Hybrid Electric Powertrain Market to Grow
October 29, 2019—The global hybrid electric powertrain market is projected to grow at a CAGR of over 9 percent during 2019-2024, on the back of rising urbanization and increasing demand for hybrid electric vehicles. Moreover, stringent government regulations and better fuel efficiency of hybrid vehicles are expected to aid global Hybrid Electric Powertrain market during forecast period.
Powertrain assists in reducing vehicle emissions and fuel consumption, consequently driving the growth of global Hybrid Electric Powertrain market. However, high production cost associated with powertrain is expected to emerge as a major challenge for the market in coming years.
Global Hybrid Electric Powertrain market can be classified based on vehicle type and components. Based on the vehicle type, the market has been segmented into hybrid vehicles and plug-in hybrid vehicles.
Hybrid vehicle segment is expected to witness extensive adoption during the forecast period, as it is more cost efficient than plug-in hybrid vehicle.
In terms of regional analysis, the market can be segmented into North America, South America, Asia-Pacific, Middle East & Africa and Europe.Asia-Pacific Hybrid Electric Powertrain market is anticipated to grow at the highest rate during 2019-2024, with Japan leading the market due to increasing sales of hybrid vehicles and surging focus on the development of hybrid vehicle technology in the country.
Another factor that is promoting the adoption of Hybrid Electric Powertrain in the region is government initiatives such as exemptions from road tax, free car parking and subsidies for the purchase of hybrid vehicles.
Few of the major players operating in the market include Toyota Motors, Honda Motor Company, Nissan Motor Co., Ltd., BYD Auto Co., Ltd., Kia Motors Corporation and Suzuki Motor Corporation, among others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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