Hybrid Electric Car Market to Reach $138,023.3 Million by 2023: P&S Market Research

New York, New York, UNITED STATES

NEW YORK, March 27, 2018 (GLOBE NEWSWIRE) -- According to the study published by P&S Market Research, hybrid electric car market is projected to reach $1,38,023.3 million value by 2023, falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of hybrid electric car market globally.

Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.

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Full hybrid electric vehicles (HEVs) dominated the hybrid electric car market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs. Other factors contributing to the increasing demand for mild hybrid cars are easy mechanical integration of components and powertrains, electric power steering, electric turbocharger/supercharger, and electric air conditioning, at a low cost.

Nickel–metal hydride (NiMH) batteries powered hybrid electric cars accounted for a larger share in the market during the historical period, owing to their lower cost, higher durability, and more safety features than lithium-ion (Li-ion) batteries. These cars are estimated to contribute close to 60% share to the market in 2017. Dominance of Toyota (which uses NiMH batteries) in the market also helped in the increased sales of NiMH battery-fitted HEVs.

Browse report overview with 93 tables and 41 figures spread through 121 pages and detailed TOC on "Hybrid Electric Car Market by Hybridization (Full, Mild), by Type (Hatchback, Sedan), by Battery (NiMH, Li-ion), by Geography (U.S., Canada, China, Japan, South Korea, Germany, France, U.K.) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/hybrid-electric-car-market

Hybrid hatchbacks have largely dominated the hybrid electric car market, owing to consumer preference toward small cars in major HEV markets, such as Japan. Hatchback HEVs are expected to continue their dominance in the hybrid electric car market with a CAGR of 16.6%, owing to their low cost compared to other car types and the upcoming launch of several new hatchback HEV models during the forecast period.

The hybrid electric car market is expected to witness the highest growth in Europe, with a CAGR of 28.5% during the forecast period, owing to stringent emission norms, increased and improved offerings of HEVs from automakers, and growing sense of environmental concern among customers in the region. In addition, continuous decline in the sales of diesel vehicles in the European region after the Volkswagen emission scandal in September 2015 and the expected launch of new HEV models by Renault, Volkswagen, PSA, Mercedes-Benz, and Volvo is further boosting the hybrid electric car market growth.

The abovementioned factors are anticipated to provide potential growth opportunities to the hybrid electric car market in the forecast period.

Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.

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Global Electric Bus Market

The North American and European electric bus market are also expected to register a growth of above 30% during the forecast period. Rest of the World, comprising Middle-East and Africa and Latin America, is expected to register the fastest growth in this market during the forecast period. The major electric bus markets in Asia-Pacific include China and India, whereas in North America, the U.S. has been the largest market. The U.K., the Netherlands, France, and Germany accounted for largest shipments in Europe, while Brazil was the major market in Rest of the World.


Automotive HMI Market

Asia-Pacific has been contributing the highest revenue in the automotive HMI market, followed by Europe and North America. Continuous infrastructural developments coupled with industrial development activities in emerging economies have opened new avenues, creating several opportunities in the region for automotive OEMs. Due to increasing living standards and growing passenger car penetration, India is expected to be the fastest growing market in the region, during the forecast period.


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