LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global hybrid electric vehicle (HEV) market is expected to grow at a CAGR of more than 37% during the forecast period.
This research report titled ‘Global Hybrid Electric Vehicle Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Manifold initiatives taken by governments, such as the implementation of stringent regulations and the provision of incentives, encouraging consumers to adopt green vehicles will boost the market for HEVs in both the passenger and commercial segments.
In the words of Siddharth Jaiswal, a lead automotive manufacturing research analyst at Technavio, “The recent developments about fuel cell hybrid electric vehicles, where such variant vehicle uses a fuel cell instead of an engine to power the electric motor in combination with the battery, is likely to witness high volume sales in the coming years. This will make hydrogen the next alternative fuel. Toyota is the first OEM to have produced hydrogen fuel cell vehicles commercially.”
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Based on vehicle type, the report categorizes the global HEV market into the following segments:
- Luxury sedan
- Mid luxury
- Entry level
The top three revenue generating segments by vehicle type in the global HEV market are discussed below:
As of 2015, the entry-level HEVs segment contributed the major portion of the global HEV market share. This segment accounted for sales of 0.85 million units in 2015 and is expected to reach 5.2 million units by 2020, registering the highest growth with close to 44% CAGR during the forecast period.
Entry-level HEVs mainly come as low-cost mild hybrids and efficient type PHEVs and are mostly purchased by new technology aspirers and buyers. The increase in charging infrastructures for PHEVs during the forecast period and the availability of a wide range of models will drive the market growth.
“Mid-luxury HEVs are a transition state hybrid between entry-level and luxury vehicles. Countries in North America and APAC, where the wealth distribution is high, have a high concentration of these cars,” says Siddharth.
Most luxury hybrid vehicles are widely adopted in North America and certain European countries such as Netherlands, Norway, and France. Automakers such as BMW, Mercedes-Benz, Porsche, and Lexus are the major OEMs with luxury HEV portfolio with limited region-specific sales. In 2015, all luxury HEV manufacturers increased their production by 50-100 units per model due to the global demand. Owing to this, Technavio expects sales of 0.23 million units in 2016, which is more than 0.1 million units from 2015, observing a 77% growth rate.
The SUV hybrid price range is closer to luxury sedan hybrids. However, the former model of vehicle is preferred because of their off-roading capabilities with extra seating row for passengers, and a robust and powerful built. Due to the high preference for SUV, top OEM brands such as Volvo, Audi, Cadillac, and Lexus have released hybrid SUV concepts, which include nearly 10 models to be sold by 2020.
In 2015, the Americas held the majority share of the global hybrid commercial vehicle market, with North America as one of the key regions with maximum sales. The Americas is followed by EMEA and APAC. Various regions such as the Americas and Europe have introduced new regulations for fuel emissions of commercial vehicles from 2016 and 2014 for a period of up to 2020 which can be only achieved if OEMs of commercial vehicles switch to hybrid models.
The top vendors highlighted by Technavio’s research analysts in this report are:
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