Pune, India., Nov. 10, 2021 (GLOBE NEWSWIRE) -- The Global Hybrid Drivetrain Market Size has been estimated to be USD 120 Billion in 2021 and is projected to exhibit a CAGR of 27.0% during the forecast period, according to a recent market study by Quince Market Insights. Increasing awareness related to the emissions from vehicles is driving the overall market.
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Some of the most common types of hybrid vehicles make use of the combination of electric motor and internal combustion engine (ICE). These vehicles are manufactured with features like having more power, better fuel efficiency as well as minimum emissions. These vehicles can get electrical energy, which is produced from multiple sources like regenerative engines as well as braking systems. The switch within the peri helps to increase the quantum of efficiency for the engine. This way, the cost of the fuel that are used is also saved. In fact, this is the future of the automotive market as compared to traditional fuel vehicles, which are anticipated to phase out within the coming years.
The government incentives for hybrid drivetrain that have low emission is expected to fuel the overall market demand. Tax exemptions and tax credits are the financial stimuli that increase the adoption of vehicles by decreasing the upfront costs. For instance, in Shenzhen (China), the local authorities are supporting by contributing funds for every new energy vehicle to increase the automotive sales, which were decreased due to the onset of the pandemic.
Apart from this, the discharge and development initiatives are taken to decline the overall hybrid vehicle battery cost and other problems that will positively impact the hybrid drivetrain market revenue. This step is extremely important for attracting new customers to adopt hybrid vehicles.
On the other hand, the increasing number of sales of fuel-based vehicles is likely to hamper the market growth.
Some Key Developments Offered in the Hybrid Drivetrain Market Report:
- October 2021, London Taxi is planning to launch a petrol hybrid engine in India in collaboration with Exclusive Motors. The latest generation LEVC TX gets powered by a full electric hybrid drivetrain. The vehicle is only driven on the electric mode. However, the powertrain gets a petrol engine too.
- June 2021, Ferrari has launched new Ferrari 296 GTB which is the third new model. It is the first ever brand to experiment the electrification by using hybrid system.
- November 2019, Honda Insights have tested car which will be launched in India. The brand is planning to launch a hybrid drive train soon in India. The drivetrain could surprise some traditional Ferrari fans as engineers eschewed the company’s familiar V-8 and V-12 powertrains in favor of a wide-vee 6-cylinder design.
- December 2019, Weichai as announced about its acquisition with Aradecx that is the manufacturer of power train.
- In December 2019, Dana Inc. acquired Nordresa which is the manufacturer and supplier of the electric power train.
COVID-19 Impact on the Global Hybrid Drivetrain Market
The QMI team is closely monitoring the impact of COVID-19 on the global hybrid drivetrain industry, and it has been observed by our team that the demand for a hybrid drivetrain is increasing after the onset of pandemic. The market is anticipated to grow sharply during the projected period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. The coronavirus pandemic has had a significant impact on the lives of entrepreneurs and their businesses. The pandemic has created a positive impact on the global hybrid drivetrain market as people have started purchasing functional and valuable electric and fuel motors. With the advancement in the level of digitization, the market is anticipated to be filled with hybrid motors in the future.
Global Hybrid Drivetrain Market, By Vehicle Type
Based on the vehicle type, the market is segmented into passenger car and commercial car. Commercial car is then sub-segmented into hybrid electric trucks, construction vehicles, agriculture vehicles and others. The passenger car is witnessing the fastest growth due to the better fuel efficiency. The technological advancements as well as increasing vehicle production are other factors that are promoting the growth of the segment.
Global Hybrid Drivetrain Market, By Type
Based on the type, the market is segmented into series parallel and series parallel. Among these, series-parallel segment is witnessing the fastest growth due to the higher operation output. This type of drivetrain helps the car to be driven individually by IC engine or electric motor and even by operating together that improves the operational range.
Global Hybrid Drivetrain Market, By Powertrain System Type
Based on the powertrain system type, the global hybrid drivetrain market is segmented into full hybrid, micro hybrid, and mild hybrid. The mild hybrid segment is witnessing the fastest growth owing to the improvement in the fuel efficiency and reduction in emissions due to the advancement in technology. Apart from this the high-power efficiency is also one of the major factors, which is driving the overall growth of the market.
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Global Hybrid Drivetrain Market, By Propulsion Type
Based on propulsion type, the market is segmented into PHEV, mild HEV and full HEV. Among these mild HEV is witnessing the fastest growth owing to the increasing number of sales in countries like China, Japan, and US. Consumers these days are opting for full HEV vehicles as compared to the other type of ecofriendly vehicles like NGV due to the better fuel efficiency.
Global Hybrid Drivetrain Market, By Component
Based on the component, the market is segmented into electric motors, power electronics and others. Among these, power electronics segment is having the fastest growth owing to the increase in the use of regenerative braking technology. Furthermore, favorable legislations taken by the government to promote electric vehicles with an aim to improve the quality of air will increase the demand of power electronics segment.
Global Hybrid Drivetrain Market, By Power Range
Based on power range, the global drivetrain market is segmented into 0-30KW, 30-100KW, 100-500KW, 500-1000KW and above 1000 KW. Among these, 500-1000KW segment is witnessing the fastest growth owing to the increasing adoption of vehicles by the customers within this range. Moreover, the demand of this segment is also driven by subsidy support from the government of different regions owing to the high upfront cost.
Global Hybrid Drivetrain Market, By Region
Based on the region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America. Among these, Asia Pacific is estimated to be the fastest growing market owing to the strong presence of the leading market players. Apart from this the governments of Asian countries are supporting the growth by offering subsidies.
Some key Points of the hybrid drivetrain Market Report are:
- An in-depth global hybrid drivetrain market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global hybrid drivetrain market, which include Aisin Seiki (Japan), BAE Systems (UK), BorgWarner Inc (US), Continental AG (Germany), Delphi Automotive (UK), Denso (Japan), Hofer Powertrain (Europe), JATCO Ltd. (Japan), Magna International (Singapore), Magneti Marelli S.p.A (Italy), Obrist Powertrain (Austria), Punch Powertrain Nanjing (China), Texas Instruments (Texas), The Voith Group (Germany).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global hybrid drivetrain market.
- Impact of COVID-19 on the global hybrid drivetrain market
Find more insights on this topic from this report, “Hybrid Drivetrain Market, By Vehicle Type (Passenger Car, Commercial Car (hybrid/electric trucks, construction vehicles, agriculture vehicles and others)), By Type (Series, Parallel, Series-Parallel), By Powertrain System Type (full hybrid, micro hybrid and mild hybrid), By Propulsion Type (PHEV, mild HEV and full HEV), By Component [Power Electronics, Battery, Electric Motor, Controller, Others], By Power Range (0-30KW, 30-100KW, 100-500KW, 500-1000KW and above 1000 KW), By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Global Market Size & Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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