The Global Hybrid System in Automotive Market 2020, according is poised to reach USD 256 billion by 2023, at a CAGR of 5.98% over the review period.
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The factors accountable for the growth of the hybrid system vehicle in the automotive market are, strict emission regulations, increased sales of electrically driven vehicles and higher fuel prices are estimated to boost market demand. The rise in demand for electric vehicles would result in increased use of vehicle hybrid systems which will drive the market in the coming future. The demand for electric cars is likely to rise in the forecast period, as per market research. More than 30 million Americans will possibly purchase electric vehicles as their next vehicle. This pattern is primarily driven by the esteem and dedication of the general masses to environmental and carbon reduction. Because of these factors, a large pool of people’s mindset is shifting their preference toward electric vehicles.
Owing to the integration of both better and internal combustion engine systems, the hybrid electric vehicles have gained a lot of popularity over the last few years. It has also been shown that the sales of hybrid electric vehicles are increasing at a fast pace due to the involvement of many manufacturers with a large range. The rise in sales of hybrid electric vehicles over the forecast period would result in the development of the Hybrid System in Automotive Industry in the car industry. Factors include government plan to raise hazardous emissions and The increase in fuel prices has contributed to demand growth over the projected period. Together with agencies such as the European Environment Agency and others, they have laid down stringent pollution control regulations on cars. Consequently, a broad population pool has changed their preferences towards electric vehicles such as e-bikes. This change in preference for electric vehicles will lead to greater use of hybrid systems.
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Based on the System Type, the Hybrid System in Automotive Market has been segmented into Start-Stop, Regenerative Braking, EV Drive, and o thers.
Based on the Component the market has been segmented into Battery, DC/DC Converter, DC/AC Inverter, and eMotor.
By Battery Type the market has been segmented into Li-Ion, Lead Acid, and Others.
By Electric Vehicle Type, the market has been segmented into Mild Hybrid, HEV, PHEV, and EV.
The market is segmented by region based on North America , Asia Pacific, Europe and the rest of the world. During the forecast period Asia Pacific region is projected to account for the largest market in automotive hybrid system due to increased sales of electric vehicles in this region. China is the largest hybrid system cars market in Asia Pacific and has around 40 per cent of the electric vehicles produced in this area. Europe is the second largest market owing to the presence of major automakers, increased technological advances and enormous demand for electric vehicles. North America in the Hybrid System in Automotive Market is rising at a steady pace since the US contributes the highest revenue in this region. The United States has been the most lucrative electric-vehicle market. The sales of electric vehicles in the US have doubled in the past few years , meaning the industry will produce enough revenue over the projected period. The big drivers for the U.S. economy are policy policies and a balanced disposable income.
The key players in Global Hybrid System in Automotive Market are American Axle Manufacturing, Inc. (U.S.), Aisin Seiki Co., Ltd. (Japan), GKN plc. (U.S.), BorgWarner Inc. (U.S.), Magna International Inc. (Canada), AVTEC LTD (India), Dana Holding Corporation (U.S.), JTEKT Corporation (Japan), Magtec (U.K), TM4 (Canada), Visedo (Finland), Parker Hannifin Corp (U.S.), Delphi Automotive LLP (U.K), Punch Powertrain Nv (Belgium), AxleTech International SAS (U.S.).
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