APAC to Witness Extensive Adoption of Hybrid Electric Powertrain till 2024
Growing
demand for hybrid vehicles, technological advancements and increasing demand
for fuel-efficient vehicles that could reduce fuel emissions to drive global Hybrid
Electric Powertrain market through 2024
According
to TechSci Research report, “Global
Hybrid
Electric Powertrain Market By Vehicle Type, By Component, By Region,
Competition, Forecast & Opportunities, 2024”, global Hybrid Electric Powertrain market is projected to
grow at a CAGR of over 9% during the forecast period, on account of increasing demand
for hybrid vehicles. Hybrid Electric Powertrain includes fuel and electrical
powertrains. Declining prices of automotive batteries, technological
advancements, environment regulations and increasing prices of fuel are some of
the other key factors that would have a positive impact on the market in coming
years. However, high production cost associated with powertrains may impede market
growth.
Browse 119 market data Figures spread through 110
Pages and an in-depth TOC on "Global Hybrid Electric Powertrain Market"
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Hybrid Electric Powertrain market can be segmented based on vehicle
type, components and region. Based on vehicle type, the market can be categorized
into plug-in hybrid vehicle and hybrid vehicle. Hybrid vehicles segment accounted
for the largest market share in 2018 and is expected to maintain its leading
market position in coming years as well, on the back of lack of proper charging
infrastructure in most of the countries, as Hybrid vehicle charges the battery
through automatic regenerative braking technology.
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Major players operating in global Hybrid Electric Powertrain market include
Toyota Motors, Honda Motor Company, Nissan Motor Co., Ltd., BYD Auto Co., Ltd.,
Kia Motors Corporation, Suzuki Motor Corporation. Companies operating in the
market are using organic strategies such as product launches, and mergers and
collaborations in order to register positive growth in the market. Magna
International entered into an agreement with Huayu Automotive systems to increase
its electric footprint in China.
“Asia-Pacific is expected to witness significant adoption of Hybrid
Electric Powertrain in the coming years, owing to increasing adoption of
electric and hybrid vehicles in economies such as China, India and Japan.
Moreover, concessions on the purchase of hybrid vehicles and tax exemptions are
some of the government initiatives, which are anticipated to push the adoption
of Hybrid Electric Powertrain in the region during forecast period.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Global Hybrid
Electric Powertrain Market By Vehicle Type, By Component, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global Hybrid
Electric Powertrain market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global Hybrid
Electric Powertrain market.
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