Hybrid Electric Powertrain Market: Trends, Opportunities, and Forecasts for 2016-2026

MANHATTAN, N.Y. - May 19, 2023 - PRLog -- The global market for hybrid electric powertrains is anticipated to experience a CAGR of over 9% during the forecast period. This growth can be attributed to the rising demand for hybrid vehicles. The market consists of fuel and electrical powertrains and is influenced by factors such as decreasing prices of automotive batteries, technological advancements, environmental regulations, and escalating fuel prices. However, the high production cost associated with powertrains may hinder the market's growth.

The hybrid electric powertrain market can be segmented based on vehicle type, components, and region. In terms of vehicle type, it can be categorized into plug-in hybrid vehicles and hybrid vehicles. The hybrid vehicles segment held the largest market share in 2018 and is expected to maintain its leading position in the future due to the inadequate availability of proper charging infrastructure in many countries. Hybrid vehicles charge their batteries through automatic regenerative braking technology.

Browse 119 market data Figures spread through 110 Pages and an in-depth TOC on "Global Hybrid Electric Powertrain Market"

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Prominent players operating in the global hybrid electric powertrain market include Toyota Motors, Honda Motor Company, Nissan Motor Co., Ltd., BYD Auto Co., Ltd., Kia Motors Corporation, and Suzuki Motor Corporation. These companies employ organic strategies such as product launches, mergers, and collaborations to foster positive market growth. For instance, Magna International entered into an agreement with Huayu Automotive Systems to expand its electric presence in China.

Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm, stated, "Asia-Pacific is expected to witness significant adoption of hybrid electric powertrains in the coming years, driven by the increasing adoption of electric and hybrid vehicles in economies such as China, India, and Japan. Government initiatives, including concessions on the purchase of hybrid vehicles and tax exemptions, are anticipated to further propel the adoption of hybrid electric powertrains in the region during the forecast period."

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