According to a new report from Markets and Markets, the global hybrid vehicle market will reach 4.169 million units in 2018. It is expected that the market size will reach 7.593 million by 2025, with a compound annual growth rate of 8.94% over the period.
The hybrid vehicle market is driven by many factors, such as better fuel efficiency, longer mileage than other electric vehicles, less emissions, and government incentives related to hybrid vehicles and power infrastructure.
According to the power system, parallel hybrid vehicles will become one of the fastest growing markets, thanks to less complicated systems and their high performance. Parallel hybrid vehicles are also suitable for long-distance driving. And because the engine and battery are directly connected to Motors, therefore, have minimal energy conversion losses in parallel hybrid systems. Regenerative braking systems are the most commonly used technology in hybrid vehicles. Compared to plug-in hybrid electric vehicles, the use of regenerative braking systems, as well as miniature and light mixing The lower cost of the power car will drive the demand for parallel hybrid vehicles. Therefore, the parallel hybrid car segment will dominate the hybrid car market during the forecast period.
In terms of vehicle type, the passenger vehicle sector will lead the hybrid vehicle market. This increase can be attributed to high demand for personal travel, improved per capita income, and improved lifestyle. High sales of passenger vehicles, strict emission regulations and The growing demand for large and medium-sized cars has driven market growth. In addition, many countries’ governments are providing purchase subsidies and tax refunds for the purchase or rental of hybrid vehicles.
By region, the Asia-Pacific region represents the largest market for green technology in the world. The growth of hybrid vehicles in this region was mainly attributed to the huge sales volume in Japan and China. To cope with the increasing emissions, various countries in the region will be in the next few years. It will focus on the deployment of a large number of low-emission vehicles. In addition, the Asia Pacific region is the focus of Toyota, Honda, Nissan, Kia, BYD, Hyundai and other major manufacturers of hybrid vehicles. Toyota has the highest share of global hybrid vehicle sales. The government of Asian countries also promotes the growth of the hybrid vehicle market by providing subsidies.
The hybrid vehicle market is dominated by a few global players, including Toyota (Japan), Ford (USA), Volvo (Sweden), Continental Group (Germany), Daimler (Germany), Delphi (UK), etc.
