An Emission Free Globe to be the New Blueprint for Hybrid Electric Vehicles
The hybrid electric vehicles market is showcasing a stunning growth trajectory over the forecast period of 2019-2029 with a CAGR of ~ 14% by the end of the year 2029. This is fueled by the advent of electric vehicles and a global environment that is virtually emission free.
For the moment electric vehicles are not only exorbitant but are still to spread their tentacles in developing nations for infrastructural capabilities.
On the positive side, electric vehicles come with a variety of benefits like reduced operational and maintenance costs and less pollution. With technological breakthroughs, the portfolio for electric vehicles is ever expanding with many consumers in different regions preferring to go in for fully hybrid or mild hybrid vehicles.
Fact.MR brings out stunning clarity on incremental opportunities in the hybrid electric vehicle market in various regions in the figure below
Algorithmic Trends to Step Up Fuel Efficiency in Hybrid Electric Vehicles
Newer and smarter algorithms are all set to revolutionize the fuel efficiency of hybrid electric vehicles. Owing to these trends, the hybrid electric vehicles captured a large market share of ~ US$ 29Bn in the year 2019.
- Hybrid electric vehicles are largely dependent on an energy management system that helps them to maintain an equilibrium between the electric motor and the internal combustion engine. This helps to regulate fuel consumption and CO2 emissions.
- Many new universities are now pioneering algorithms to help do that. For instance, technical teams at several universities are developing highly nuanced algorithms that can calculate the energy consumption of a hybrid vehicle in a very optimal manner.
- This would help to enhance the fuel efficiency by at least 50% thus bolstering the demand for hybrid electric vehicles during the forecast period. Since these algorithms have been found to be highly complex, future research will focus on the reducing the computational effort of these algorithms. This will improve drivability.
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Hybrid Powertrain Innovations to Spearhead Green Electrical Energy
Europe will continue to be one of the frontrunners, capturing a significant market share of ~ 16% by the end of the forecast period. Many countries in Europe have affiliated themselves with a project known as ECOCHAMPS which entails the development of hybrid vehicles that have automotive powertrains.
These are specially designed to reduce weight and volume of the vehicle and enhance efficiency. As a result, the parallel hybrid powertrains will continue to see profitable growth over the forecast period.
- The ECOCHAMPS project was created to improve powertrain efficiency by 20% or more, thereby reducing the cost of the hybrid vehicles.
- The new and improved hybrid powertrains under the ECOCHAMPS project will have zero emissions capability especially in urban areas and will have access to locally produced green electrical energy.
- The vehicles developed under this project will have a few commonalities namely – a highly efficient combustion engine, the right sized batteries and e-motor.
- This would drastically improve the air quality of the environment and enable users to incur considerable cost savings.
- With improved functionalities, they will give a lot of flexibility to users and serve as a stepping stone in the introduction of hybrid electric vehicles in the global market space.
Plug-In Hybrid Cars to Undergo a Resurrection in the Hybrid Electric Vehicles Market
- The most important difference between a fully electric vehicle and a plug-in hybrid vehicle is that the plug-in hybrid has a gasoline fueled combustion engine. It also has a small battery that allows the car to be driven for an additional 300 to 500 miles as compared to a fully electric vehicle that has a maximum range of 150-300 miles.
- With electric vehicles poised to fulfill the dream of a carbon-free Europe, the market reported a figure of roughly 66% for the sales of electric vehicles vis-à-vis the sales of plug-in hybrids which saw a drop.
- This has spurred manufacturers to innovate and present them to the customer as a unique, transformational technology. This will motivate the average consumer to utilize them as enablers unlike traditional gasoline and diesel engines.
- Plug-in hybrids are infinitely more flexible as they mitigate many of the niggling concerns surrounding the charging of fully electric vehicles. The market for plug-in hybrids is witnessing a massive momentum as more and more urban dwellers are now moving onto apartment dwellings.
- These cars will also be more attractive and compelling for those who travel great distances and have highly unpredictable usage patterns. For example, shared mobility and rental fleets. Since they have batteries that are smaller and more modestly sized, they will be marginally less exorbitant than a fully electric vehicle. Moreover, they have weight reduction capabilities especially when they are used in bigger cars like SUVs and minivans.
