Leading hybrid vehicle manufacturers are displaying interest in bio-fuel powered offerings to ease consumer transition from internal combustion engines towards electric alternatives.
DUBAI, UAE / ACCESSWIRE / August 19, 2020 / The global hybrid vehicles market is projected to cross a massive valuation of US$ 335 Bn by the end of the assessment period in 2026. The coronavirus pandemic is likely to have a short-term negative impact on the global hybrid vehicles industry, with automotive production and dealership operations temporarily closed or limited by social distancing regulations. However, sales to essential service workers including utility, healthcare, and emergency services, will help bring in limited revenue during the crisis. Hybrid vehicle sales are likely to recover towards 2021, with lockdown restrictions being eased.
“Hybrid passenger vehicle sales are likely to grow strongly in the near future owing to high demand, favorable government incentives, and improvements to technology for consistent performance in new product offerings” states the FMI report.
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Hybrid Vehicles Market – Key Takeaways
- Mild hybrid vehicles are expected to gain traction in developing economies owing to poor public-access charging infrastructure.
- Plug in hybrid electric vehicles are anticipated to contribute significantly to industry revenues, supported by growing availability of government subsidies to buyers.
- Asia Pacific is expected to be a powerhouse for hybrid vehicles, enabled by major investments by global OEMs towards the development of production facilities in the region.
Hybrid Vehicles Market – Critical Driving Factors
- Concerns over vehicular pollution coupled with consumer bias towards emission free automobiles and government incentives support adoption rates.
- Frequent innovations in automation technologies and biofuels generate major growth opportunities.
Hybrid Vehicles Market – Major Constraints
- High costs of hybrid vehicle development and purchase pricing hinder sales prospects.
- Lack of adequate consumer awareness about hybrid vehicle functionality holds back market growth.
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The Anticipated Impact of Coronavirus
The covid-19 pandemic has resulted in a significant downturn in the production and sales of hybrid vehicles. Small and medium scale enterprises in the industry are under threat for survival with dealerships and factories shutting down. Increasing numbers of job losses in the industry and the drop in oil prices has increased sales prospects for gasoline-based automobiles, hurting short term prospects for hybrid and electric alternatives. On the other hand, the suspension of activity in the automotive industry is being leveraged by manufacturers to transition from IC engines to hybrids for their product portfolios, to aid post pandemic recovery.
Prominent manufacturers in the hybrid vehicles market include but are not limited to BMW, Ford Motor Co., Hyundai Motor Co., General Motors Co., Mitsubishi Motor Corp., Honda Motor Co., Nissan Motor Corp., Daimler AG, Toyota Motor Corp., Volkswagen AG, and Renault SAS.
Hybrid vehicles market players are extensively engaged in research for development of hybrid vehicle technologies to boost scope of functionality or to reduce costs to appeal to a wider buyer demographic.
For instance, BMW has unveiled eDrive Zones technology for its plug-in hybrid vehicles, which automatically switches from gasoline to electric mode when driving through designated low emission zones. Toyota has been lobbying the government of India for the localization of battery and controller technologies to cut hybrid vehicle production and sales costs. Also, Hybrid Air Vehicles has announced 1 million GBP funding for the development of electric propulsion for its full-scale hybrid aircraft.
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More About the Report
The FMI’s market research report offers detailed insights on hybrid vehicles market. The market is scrutinized on the basis of type (hybrid and plug-in hybrid), vehicle type (passenger cars, light commercial vehicle, and heavy commercial vehicle) engine type (parallel, series, and power split), and powertrain configuration (gasoline and diesel) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East and Africa).
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SOURCE: Future Market Insights
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