Hybrid system market worth $40.99 billion by 2022
The hybrid system market is expected to grow at a CAGR of 10.79% from now to 2022, to reach a size of $40.99 billion by 2022. The market will be driven primarily by the increasing demand for higher fuel efficiency, high voltage applications, and stringent emission regulations by governments, which have forced manufacturers to adopt the hybrid and electric vehicle technology. These findings are presented in the report, “Hybrid System Market by System (Start-Stop, Regenerative Braking, EV Drive, eBoost), Component (Battery, DC/DC Converter, DC/AC Inverter, eMotor), Battery (Li-Ion, Lead Acid, NiMH), Vehicle (Mild Hybrid, HEV, PHEV, EV) - Global Forecast to 2022,” published by MarketsandMarkets.
The HEV segment is estimated to hold the largest share of the hybrid system market. HEVs use hybrid systems such as start-stop, regenerative braking, and E-booster. The demand for the hybrid system in HEVs is influenced by the total HEV vehicle sales. According to the analysis conducted by MarketsandMarkets, the sales of HEV vehicles are projected to grow from 1.8 million units in 2016 to 4.6 million units in 2022 and are expected to increase further in the future. Furthermore, the conversion of a conventional vehicle to an HEV is the least inexpensive option in comparison to PHEVs and BEVs. Hence, the hybrid system market is led by the HEV vehicle segment.
The plug-in charging system segment is projected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the various initiatives by government bodies to improve EV charging infrastructure across the world. The growth can also be caused by high growth projections of BEVs and PHEVs in countries such as China and Japan. For instance, China has an ambitious plan of going all electric by 2025. Both these vehicle types use a plug-in charging system. Hence, this system is expected to experience the highest growth during the forecast period.
The hybrid system market for North America is estimated to grow at the highest rate during the forecast period. The increasingly stringent CAFE regulations have led to an increase in the demand for hybrid and electric vehicles in the region. Thus, the region is expected to see the fastest growth in the sales of hybrid and electric vehicles during the forecast period. Hence, the market for hybrid system in North America is also expected to grow in line with the growth of hybrid and electric vehicles.
The Hybrid System Market is dominated by a few global players. Some of the key manufacturers operating in the market are Bosch (Germany), Continental (Germany), Denso (Japan), ZF (Germany), and Valeo (France). Some key innovators gaining attention in the hybrid system market include UQM Technologies (U.S.), Schaeffler (Germany), and Johnson Controls (U.S.).
For more information about the report, go to http://www.marketsandmarkets.com/Market-Reports/hybrid-system-market-69130715.html.