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Hybrid Vehicle Market - Analysis of Growth, Trends, and Forecast (2020 - 2025)

The Hybrid Vehicle Market has been segmented by Type (Micro-hybrid, Mild-hybrid, Full-hybrid, and Plug-in hybrid), Vehicle Range (10 to 50 miles, 50 to 100 miles and greater than 100 miles) Vehicle Type (Passenger Cars and Commercial Vehicles) and Geography.

Market Snapshot

Study Period:

2020-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

CAGR:

16.35 %

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Market Overview

The hybrid vehicle market is anticipated to register a CAGR of about 16.35%, during the forecast period (2020 – 2025).

  • Some of the major factors driving the growth of the market are growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, in terms of subsidies and benefits for increasing the adoption rate of electric vehicles, are expected to propel the demand for and growth of the high-performance electric vehicles market.
  • Asia-Pacific is expected to witness a high growth rate during the forecast period. However, incidents such as like China, India lifting and reducing subsidies for the purchase of electric vehicles and US administration rolling back numerous rules related to environment and air pollution may hinder the growth of the market in the region. In India, the government in 2017, lifted subsidies on mild-hybrid vehicles under the FAME scheme (State of Karnataka lost subsidy of INR 75 crores from central government). The cost of hybrid and electric vehicles and lack of charging infrastructure may also hinder the growth rate of market in emerging economies as cost sensitive customers are finding conventional IC engine vehicles affordable.
  • According to the Norwegian Road Federation (NFR), a public road infrastructure administration in Norway, 31.2% of all the cars sold in 2018 were pure electric. For December 2018, 65.4% of the total cars registered in Norway were either pure electric or hybrid. Norway plans to end the use of fossil fuels in vehicles by 2025.
  • Research and Development in the battery technology has increased the battery density and has also brought down the costs. Battery manufacturers are partnering with OEMs and this is driving the growth of hybrid vehicles.
 

Scope of the Report

The hybrid vehicles market covers the latest trends and technological development in the hybrid vehicles market, demand of the type, vehicle range, vehicle type, geography and market share of major hybrid vehicle manufacturers across the world.

By Type
Micro-hybrid
Mild-hybrid
Full-hybrid
Plug-in Hybrid
By Vehicle Type
Passenger Vehicles
Commercial Vehicles
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Norway
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa
By Vehicle Range
10 to 50 miles
50 to 100 miles
More than 100 miles

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Key Market Trends

Government Initiatives around the World Fueling the Hybrid Vehicle Demand

There has been tremendous growth in electric vehicles all over the world. There were close to 112,000 electric vehicles operating in the world in 2012. In just 6 years in 2018, electric vehicles fleet crossed 3.2 million mark with China, US, Norway being the fast adopters.

In India, Phase II of hybrid FAME scheme started commenced from 1st April 2019 with a budget of INR 10000 crores. Various states and union territories such as Delhi, Rajasthan, Uttarakhand and Lakshadweep don’t levy any VAT on electric vehicles. State of Tamil Nadu introduced its electric vehicle policy which gives 100% road tax exemption for all EVs, subsidies and refund of State GST. During union budget 2019, India announced lowering of GST from 12% to 5% on electric vehicles.

The government around the world are offering many subsidies for the customers purchasing electric and hybrid vehicles. In 2018, 456000 hybrid electric and plug in electric vehicles were sold in the US. About USD 678 million was reserved for the purchase of subsidies, which is expected to run until 2019. Another USD 339 million was allotted to finance the deployment of charging stations in cities and on the Autobahn highway. Nearly, USD 113 million was allocated for purchasing electric cars in the federal government fleet. There are many federal laws and incentives such as Airport Zero Emission Vehicles and Infrastructure incentive, low and zero emission public transport research, demonstration and deployment funding, qualified plug in electric vehicle tax credit, etc. that supports the growth in sales of hybrid and electric vehicles in US.

The Dutch government reduced the registration fees up to 4% for an electric vehicle and 7% for a plug-in hybrid vehicle. Also, the Ministry of Infrastructure and Environment gives a subsidy of USD 3,574 on the purchase of all-electric taxis or delivery vans, and this value has been increased to USD 5957 per vehicle in the main cities, like Amsterdam, Rotterdam, the Hague, Utrecht, and Arnhem-Nijmegen.

New zero emission vehicle (ZEV) incentives in several European countries and the arrival of several new battery electric vehicle (BEV) models, including Tesla’s Model 3, are fueling the market growth in the region.

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China is dominating the hybrid bus market

China is the world’s biggest electric bus market with 98% of total global electric bus fleet. Hybrid buses reduces the emissions to a greater extent.  Plug in hybrid electric bus emit 873 grams of CO2 per km compared to 1104 grams of CO2 by conventional diesel buses. China is fighting the problem of air pollution by promoting fast adoption of Electric and Hybrid vehicles. China has increased the minimum density limit for non-fast charging electric buses from 85 kWh/kg to 115 kWh/Kg. The share of conventional fuel engine buses in China decreased from 62.7% in 2013 to 36.9% in 2018 while the share of energy buses rose from a negligible 0.33% in 2013 to 63.2% in 2018.

This high adoption can be attributed to strong municipal framework that many provinces in China has adopted. More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

However, In China’s 2019 EV subsidy policy, the limit of vehicles eligible for electric vehicle subsidy has been increased while the values of subsidies are decreased by nearly 50%. China plans to phase out subsidies for all electric vehicles (EVs) and fuel cell vehicles by 2021. This factor may hinder the growth of hybrid vehicle sales in China.

 

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Competitive Landscape

The hybrid vehicle market is mainly dominated by some of the major automotive players, such as Toyota, Nissan, Honda, BYD, Mitsubishi, BMW, Ford, etc., of which, Toyota, Nissan, and Honda, holding a significant market share of the hybrid vehicle market, globally.

The companies are making new strategic partnerships, investing majorly in R&D projects and launching new products in the market for being ahead of their rivalries. For instance, Ford is investing USD 11 billion in electrification, with plans to add 40 hybrid and fully electric vehicles to its lineup by 2022 and Toyota Prius was the world's first mass-produced hybrid car, and the firm has sold 13 million hybrid cars since its introduction

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Micro-hybrid

      2. 5.1.2 Mild-hybrid

      3. 5.1.3 Full-hybrid

      4. 5.1.4 Plug-in Hybrid

    2. 5.2 By Vehicle Type

      1. 5.2.1 Passenger Vehicles

      2. 5.2.2 Commercial Vehicles

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Norway

        6. 5.3.2.6 Netherlands

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle East & Africa

    4. 5.4 By Vehicle Range

      1. 5.4.1 10 to 50 miles

      2. 5.4.2 50 to 100 miles

      3. 5.4.3 More than 100 miles

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Toyota Motor Corporation

      2. 6.2.2 Nissan Motor Co. Ltd

      3. 6.2.3 Honda Motor Company Ltd

      4. 6.2.4 The Hyundai Motor Company

      5. 6.2.5 Kia Motors Corporation

      6. 6.2.6 Mercedes- Benz

      7. 6.2.7 Volvo Group

      8. 6.2.8 Volkswagen Group

      9. 6.2.9 BMW

      10. 6.2.10 Ford Motor Company

      11. 6.2.11 Mitsubishi Motors Corporation

      12. 6.2.12 BYD Co. Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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