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Hybrid Vehicle Market 2018
Hybrid Vehicle Market Share, Size, Trends, And Business Opportunity Analysis Report 2018
include historic data, with forecast data to 2023. Hybrid Vehicle Market report is helpful for
future strategy development, and to know about Market Drivers, Restraints, Opportunities,
And Global market size, share, Growth, Trends, key players forecast to 2023
Hybrid Vehicle Market Report: Information by Electric Powertrain (Parallel, Series), by
Propulsion (HEV, PHEV, NGV), by Component Type (Electric Motor, Transmission, Battery),
by Degree of Hybridization, by Vehicle Type & by Region - Forecast till 2023
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Market Scenario:
The hybrid vehicle primarily uses two or more different power sources, namely the
internal combustion engine and the electric generator, which help operate the electric
motor. Types of the fossil fuel such as petrol or diesel are used to drive the petrol engine or
the diesel engine, which in turn drives the electric trains connected to the electric
generator. The electric generator ultimately powers the electric motor. The primary
principle that drives the hybrid vehicles is that different sources of powering the engine
work efficiently corresponding to different speeds. After this, the switching from one fuel to
the other at the right time results in maximum efficiency yielded by the automobile engine.
This ultimately leads to the overall fuel efficiency thus, saving on the fuel cost required for
operating the automobile.
Several factors aid in the growth of the global hybrid vehicle market. Firstly, the rise in
fossil fuel costs has led to customers demanding hybrid vehicles to bring down the
automobile operating cost. Secondly, the governments of leading countries are trying to
reduce the carbon footprint by switching to alternative automobile fuels and the hybrid
vehicle option, which would lead to reduced pollution. Thirdly, the scarcity of the fossil
fuels due to excessive consumption has encouraged automakers to search for newer and
cost-efficient automotive technologies including the hybrid vehicles for safeguarding the
future automobile sales. Lastly, greater efficiency in terms of engine performance and fuel
consumption can be achieved using the hybrid vehicles. The global hybrid vehicle market is
expected to expand with a CAGR of approx. 9% (2017 to 2023).
Hybrid Vehicle Market by Segmentation:
On the basis of propulsion type, the plug-in hybrid electric vehicles are growing in
popularity. Besides the generator, and engine mechanism, which generates electric power