Global Hybrid Electric Vehicles Market Overview:
Hybrid Electric Vehicles (HEVs) combine two or more sources of power. Currently, HEVs use internal combustion (IC) [known as engine] and chemical batteries are the power sources. It combines the propulsion system with a rechargeable energy storage system (RESS) to have better fuel efficiency. In HEVs, the engine is the final source of the energy used to power the vehicle. The commercial vehicles and passenger vehicles are two types of HEVs and the degree of hybridization that functions as differently on HEVs. According to a survey published in Japan Times, in 2018, Japan has the largest hybrid electric vehicle fleet in the world, followed by the United States. Today, hybrid electric vehicles have established a foothold in the market, and pure electric vehicles are becoming increasingly available. The market for these vehicle technologies is still small and expected to increase in the coming five years.
- Use of Batteries as Energy Stored in Hybrid Electric Vehicles
- Better Fuel Efficiency than Conventional Vehicles
- Growing Adoption in Emerging Economies, such as China and India
- Increasing Demand For Mild Hybrid Electric Cars
- Hybrid Electric Vehicle is More Expensive
- Increasing Efficiency of Hybrid Electric Vehicles
- Growing Demand for Plug-in Hybrid Electric Vehicles
- Lower Emissions Than Similar Conventional Vehicles
- High Cost of Repair Parts
The hybrid electric vehicles market consists of few established players accounting for the major market shares. These key players are competing through innovations in product design and marketing to gain popularity in the market. The entry of private-labels in the market and the increasing competition has induced the vendors in this market to launch different products and services to maintain sustainability through unique and clear propositions.
Some of the key players profiled in the report are Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor Company, Limited, Ford Motor Company (Japan), Nissan Motor Corporation (United States), Groupe Renault (France), Volkswagen AG (Germany), General Motors (United States), Daimler AG (Germany), BMW AG (Germany) and Mitsubishi Heavy Industries Ltd. (Japan). Analyst at AdvanceMarketAnalytics see Japan, United States, and European Countries Vendors to retain maximum share of Global Hybrid Electric Vehicles market by 2025. Considering Market by Energy Storage Unit Type, the sub-segment i.e. Electricity will boost the Hybrid Electric Vehicles market. Considering Market by Degree of Hybridization, the sub-segment i.e. Strong Hybrid will boost the Hybrid Electric Vehicles market. Considering Market by Vehicle Type, the sub-segment i.e. Commercial Vehicles will boost the Hybrid Electric Vehicles market. Considering Market by Drivetrain Structure, the sub-segment i.e. Series Hybrid will boost the Hybrid Electric Vehicles market.
In October 2019, Toyota Motor Corporation introduced a compact battery electric vehicle (BEV) in India in association with compatriot Suzuki Motor Corporation. Toyota will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines and batteries, while also supplying THS (Toyota Hybrid System) to Suzuki in global markets.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Hybrid Electric Vehicles market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Hybrid Electric Vehicles market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Hybrid Electric Vehicles Manufacturer, Battery Manufacturers, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.