Hybrid electric vehicles combine electric propulsion system with Internal Combustion Engine (ICE) system. These vehicles consist electric powertrain that offers better fuel economy and performance than conventional vehicles. Hybrid electric vehicles also use regenerative brakes for converting kinetic energy into electric energy. Moreover, there is no need to plug-in the batteries in hybrid electric vehicles to recharge as the batteries get recharged by regenerative braking.

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Key players in the hybrid electric vehicle market are focusing on providing efficient and durable batteries, as hybrid electric vehicles need frequent charging as it loses its battery power in a very short time. Hybrid electric vehicle market players are also adding new features to meet customer expectations. Stringent rules and regulations on vehicle emissions in various countries are also resulting into leading automobile manufacturers moving towards producing hybrid electric vehicles. Also, Li-ion batteries are being used on a large scale in hybrid electric vehicles as these batteries have very low self-discharge rate. However, hybrid electric vehicles market still faces some challenges such as costs, complex safety requirements, and powertrain complexity.

According to a study by Fact.MR, the global hybrid electric vehicle market is expected to experience strong growth, reaching US$ 42,103.9 million revenue. Leading hybrid electric vehicles market players are working to increase the speed of hybrid electric vehicles. They are also focusing on offering lightweight vehicles and improve battery power. Moreover, increasing consumer preference for environmentally friendly and fuel-efficient vehicles are some of the factors driving the growth of the hybrid electric vehicles market.

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Stored Electricity Power Source to Gain Maximum Revenue Share

Compared to on-board electric generator as a power source for hybrid electric vehicles, stored electricity power source is expected to account for more than three-fourth of the hybrid electric vehicles market revenue share by the end of 2017. Meanwhile, on-board electric generator will also experience impressive growth during 2017-2022.

Parallel Hybrid Powertrain System to Witness Robust Growth

Parallel hybrid powertrain system is expected to witness impressive growth in hybrid electric vehicles market during the forecast period. Towards the end of 2022, parallel hybrid powertrain system is projected to reach nearly US$ 32,700 million revenues. Meanwhile, series hybrid powertrain system will also experience strong growth in hybrid electric vehicles market during 2017-2022.

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Passenger Hybrid Electric Vehicles to Witness Maximum Sales

Passenger vehicles are expected to account for nearly three-fifth of the revenue share of hybrid electric vehicles market by the end of 2017. Towards the end of 2022, passenger hybrid electric vehicles are estimated to bring in nearly US$ 25, 300 million revenues. Commercial hybrid electric vehicles are also expected to create an incremental opportunity of more than US$ 4,400 million during 2017-2022.