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The battery-powered electric vehicles are a big step in the direction of pollution reduction. These vehicles, however, involve the biggest drawback of either battery replacement or battery charging, which are both, expensive and time-consuming. Hybrid vehicles were introduced to overcome the shortcomings of both the types of vehicles – internal combustion engine powered vehicles and the battery-powered vehicles. The hybrid vehicles use distinct types of power such as the internal combustion engine, which are used to drive the electric generator. The generator, in turn, powers the electric motor, which is responsible for providing the actual drive to the wheels of the vehicle.
Hybrid Vehicle Market Trends is expected to progress with the CAGR of approximately 9% from 2017 to 2023. The powertrain is basically defined as the set of components, which together are responsible for providing the power and drive from the engine to the wheels. In case of the hybrid powertrain, aspects such as the battery, the electric motor driven by the electric generator, the algorithm that controls and manages the weight, and the power distribution for the automobile, are also included in the powertrain. On the basis of the electric powertrain type, the market is divided into parallel drivetrain and series drivetrain. In case of the parallel drivetrain, the electric motor and the engine work in synchronization for generating power, which drives the wheels. The parallel drivetrain utilizes a relatively smaller battery pack compared to the series drivetrain since the system relies more on regenerative braking. In case of lower power demand, the parallel hybrid powertrain systems utilize the electric motor as a supplementary generator, in a fashion similar to the function executed by an alternator in internal combustion engine fired vehicles. The series hybrid drivetrains use the electric motor as the only source of providing power and drive to the wheels. The electric motor receives power from either a battery pack or through the electric generator which is run on internal combustion engine. The series hybrid engine functions at the optimal level in traffic conditions where the vehicle moves in a start & stop manner as in such situations, petrol or diesel powered engines prove inefficient to provide a smooth driving experience.
Passenger vehicles are expected to dominate the Global Hybrid Vehicle Market Trends by vehicle type segment during the forecast period
On the basis of vehicle type, passenger vehicles are expected to drive the growth of the Hybrid Vehicle Market Trends. The governments of all the major countries in the world are pushing for cleaner and greener automotive technologies. The scarcity of fossil fuels, rising fuel costs, increasing pollution caused due to the use of internal combustion engines, and increased awareness amongst automotive customers to use renewable and cleaner fuels for automobiles have increased the demand for hybrid vehicles. The increasing population and purchase power of automotive customers have led to increase in the global automotive sales. Thus, the passenger car segment is expected to witness the maximum increase in the demand for hybrid vehicles, globally.
The key players in Hybrid Vehicle Market Trends are Toyota Motor Corporation (Japan), The Ford Motor Company (U.S.), AB Volvo (Sweden), Continental AG (Germany) and ZF Friedrichshafen AG (Germany). Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.) and Allison Transmission (U.S.) are amongst the other major players in this market.
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