According to the latest market research study by Technavio, the global HPEV market is expected to grow at a CAGR of close to 38% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global HPEV market regarding revenue and emerging market trends. The report also includes a competitive vendor analysis and forecasts for various market segments and all geographical segmentations.
Technavio research analysts categorize the market based on the vehicle type
The top three revenue contributing vehicle type segments are discussed below:
Global HPEV market by premium vehicles: Premium HPEVs are transition-state vehicles between the entry-level and luxury segments. Premium HPEVs are popular in the US and some Europe countries, where global wealth distribution is high, and most consumers can afford premium vehicles. Currently, the most popular premium HPEVs include BMW i3 and i3EREV, Kia Motors’ Soul EV, Volkswagen eGolf, and BYD e5 and e6. More models are planned to be launched in 2017. The launch of these new models is expected to have a positive impact on the premium HPEV market globally, especially in North American and European countries.
Global HPEV market by luxury vehicles: Most luxury HPEVs find wide adoption in the US and certain European countries such as the Netherlands, Norway, and France. BMW, Mercedes-Benz, Tesla Motors, and Audi are some of the major OEMs that have luxury HPEV portfolio with limited region-specific sales. At present, Tesla Motors leads this segment with its top-selling vehicle Model S, followed by Mercedes-Benz with its B-Class Electric Drive.
Global HPEV market by entry-level vehicles: Most new technology buyers are inclined to purchase entry-level HPEVs due to their lower cost. Consumers, irrespective of their class, prefer entry-level vehicles, thereby fueling the market’s growth.
“At present, Nissan LEAF is the primary mass-produced entry-level vehicle with a market presence in North America, Europe, and Asia. Realizing the growth potential of entry-level vehicles, other OEMs like Ford Motor, Renault, Honda, and Hyundai Motor are also planning to launch affordable entry-level vehicles to increase their sales. The increase in the number of models available will in turn fuel the demand among end-users and increase the sales,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive manufacturing.
The top vendors operating in the global HPEV market are:
- General Motors
- NISSAN MOTOR
- Tesla Motors
The other prominent vendors in the market include Audi, BYD, Ford Motor, Honda, Hyundai Motor, and Volkswagen.
A more detailed analysis is available in the Technavio market research report titled, ‘Global HPEV Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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