Hybrid Vehicle Powertrain Component Market to be dominated by Passenger Cars through 2027
Continuous improvement in the electric vehicle charging
infrastructure is expected to drive the growth of global hybrid vehicle
powertrain component market in the forecast period, 2023-2027.
According
to TechSci Research report, “Hybrid Vehicle Powertrain Component Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global hybrid
vehicle powertrain component market is anticipated to grow at a significant
rate in the forecast period, 2023-2027. The market is driven by the factors
such as increase in the emission norms, untapped growth potential in developing
countries and growing automotive industry. Surge in the adoption of
fuel-efficient mobility solutions and decline in the price of batteries are
expected to boost the global hybrid vehicle powertrain component market growth
over the next five years.
Hybrid vehicle powertrain systems combine the
traditional powertrain components, an internal combustion engine with
transmission with new electric components, high voltage energy storage, power
electronics and electric motor. It transmits power to the driving wheels for
hybrid vehicles. Hybrid vehicle comes in many configurations and supports
multiple forms of motive power. Powertrain includes all components used to
transform the potential energy. Powertrains can use either chemical, solar, kinetic,
or nuclear power and make them useful for propulsion.
However, the vehicle cost and unavailability of
vehicle charging infrastructure in the developing countries may restrain the
global hybrid vehicle powertrain component market growth over the forecast
period.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global Hybrid Vehicle
Powertrain Component Market"
The global hybrid vehicle powertrain
component market is segmented into vehicle type, propulsion, component,
regional distribution, and competition landscape.
Based on the vehicle type, the market is
divided into passenger car, light commercial vehicle (LCV), medium & heavy
commercial vehicle (M&HCV). Passenger car is expected to hold the largest
market share over the forecast period, 2023-2027. Rapid urbanization, improved
living standards and rise in per capita income of consumers are driving the
sales of passenger cars in the developing countries. Shift in consumer preference
towards private vehicle ownership and launch of advanced versions of passenger
cars are contributing to the market growth. Rapid advancements in technology
and search of technologies and fuel that can lower the harmful carbon emissions
into the environment are further expected to boost the demand for passenger
cars across the globe.
Based on propulsion, the market is
bifurcated into HEV and PHEV. PHEV or plug-in hybrid electric vehicles are
expected to capture the highest market share in the forecast period. PHEV have
both an electric motor and engine and they can recharge their batteries through
regenerative braking or with engine. PHEV batteries have higher capacity than
the HEV batteries and also PHEV can travel more before their engines are on. They
get good fuel economy even before the electric range is depleted. PHEV provide
advantages of both electric and conventional vehicles that is they can act as
electric vehicles for shorter commutes and use gas engines for longer trips.
Based on component, the market is
divided into battery, motor, controller, engine, transmission, and others. Battery
segment is expected to account for significant market share in the forecast
period. Energy storage systems especially the batteries are the most crucial part
of all-electric vehicles, hybrid electric vehicles and plug-in hybrid electric
vehicles. Some of the type of batteries installed in hybrid vehicles are
lithium-ion, nickel-metal hydride, and lead-acid batteries. The decline in the
cost of batteries, favorable government policies supporting the manufacturing
of electric vehicle batteries and mass manufacturing of batteries are expected
to drive the segment demand over the next five years.
Major operating companies operating in global
hybrid vehicle powertrain component market are:
- Robert Bosch GmbH
- BorgWarner Inc.
- Magna International Inc.
- Hitachi Automotive Systems Ltd
- Cummins Inc.
- ZF Friedrichshafen AG
- Mitsubishi Electric Corp.
- Schaeffler AG
- Continental AG
- Marelli Holdings Co., Ltd.
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“Asia-pacific region is expected to
witness fastest increment growth over the forecast period, 2023-2027. High
penetration of electric vehicles in the region due to stringent government
regulation and emission norms and efforts to develop appropriate charging
infrastructures is driving the sales of hybrid vehicles in the region.
Government incentives, subsidies and income tax rebates to the electric vehicle
manufacturers and buyers and changing preference of key players to set up their
manufacturing plants supports the market growth in the region. High sales of
hybrid vehicles in Japan, South Korea, China and mass adoption of hybrid
technology due to the benefits offered by them are expected to propel the
global hybrid vehicle powertrain component market growth till 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Hybrid Vehicle
Powertrain Component Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2022, Segmented By Vehicle
Type (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy
Commercial Vehicle (M&HCV)), By Propulsion (HEV, PHEV), By Component
(Battery, Motor, Controller, Engine, Transmission, Others), and By Region”, has evaluated the future growth
potential of global hybrid vehicle powertrain component 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 vehicle powertrain component market.
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