- While electric vehicles may be considered the ‘Holy Grail’ of the automotive arena, regulatory policy that encourages the use of Plug-in hybrid electric car might just be the need of the hour. Incentives based on the range of the plug-in hybrid and easy access to charging infrastructure will be some of the ways manufacturers can boost the sales of the, plug-in hybrid vehicles
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Hybrid Electric Vehicle Manufacturers to Get a Jump Start with Innovative Technology in Fluids
Key market players are rushing to reach the finish line by innovating a broad line of fluids and lubricants for the electric and hybrid electric fleet of cars.
For instance, Total is massively consolidating its position by introducing a range of fluids that are specially designed for electric and hybrid vehicles. Total’s research and development teams are all geared up to meet the cooling and lubrication needs of these modern and differently abled engines.
This is done to ensure that they maintain their peak condition throughout the engine’s lifecycle. Their new product line consists of an eclectic mix such as Total Quartz EV fluid and Total Rubia EV fluid for a wide range of hybrid and electric vehicles.
These dynamic fluids help to fulfill myriad applications such as boosting dielectric properties of the engine, compatibility with new electric components, lubrication for transmission and a solution for temperature constraints.
These enhanced lubricant solutions for hybrid and electric vehicles will create incremental opportunities for the key stakeholders in the hybrid electric vehicles market space.
Refillable Batteries to Offset Car Range Anxiety
Refillable batteries are all set to promulgate an era of enhanced mobility. Hybrid electric vehicles induce considerable anxiety amongst motorists due to the limited availability of charging stations and range limitations. This can now be offset with scientists working on refillable or flow batteries that can be refueled in minutes at any gas station.
Flow batteries, experts opine, will transform electric vehicles and obviate range anxiety. Most gas stations under this new technology will be retrofitted to pump in battery liquid for the refillable battery instead of gasolines.
These flow batteries will work on the premise of a reaction between the ends of the battery and the electrolyte. Scientists are also harnessing a way by which the electrolyte can be recycled.
While this technology will revolutionize the growth of the hybrid electric vehicles market, the high cost and battery reliability will be some of the obstacles to overcome.
An Adaptive Approach to Modern-day Research Needs
Fact.MR’s study on the hybrid electric vehicles market offers information classified into four important segments: power source, powertrain, vehicle, and region.
This market report proposes comprehensive data and information about the important market changing aspects and evolution structures related with these categories.
Hybrid Electric Vehicles Market - Scope of the Report
Fact.MR recently published a market study on the global market for hybrid electric vehicles. The study provides detailed assessment on key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the hybrid electric vehicles market structure. The market study presents exclusive information about how the market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in the Fact.MR study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the hybrid electric vehicles market during the forecast period.
The study is relevant for stakeholders in the hybrid electric vehicles market, including manufacturers and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the hybrid electric vehicles market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR study.
The study also includes statistics as well as facts related to the macro as well as microeconomic factors that are impacting developments in the hybrid electric vehicles market. It also offers actionable insights based on future trends in the hybrid electric vehicles market. Moreover, small businesses and new entrants in the market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR Hybrid Electric Vehicles Market Report
- Which regions will continue to remain the most profitable regional markets for hybrid electric vehicles market players?
- Which factors will induce a change in the demand for hybrid electric vehicles during the assessment period?
- How will changing trends impact the hybrid electric vehicles market?
- How can market players capture the low-hanging opportunities in the hybrid electric vehicles market in developed regions?
- Which companies are leading the hybrid electric vehicles market?
- What are the winning strategies of stakeholders in the hybrid electric vehicles market to upscale their position in this landscape?
- Which vehicle type will hold the largest value share in the hybrid electric vehicles market?
Hybrid Electric Vehicles Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the hybrid electric vehicles market, and reach conclusions on the foreseeable growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts in the hybrid electric vehicles market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources act as a validation from companies in the hybrid electric vehicles market, and makes Fact.MR’s projection on growth prospects of the hybrid electric vehicle’s market more accurate and reliable.
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