the forecast period. The market’s expansion can be attributed to rising demand for  grid energy storage systems  due to ongoing grid modernization, increasing penetration of lithium-ion batteries in the  renewable energy  sector, and the rising trend of adopting a low-carbon fossil-fuel-free economy, as well as the ongoing  renewable energy  revolution. The most common renewable energy kinds stored in grids are  solar and wind energy . However, the energy generation process is disrupted when the sun is obscured by clouds or by changing wind currents. Moreover, the significant financial investment necessary to build battery energy storage devices, on the other hand, is limiting industry expansion. Such oscillations necessitate the deployment of flexible grid solutions for  energy storage.  Grid modernizat
Read more