The growing popularity of electric vehicles plays a crucial role in propelling market growth at a CAGR of 10.53% during 2014-2019.
Below are the four biggest trends in the global hybrid electric vehicles market:
Advances in Technologies
Advances in technologies over the years have led to increased usage of various battery-operated devices worldwide. This, in turn, has led to an increase in energy usage, especially batteries. HEVs are increasingly being equipped with various innovative features such as GPS navigation systems and modern powertrain systems as well as air-conditioning systems, power windows, and displays that give real-time information about the battery charge level. All these consume a substantial amount of battery power.
Thus HEVs lose their battery power in a shorter time and therefore they require frequent charging. As a result, there is increased need for efficient and durable rechargeable batteries, which has led to a growth in the use of Li-ion batteries in HEVs.
In addition, vendors are working to increase the range and speed of HEVs. They are also working to reduce the cost of upgrades and maintenance. Furthermore, rapidly changing technologies and changes in consumer preferences are forcing vendors to deliver innovative vehicles that are lightweight and have more than two seats. Thus, the market is expected to witness the development of many innovative HEVs during the forecast period as a result of increased R&D efforts.
Emergence of HEVs with Remote Monitoring Systems
HEVs with remote monitoring systems enable consumers to map their location and set start and end points. This system also helps in navigating heavy traffic areas. HEVs are also equipped with a data acquisition system that helps in monitoring the abilities of drivers and this helps to reduce accidents. The remote monitoring system also helps in assessing energy cost and consumption. The vehicles are also enabled with smartphone applications that help in locating nearby charging stations. These advances are expected to propel market growth in the future.
Stringent Emission Policies
Several stringent policies are being implemented by various countries to curb harmful vehicle emissions and control global warming. The Kyoto protocol is one such regulation that was implemented to reduce GHG emissions worldwide. Such policies fuel the demand for HEVs as these vehicles can reduce CO2 emissions considerably. Thus, stringent emission policies will propel the adoption of HEVs during the forecast period.
Advantages of Li-ion Batteries
Li-ion batteries have high density and cell voltage, good cycle life, and low self-discharge rate. These factors ensure effective power supply. The batteries have an energy efficiency of 100%. The life span and performance of these batteries largely depend on charge current, cell voltage, and charge capacity. A constant voltage and a constant current supply result in a high charge capacity.
In addition, the life span of these batteries can be boosted by using a partial discharge cycle, which involves the usage of 20-30% of its capacity before recharging. This method not only boosts the life span of the battery, but also helps in improving their charge-holding capacity. These advantages bode well for the adoption of HEVs in the future.
