According to the latest market research study released by Technavio, the global hybrid electric vehicle market is expected to grow at a CAGR of more than 37% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global hybrid electric vehicle market based on degree of hybridization:
Global hybrid electric vehicle market share by degree of hybridization 2015
|
Full HEV |
79% |
|
Mild HEV |
13% |
|
PHEV |
8% |
Source: Technavio
Global Full HEVs Market
The global full HEVs accounted for almost 2 million units of sales in 2015 and is predicted to grow at a CAGR of more than 23% by 2020. The increasing demand for these vehicles has led to higher purchases in Japan and across the globe and will attribute to the growth of this market segment during the forecast period. The aggressive marketing strategies adopted by the manufacturers is helping in building a brand awareness for these cars in the market. The introduction of a varied range of models is increasing the customer base and profitability of this market segment. The full HEVs offer fiscal incentives and benefits and its no charging infrastructure makes it the most popular choice among consumers in the market.
“The manufacturers in the market are launching newer and energy efficient full HEVs in the market. These manufacturers are adapting to the changes in the technologies and launching HEVs that meet the consumer requirements. The vendors are targeting to launch nearly 6 new models by 2017 with Li-ion batteries that improve the performance and reduces the operational cost of these vehicles,” says Siddarth Jaiswal, a lead analyst at Technavio for research on automotive manufacturing.
Global Mild HEVs Market
The global mild HEVs accounted for around 270 thousand units of sales in 2015 and is predicted to grow at a CAGR of about 53% by 2020. The affordability and new fuel emission reduction policies across the global is boosting the demand for mild HEVs in the market. China and Japan are emerging as the key revenue generators in this market segment. Leading vendors like Ford, GM, and Honda launched seven new cost-effective mild HEV models in 2016 to increase their market shares and profitability. These new models have emission levels in the range of approximately 98 g/km-115 g/km. Other automotive OEMs are like Renault and Audi are planning to introduce new global HEV models during the period of next four years.
Global PHEVs Market
The global PHEVs market accounted for about 170 thousand units in 2015 and is expected to grow at a CAGR of close to 79% by 2020. The rapid development and innovations of plug-in charging infrastructure across the globe will fuel the growth of this market segment. Countries like China, the US, and Europe will account for the highest sales for this new technology during the forecast period. Moreover, it is estimated that tax benefits of these PHEVs in countries like Japan and Europe will accelerate the growth of this market segment over the period of next four years.
The top leading vendors operating in the global hybrid electric vehicle market are:
- Toyota
- Hyundai
- Honda
- Ford
- Nissan
Other prominent vendors in the market include Volkswagen, BMW, Chevrolet, Hyundai, Lexus, Porsche, and Volkswagen.
A more detailed analysis is available in the Technavio report titled, ‘Global Hybrid Electric Vehicle Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Low-floor Hybrid Bus Market 2016-2020
- Global Hybrid Commercial Vehicle Market 2016-2020
- Global Micro Electric Vehicle Market 2016-2020
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