Hybrid Powertrain Systems Market Size, Share & Industry Analysis, By Type (Parallel hybrid, Series Hybrid, Series-Parallel Hybrid), By Application (Passenger Cars, Commercial Vehicles) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Hybrid vehicle powertrain systems basically combine the conventional powertrain components of an automotive, transmission and internal combustion engine with new electric components such as power electronics, electric motor, and high voltage energy storage equipment such as a battery.
The increased disposable incomes of the customers and rapid rise in urbanization are some of the major factors driving the growth of the market. Also, it is fuelled by the increase in R&D efforts of major key companies. Also with the rapid trends towards comfort and safety and adoption of luxury vehicles the market is expected to grow rapidly over the forecast period. However, the rapid rise in the demand o fully electric vehicles and increased demand for fuel cell electric vehicles are some of the major factors that are expected to hamper the growth of the market.
Key Market Driver -
the increased disposable incomes of the customers and rapid rise in urbanization are some of the major factors driving the growth of the market.
Key Market Restraint -
the rapid rise in the demand of fully electric vehicles and increased demand of fuel cell electric vehicles are some of the major factors that are expected to hamper the growth of the market.
Market Segmentation:
The global hybrid powertrain systems market is segmented by type, by application and by geography. Based on type the market is further sub-segmented into parallel hybrid, series hybrid and series-parallel hybrid. Among these parallel hybrid segments is expected to account for the largest market share in the year 2020 and it is anticipated to continue its dominance over the forecast period. the major factor attributing to the growth of the market is an increase in usage of regenerative braking technology as it restores the energy to recharge the battery when brakes are applied. Also, due to the low cost of parallel hybrid as compared to series hybrid is expected to drive the growth of the market.
Based on application the market is segmented into commercial vehicles and passenger vehicles. The passenger vehicle segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. The increased demand for passenger vehicles in developing countries and increased recent trends towards comfortable and safe vehicles are expected to boost the growth of the market. Also, with the rise in sales of technologically advanced and luxury vehicles the market is expected to grow steadily over the forecast period.
Key Players:
Major players operating in the global hybrid powertrain systems market include Honda, Toyota, Hyundai, Mahle, Nissan, Mitsubishi, Bosch, ALTe Technologies, BYD, SAIC, CSR, Eaton, Tianjin Santroll, Allison Technologies and Voith among others
Key Insights
- New Advancements in hybrid powertrain systems market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global hybrid powertrain systems market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is projected to dominate the market in the coming years with the highest CAGR. This can be attributed due to the increased traffic and fleet, increase in automotive sales and deployment of new production facilities. Also, due to the presence of major key players in the region the market is expected to experience a boost over the forecast period.
North America is expected to be the second-largest region for the market and it is expected to grow steadily over the forecast period the increasing safety and comfort concerns and increased sales of luxury and technologically advanced vehicles are some of the major factors driving the growth of the market. Europe is expected to account for a considerable share in the market over the forecast period the increase in R&D efforts of major automotive countries in the country and a higher rate of adoption of hybrid automotive in the region are some of the major factors driving the growth of the market.
To gain extensive insights into the market, Request for Customization
Segmentation
ATTRIBUTES | DETAILS |
By Type |
|
By Application |
|
By Geography |
|
- Ongoing
- 2023
- 2019-2022
-
Get in Touch with Us
-
US +1 833 909 2966 ( Toll Free )
-
