Hybrid Electric Vehicles Market Key Player Strategy Analysis and Opportunities by Fact MR

The global hybrid electric vehicles market size is likely to depict a spectacular growth path and register a CAGR of over 14% through the forecast period 2021-2031. The gasoline hybrid vehicles will have more value than over US$ 100 Million by the year 2031. HEVs market has been growing at an impressive rate for a variety of reasons, such as mounting environmental awareness, government restrictions on carbon emission, and the advancement in electric vehicle technology. The greater rate of fuel price and demand for fuel-efficient automobiles also result in this growth. HEVs employ an I.C.E. and an electric motor together, with which they are much more efficient in fuel compared to the others. Incentives, tax benefits, as well as significant revenue offered by the governments of all countries, are promoting the use of HEVs. All these are being considered as driving forces for the market. The market will be shaped by those key trends: the constant rise in technological developments in battery technologies and the increase in electrification of the automotive industry.

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The market, however, is faced with some challenges wherein high production costs are associated with high cost components such as batteries and electric motors. In addition to this, charging infrastructure is still a nightmare in developing economies. Moreover, mass adoption of pure BEVs around the world may pose a threat to the long run growth of the HEV market as consumers would generally prefer a fully electric vehicle over a hybrid.

Due to the intensification of emission standards around the world, governments are pushing car manufacturers to create much more fuel-efficient and environmental-friendly cars, including HEVs. The Asia-Pacific region would command the lion's share as these countries, such as China and Japan, have mature auto industries and policies that are less aggressive on electric vehicles. Growth in North America and Europe is expected to be moderate due to greater regulatory pressure and increasing consumer demand for a more green approach to transportation solutions.

Market Knowledge

HEVs are segmented by powertrain type: series hybrids, parallel hybrids, and plug-in hybrids; vehicle type: passenger cars and commercial vehicles; and region. The largest segment is parallel hybrid, but in absolute terms, this is the biggest. This is because with a parallel hybrid, the vehicle can be designed to switch between electric and gasoline power, maximizing fuel efficiency without sacrificing performance. Yet another place where plug-in hybrid electric vehicles are gaining rapidly is as they can recharge from external power sources and provide longer all-electric ranges.

Presently, most of the HEVs sold in the market are passenger vehicles, which grow conscious about fuel efficiency and increased concerns about environmental issues. Hybrid technology for commercial vehicles is also being adopted, especially in cities with high pollution levels.

Key Companies Profiled

• Delphi
• Continental AG
• BorgWarner
• ZF and Schaeffler
• Toyota Motor Corporation
• Ford Motor Company
• Volvo Cars
• Honda Motor Company
• Hyundai Motor Company
• Daimler AG
• Allison Transmission
• Nissan Motor Company Ltd.

Competitive Landscape

The HEV market has high levels of competition due to which automobile companies are focusing on differentiated products through innovations. New hybrid models have recently come into the market by the company that offer advanced features like regenerative braking, longer battery life, and greater connectivity facilities to the customers. Partnerships of automobile manufacturers with technology providers also influence the competitive landscape.

The hybrid electric vehicle market is of a highly competitive nature globally. The increasing competition in the hybrid electric vehicle market has compelled major players to concentrate on fortifying their market position and acquiring traction in this competitive global market.

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In April 2021, Ford Motor Co. unveiled the Mustang Mach-E SUV with comfortable interior, easy-to-use technology, and remarkable range. The model have been given one truly iconic design with luxurious materials and standard driver-assist technologies such as Ford Co-Pilot360 2.0.

In July 2021, TotalEnergies entered into an agreement with the Bolloré Group to take over 'Blue Charge'. Following the green light from relevant authorities, TotalEnergies will run and operate the country's biggest electric vehicle charging network with over 1,500 charge points installed in the city-state.

This urban charging network accounts for approximately 85% of the charge points currently operating in Singapore, accessing both owners of electric vehicles and the car sharing solution BlueSG.

The main competitive positioning strategies that have been used are investment in production facilities and mergers and acquisitions. For instance, the long time leadership of Toyota in hybrid and Honda's focus on fuel efficiencies enabled them to be at an advantage within the market. Other car producers are adding hybrid as a way of participating in this market's increasing demand for fuel efficiency; therefore, the stakes are another level.

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