Continuous improvement in the electric vehicle charging infrastructure is expected to drive the growth of global hybrid vehicle powertrain component market in the forecast period, 2023-2027.
According to TechSci Research report, “Hybrid Vehicle Powertrain Component Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global hybrid vehicle powertrain component market is anticipated to grow at a significant rate in the forecast period, 2023-2027. The market is driven by the factors such as increase in the emission norms, untapped growth potential in developing countries and growing automotive industry. Surge in the adoption of fuel-efficient mobility solutions and decline in the price of batteries are expected to boost the global hybrid vehicle powertrain component market growth over the next five years.
Hybrid vehicle powertrain systems combine the traditional powertrain components, an internal combustion engine with transmission with new electric components, high voltage energy storage, power electronics and electric motor. It transmits power to the driving wheels for hybrid vehicles. Hybrid vehicle comes in many configurations and supports multiple forms of motive power. Powertrain includes all components used to transform the potential energy. Powertrains can use either chemical, solar, kinetic, or nuclear power and make them useful for propulsion.
However, the vehicle cost and unavailability of vehicle charging infrastructure in the developing countries may restrain the global hybrid vehicle powertrain component market growth over the forecast period.
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The global hybrid vehicle powertrain component market is segmented into vehicle type, propulsion, component, regional distribution, and competition landscape.
Based on the vehicle type, the market is divided into passenger car, light commercial vehicle (LCV), medium & heavy commercial vehicle (M&HCV). Passenger car is expected to hold the largest market share over the forecast period, 2023-2027. Rapid urbanization, improved living standards and rise in per capita income of consumers are driving the sales of passenger cars in the developing countries. Shift in consumer preference towards private vehicle ownership and launch of advanced versions of passenger cars are contributing to the market growth. Rapid advancements in technology and search of technologies and fuel that can lower the harmful carbon emissions into the environment are further expected to boost the demand for passenger cars across the globe.
Based on propulsion, the market is bifurcated into HEV and PHEV. PHEV or plug-in hybrid electric vehicles are expected to capture the highest market share in the forecast period. PHEV have both an electric motor and engine and they can recharge their batteries through regenerative braking or with engine. PHEV batteries have higher capacity than the HEV batteries and also PHEV can travel more before their engines are on. They get good fuel economy even before the electric range is depleted. PHEV provide advantages of both electric and conventional vehicles that is they can act as electric vehicles for shorter commutes and use gas engines for longer trips.
Based on component, the market is divided into battery, motor, controller, engine, transmission, and others. Battery segment is expected to account for significant market share in the forecast period. Energy storage systems especially the batteries are the most crucial part of all-electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles. Some of the type of batteries installed in hybrid vehicles are lithium-ion, nickel-metal hydride, and lead-acid batteries. The decline in the cost of batteries, favorable government policies supporting the manufacturing of electric vehicle batteries and mass manufacturing of batteries are expected to drive the segment demand over the next five years.
Major operating companies operating in global hybrid vehicle powertrain component market are:
- Robert Bosch GmbH
- BorgWarner Inc.
- Magna International Inc.
- Hitachi Automotive Systems Ltd
- Cummins Inc.
- ZF Friedrichshafen AG
- Mitsubishi Electric Corp.
- Schaeffler AG
- Continental AG
- Marelli Holdings Co., Ltd.
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“Asia-pacific region is expected to witness fastest increment growth over the forecast period, 2023-2027. High penetration of electric vehicles in the region due to stringent government regulation and emission norms and efforts to develop appropriate charging infrastructures is driving the sales of hybrid vehicles in the region. Government incentives, subsidies and income tax rebates to the electric vehicle manufacturers and buyers and changing preference of key players to set up their manufacturing plants supports the market growth in the region. High sales of hybrid vehicles in Japan, South Korea, China and mass adoption of hybrid technology due to the benefits offered by them are expected to propel the global hybrid vehicle powertrain component market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Hybrid Vehicle Powertrain Component Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2022, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion (HEV, PHEV), By Component (Battery, Motor, Controller, Engine, Transmission, Others), and By Region”, has evaluated the future growth potential of global hybrid vehicle powertrain component and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global hybrid vehicle powertrain component market.
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