(I-BusinessNews.Com, May 24, 2019 ) Hybrid System Market is projected to grow at a CAGR of 10.79% from 2017 to 2022, to reach a market size of USD 40.99 billion by 2022. The market is primarily driven by the increasing demand for higher fuel efficiency, high voltage applications, and stringent emission regulations by governments that have forced the manufacturers to adopt the hybrid and electric vehicle technology.
Browse 138 Market Data Tables and 44 Figures spread through 213 Pages and in-depth TOC on “Hybrid System Market – Global Forecast to 2022”
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Hybrid System Market Target Audience
Hybrid System Component Manufacturers
Distributors and Suppliers of Hybrid System Components
Independent and Authorized Dealers Hybrid Components
Hybrid System Manufacturers
Electric Vehicle Manufacturers
Industry Associations and Experts
HEVs estimated to showcase the largest demand for Hybrid Systems
The HEV segment is estimated to hold the largest share of the Hybrid System Market. HEVs use hybrid systems such as start-stop, regenerative braking, and E-booster. The demand for the hybrid system in HEVs is influenced by the total HEV vehicle sales. According to MarketsandMarkets analysis, the HEV vehicle sales are projected to grow from 1.8 million units in 2016 to 4.6 million units in 2022 and are expected to increase further in the future. Furthermore, the conversion of a conventional vehicle to an HEV is the least inexpensive option in comparison to PHEVs and BEVs. Hence, the Hybrid System Market is led by the HEV vehicle segment.
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North America expected to be the fastest growing market for Hybrid System
The hybrid system market for North America is estimated to grow at the highest rate during the forecast period. The increasingly stringent CAFE regulations have led to an increase in the demand for hybrid and electric vehicles in the region. Thus, the region is expected to see the fastest growth in the sales of hybrid and electric vehicles during the forecast period. Hence, the market for hybrid system in North America is also expected to grow in line with the growth of hybrid and electric vehicles.
The hybrid system market is dominated by a few global players. Some of the key manufacturers operating in the market are Bosch (Germany), Continental (Germany), Denso (Japan), ZF (Germany), and Valeo (France). There are certain key innovators gaining attention in the hybrid system market including UQM Technologies (US), Schaeffler (Germany), and Johnson Controls (US).
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