19 March 2021
Visiongain has published a new report on Hybrid Vehicle Market Report to 2031: Forecasts by By Powertrain (Parallel and Series) By Product Type (Mild-Hybrid, Mid-Hybrid, Full-Hybrid, Plugin-Hybrid) By Vehicle Type (Passenger and Commercial) By Charging Speed (Normal Charging, Super Charging, and Inductive Charging). PLUS Profiles of Leading Hybrid Vehicle Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global Hybrid Vehicle market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies.
COVID-19 Impact on Hybrid Vehicle Market
COVID-19 negatively impacted the hybrid vehicle segment due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for Hybrid Vehicle. However, hybrid electric vehicle demand remained resilient in the second half. Resumption of economic activities, opening of international borders and exports, growing awareness among customers and government support in the form of demand incentives and investment for enhancing charging infrastructure in turn increased the demand for Hybrid Vehicle.
Increasing charging infrastructure across countries and launch of new xEV products by OEMs at an affordable price are two main demand-side drivers for the Hybrid Vehicles. Additionally, heavy investments by government across the key markets in world in electric vehicle charging infrastructure, so as to meet their electrification targets also acts a factor pushing the demand for Hybrid Vehicle market. Hybrid electric vehicles offer reduced emissions and are significantly cost effective as when compared to full-electric or BEV vehicle, hence the demand for hybrid has remained strong especially in the developed region such as North America and Europe.
Significant opportunity exists in the new technology Hybrid Vehicle, major players compete on technology and cost as key differentiation product to win the market. Affordability and driving range are the two such areas of opportunity. Many EV supply equipment manufacturers are investing significantly in R&D to make HEVs more cost effective. Growth opportunities also exist in the developing part of the world, i.e. regions such as Asia Pacific where countries such as Thailand, Malaysia, Indonesia and India are striving hard to achieve major electrification in near term.
Some of the company’s profiled in this report include Hyundai, Ford, Toyota, Daimler, BMW, PSA, Volkswagen, General Motors, Mitsubishi and Volvo. Additional companies’ active in the market includes Continental, Schaefler, Delphi Technologies, Allison Transmission, Nissan Motors, Kia Motor Corporation, and Others. Players in the xEV market have been observed forming alliances with OEMs and other mobility players to co-develop new technologies related to EV supply equipment. For instance, ChargePoint formed an alliance with EV charging infrastructure companies Allego and EVBox for forming consumer-centric EV policies in Europe.
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