LOS ANGELES, April 23, 2020 (GLOBE NEWSWIRE) -- The global hybrid electric powertrain market is expected to reach the market value of around US$ 90 Bn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 to 2027.
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The energy market has expanded at a high pace and has generated strong demand for hybrid energy. Electric cars around the world have evolved tremendously. Big suppliers of automobile parts have invested in electricity axle which has increased demand of hybrid and electric cars and boost their market share. In particular, large-scale hybrid electric vehicle markets, such as China, the United States and Europe, have expanded their production capacities. Besides growing practices on the global market for the production of hybrid electric cars, the shortage of gas and oil supplies is also a key reason for automakers to switch from the energy source to the hybrid electric powertrain.
In addition, the global hybrid electric powertrain industry is expected to follow strict government regulations and increase fuel efficiency for hybrid vehicles in this forecast timeframe. This would also strengthen the sustainability of the global hybrid electric powertrain industry by helping to reduce emissions and fuel consumption. However, in the next few years, a substantial problem is expected to occur in the manufacturing costs associated with the powertrain.
Regional Outlook
Asia Pacific held prime market share in 2019 and projected to grow at good CAGR amid the forecast period. Development in the Asia Pacific is a result of expanded policy programs and vehicle pollution reduction policies. Greater emissions play a significant role in the adoption of hybrid cars in countries such as India and China. Among the main reasons that promote car adoption are the rising living conditions and the availability of jobs.
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Until 2030 only electric cars on their highways is pledged to governments of the big automotive sectors, such as China and India. Global car manufacturers have also expanded their investment in electric vehicle production to meet the anticipated rise in demand for these vehicles over the next decade. The firm will design and manufacture only hybrid and electric cars from 2019, Volvo Motors has announced.
Latin America will inhibit stable growth as demand for affordable public transport is rising which create lucrative market opportunities in the region. The growing importance of market players to increase their production facilities would further promote the growth of the industry.
The global market has its share of pitfalls, though, and the price of the commodity is very high and is a major deterrent in low economic growth countries. Maintenance is moreover costly and requires regular recharge and battery shift. Battery lead dissipation is also a growth restriction.
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About the Market
The newest developments in the car industry are hybrid electric powertrains. In order to prevent global warming and allow the most efficient use of various energy sources, the growing practice towards creating a low-carbon atmosphere contributed to producing hybrid electric vehicles. Particularly in the US, Japan, China and European nations, carbon-dioxide laws are being upgraded in the automobile sector, driving advances in power infrastructure to decrease future CO2 emissions. In comparison, customers became more vulnerable to rising energy costs and drawn to green technologies.
Key Players & Strategies
Participants include major global players such as BYD Auto Co. Ltd., Honda Motor Company, Toyota Motors, Nissan Motor Co. Ltd., Kia Motors Corporation, Suzuki Motor Corporation, and Others. In order to improve their position to manufacturing, the manufacturing produces revolutionary goods for highly productive automobiles.
Hybrid electric powertrain producers across the globe access the Chinese market and pursue the opportunities for joint ventures, drawing on growing demand for EVs and establishing concrete collaborations. In order to broaden the electrical drive business in China, Magna International has signed an agreement with the Huayu car systems.
For electric car parts in Japan, Nissan spent US$ 33 Mn in the Tochigi prefecture. In South Korea, Tesla released its Model 3 with a major decrease in the price range.
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