Global Hybrid Powertrain Market, By Type (Full Hybrid (HEV), Mild Hybrid (MHEV), Plug-In Hybrid (PHEV)), Vehicle Type (Passenger Vehicles, Commercial Vehicles), Sales Channel (OEM, Aftermarket) - Industry Trends and Forecast to 2031.
Hybrid Powertrain Market Analysis and Size
A hybrid powertrain is a system that combines two or more sources of power to propel a vehicle. The most common type of hybrid powertrain is the hybrid electric vehicle (HEV), which uses an internal combustion engine and an electric motor. The hybrid powertrain market is expected to grow significantly in the coming years, driven by factors such as increasing environmental awareness, stricter emission regulations, rising fuel prices, and technological advancements.
Data Bridge Market Research analyzes that the global hybrid powertrain market was valued at USD 110.37 billion in 2023 and is expected to reach USD 319.28 billion by 2031, registering a CAGR of 14.2% during the forecast period of 2024-2031. Full Hybrid (HEV) segments account for the highest market share due to its advantages such as lower carbon emissions, reduced fuel consumption, less oil dependency, and lower maintenance costs. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric |
Details |
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Forecast Period |
2024 to 2031 |
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Base Year |
2022 |
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Historic Years |
2021 (Customizable 2016-2021) |
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Quantitative Units |
Revenue in USD million, Volumes in Units, Pricing in USD |
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Segments Covered |
By Type (Full Hybrid (HEV), Mild Hybrid (MHEV), Plug-In Hybrid (PHEV)), Vehicle Type (Passenger Vehicles, Commercial Vehicles), Sales Channel (OEM, Aftermarket) |
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Countries Covered |
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa |
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Market Players Covered |
Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Ford Motor Company (U.S.), General Motors Company (U.S.), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), BMW AG (Germany), Daimler AG (Germany), Fiat Chrysler Automobiles N.V. (Netherlands) |
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Market Opportunities |
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Market Definition
A hybrid powertrain is a system that combines an internal combustion engine and an electric motor to propel a vehicle. The electric motor uses the energy stored in a battery pack, which can be recharged by the engine or by regenerative braking. A hybrid powertrain can improve the fuel efficiency and performance of a vehicle by using the electric motor to assist the engine or to drive the vehicle independently on pure electric power, depending on the type of hybrid system.
Global Hybrid Powertrain Market Dynamics
Driver
- Increasing Emphasis on Reducing Carbon Emission
As the global concern for environmental sustainability intensifies, the demand for hybrid powertrain systems is projected to increase significantly. Hybrid powertrain systems combine conventional engines with electric motors to reduce fuel consumption and carbon emissions. The market is expected to witness robust growth in the coming years, driven by the stringent regulations and policies on greenhouse gas emissions, as well as the increasing consumer awareness and preference for eco-friendly vehicles.
Opportunity
- Technological Advancement in Hybrid Powertrain Technology
One of the factors that could boost the demand for hybrid powertrain systems in the future is the continuous development of technology in this field. Hybrid powertrain technology combines the advantages of conventional and electric engines, such as lower emissions, higher fuel efficiency, and better performance. As the technology evolves, hybrid powertrain systems are expected to become more affordable, reliable, and compatible with different vehicle types and applications. Therefore, technological advancement in hybrid powertrain technology is expected to act as an opportunity for market growth.
Restraint/ Challenge
- High Cost Associated with Hybrid Powertrain
One of the major challenges that the market faces is the high cost of developing and manufacturing hybrid powertrain components and systems. The hybrid powertrain technology involves complex integration of mechanical, electrical, and software components, which increases the engineering and production costs. Moreover, the hybrid powertrain requires additional components such as batteries, electric motors, power electronics, and controllers, which add to the overall weight and cost of the vehicle. Therefore, the high cost associated with hybrid powertrain is expected to act as a significant restraint for market growth.
This hybrid powertrain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hybrid powertrain market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In January 2024, General Motors is changing its product lineup strategy to include plug-in hybrid electric vehicles. GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure
Global Hybrid Powertrain Market Scope
The hybrid powertrain market is segmented on the basis of type, vehicle type, and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Full Hybrid (HEV)
- Mild Hybrid (MHEV)
- Plug-In Hybrid (PHEV)
Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Sales Channel
- OEM
- Aftermarket
Global Hybrid Powertrain Market Region Analysis/Insights
The hybrid powertrain market is analyzed and market size insights and trends are provided by country, type, vehicle type, and sales channel as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America.
Asia-Pacific is expected to dominate and be the fastest growing region in the market due increasing research and development activities in countries such as China, Japan, and India.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Hybrid Powertrain Market Share Analysis
The hybrid powertrain market is analyzed, and market size information is provided by country, product type & application. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the hybrid powertrain market.
Some of the major players operating in the hybrid powertrain market are:
- Toyota Motor Corporation (Japan)
- Honda Motor Co., Ltd. (Japan)
- Ford Motor Company (U.S.)
- General Motors Company (U.S.)
- Volkswagen AG (Germany)
- Hyundai Motor Company (South Korea)
- Nissan Motor Co., Ltd. (Japan)
- BMW AG (Germany)
- Daimler AG (Germany)
- Fiat Chrysler Automobiles N.V. (Netherlands)
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