The global Hybrid System in Automotive Industry could touch the valuation of USD 256 billion by 2023, estimates Market Research Future (MRFR). The market is expected to achieve a CAGR of 11.25% during the forecast period (2017-2023).
Market Boosters and Key Barriers
Factors working in favor of the global Hybrid System in Automotive Industry include strict regulations striving to curb carbon emission and rising sales of electric vehicles. The surge in fuel prices could also boost market demand. The soaring demand for electric vehicle is predicted to be an important factor that could elevate the market position the world over.
The Automobile Association of America (AAA) reveals that although gas prices have declined in recent years, the eagerness to buy electric cars still remains the same among consumers. As a result, demand for electric car is poised to surge in the coming years. Few reports say that over 30 million Americans are expected to buy electric car in the next few years. This trend has gained momentum with the support of compliance and commitment among people towards environmental issues as well as carbon reduction. The mounting sales of hybrid electric vehicles are bound to stimulate growth of Hybrid System in Automotive Industry in the given timeframe.
A number of government initiative are aimed at reducing hazardous emission, which results in business growth. Also, rising fuel prices does wonders for the Hybrid System in Automotive Industry . A massive pool of population now prefers electric vehicles, with e-bikes gaining considerable traction among consumers. This increase in preference for electric vehicles could elevate the use of hybrid systems in the years to come.
The worldwide Hybrid System in Automotive Industry has been segregated depending on type, component, battery type, and electric vehicle type.
With respect to the system type, the market covers start-stop, regenerative braking, EV drive and others. The regenerative braking segment could seize the largest share of the market in the following years as it helps bring down the fuel consumption and also raises the car efficiency by 10-25%. The high fuel efficiency is estimated to play an important role in the segmental growth in the near future.
Component-wise, the market is considered for battery, DC/DC converter, DC/AC inverter, and eMotor. The battery segment is touted to lead the market during the evaluation period since the battery si the main component in electric vehicles. Battery helps store power used for driving the electric vehicle. This storage capability is seen as an appealing quality that could help elevate teh demand for hybrid system in the ensuing years.
In terms of battery type, the market is split into Li-Ion, lead acid, and others. Between these, Li-ion battery is expected to garner the highest CAGR in the years ahead. Li-ion battery technology, at present, has a broad range of applications, both in the consumer market and industrial applications including electronic devices such as laptops, tablets and mobile phones, electric vehicles and hybrid-electric vehicles, among others. At present, the most popular battery technology is lithium-ion battery as compared to other types of battery, lithium-ion batteries possess superior power density, energy, and enhanced cycling ability.
The types of vehicles covered by the report include passenger car and commercial car. Digitization coupled with surging infrastructural spending could help augment demand for commercial vehicles in subsequent years.
The Hybrid System in Automotive Industry is primarily concentrated in the key regions of Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW).
APAC covers the most substantial portion of the worldwide market, with Europe and North America landing the second and third position, respectively. The Hybrid System in Automotive Industry in APAC is thriving backed by the increasing sales of electric vehicles as well as the surge in fuel. In the region, China has emerged as the most profitable market for hybrid system in automation, given the high production rate. For instance, the country had produced close to 40% of total electric vehicles in 2016. Stealing the limelight from the United States (U.S.), China has soared as the most attractive market for hybrid systems in automotive in past couple of years. China has managed to elevate its industry leadership by garnering considerable revenues across every scope of the supply aspect of the hybrid system.
Some significant vendors in the worldwide Hybrid System in Automotive Industry include Denso (Japan), Magna International (Canada), ZF (Germany), Johnson Controls (US), Hitachi Automotive (U.S.), Bosch (Germany), GKN (U.K), Schaeffler (Germany), Valeo (France), Infineon (Germany), Continental (Germany), to name a few.
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