Hybrid Vehicle Component Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
The global hybrid vehicle component market is estimated to grow at a compound annual growth rate (CAGR) of 12.4% during the forecast period 2022-2032. The hybrid vehicles are made using two or more distinct types of power which include an internal combustion engine to drive an electric generator which provides power to an electric motor. Further, the market for hybrid vehicle component is growing at a remarkable rate with a significant CAGR and is expected to maintain its dominance over the forecast period.
Hybrid Vehicle Component Market: Growth Factors
In recent years, components for hybrid vehicles have gone through various technological advancements. The manufacturers are continuously focusing on the advancement of their products in order to improve their performance, durability and power efficiency. Further, rapidly changing automotive environmental policy is also making manufacturers develop products that can fulfil meet strict new requirements. Also, growing demand for low or zero-emission vehicles is another major factor which is likely to escalate the demand for the hybrid vehicle component market in the upcoming years.
Rising Automotive Sector
In the past years, the automotive sector has grown steadily at a global level and is still growing at a steady rate. However, on regional basis, the industry is witnessing remarkable growth in emerging markets such as China, India, Brazil & others. With the rising production & sales of vehicles, the demand for hybrid vehicles among the population is strengthening along with time. Consumers have more buying power than ever before and are spending well on vehicles in order to improve their standard of living. This factor is anticipated to likely impact the growth of hybrid vehicle component market in the years ahead.
Hybrid Vehicle Component Market: Segmentation Analysis
The hybrid vehicle component market is segmented by component, vehicle type and distribution channel. Based on component, the market is segmented into regenerative braking, electrical energy storage, battery modules, ultra-capacitor, flywheel, electric motors, power electronics and others, out of which, electric motors segment is anticipated to grow at a noteworthy CAGR over the forecast period, i.e., 2020-2025. Further, it was followed by battery modules segment in terms of market share in 2019.
By vehicle type, the market is divided into mild hybrid, full hybrid and plug-in hybrid, out of which, full hybrid segment is expected to register a higher revenue share in the hybrid vehicle component market over the forecast period. Apart from this, the mild hybrid segment is projected to attain a significant CAGR over the forecast period.
Based on distribution channel, the hybrid vehicle component market is segmented into OEM (Original Equipment Manufacturer) and aftermarket. Among this segment, the OEM (Original Equipment Manufacturer) segment has acquired lion market share and is estimated to grow at a notable CAGR over the upcoming years.
Hybrid Vehicle Component Market: Geographical Analysis
In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the hybrid vehicle component market, Asia Pacific is projected to capture a significant CAGR and is the fastest-growing market for hybrid vehicle component during the forecast period. Further, factor such as rising environmental concerns and increasing demand for clean vehicles are expected to drive the growth of Asia Pacific hybrid vehicle component market. Also, North America market is driven on the back of growing adoption of hybrid electric vehicles and is anticipated to grow at a significant compound annual growth rate (CAGR) from 2020 to 2025.
Hybrid Vehicle Component Market: Competitive Analysis
The report also covers detailed competitive analysis of major market players of global hybrid vehicle component market, such as Aisin Seiki Co. Ltd., Borgwarner Inc., BYD Company Ltd., Continental AG, Denso Corp, Eaton Corp. Plc, Hitachi Automotive Systems, Ltd., Magna International Inc., Robert Bosch GMBH, Siemens AG and other major & niche players. The hybrid vehicle component market is witnessing a wide range of industry activities such as innovation, product launch, acquisition, partnership, and expansion across the globe.
- Regenerative Braking
- Electrical Energy Storage
- Battery Modules
- Electric Motors
- Power Electronics
By Vehicle Type:
- Mild Hybrid
- Full Hybrid
- Plug-in Hybrid
By Distribution Channel:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
• Aisin Seiki Co. Ltd.
• Borgwarner Inc.
• BYD Company Ltd.
• Continental AG
• Denso Corp
• Eaton Corp. Plc
• Hitachi Automotive Systems, Ltd.
• Magna International Inc.
• Robert Bosch GMBH
• Siemens AG
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in hybrid vehicle component market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global hybrid vehicle component market by the following segments:
- Vehicle Type
- Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Hybrid Vehicle Component Industry Report
• What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
• Which region would have a high demand for a product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?