New York, Oct. 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Hybrid Vehicle Powertrain Component Market, By Vehicle Type, By Propulsion, By Component, and By Region, Competition Forecast and Opportunities, 2027” – https://www.reportlinker.com/p06325869/?utm_source=GNW
The global Hybrid Vehicle Powertrain Components Market is expected to witness steady CAGR growth during the forecast period, 2023-2027. Growing popularity of hybrid vehicles owing to rising concern over the negative effect of carbon emissions in the environment and rapid progress in automotive industry is driving the demand in the global market for vehicle powertrain components hybrids.
Hybrid vehicles are in high demand as they offer several benefits including low operating and maintenance costs and less pollution. market growth.
Rising adoption of electric and fuel cell vehicles and high-end investments for development of charging infrastructure are further driving the growth of the global hybrid vehicle powertrain components market.
Rising Sales and Production of Hybrid Vehicles Drives Market Growth
Hybrid vehicles are powered by a combination of electric motor and internal combustion engine. The main advantage of the hybrid vehicle is that it consumes less fuel and emits less carbon dioxide than regular and diesel engines.
Hybrid vehicles have greater fuel efficiency because they are not dependent on a single fuel to run the vehicle. It uses regenerative braking, which means that when the brakes are applied while driving hybrid vehicles, energy is produced and used to recharge the high voltage battery.
Hybrid vehicles require less maintenance because they experience less wear and tear. Consumers are increasingly aware and looking for new solutions that can produce fuel-efficient vehicles, prompting manufacturers to improve the propulsion system of vehicles.
Market players use advanced simulation technologies and instrumentation and test systems. They also offer custom powertrain solutions to customers. High sales of hybrid vehicle powertrains are expected to support the growth of the global hybrid vehicle powertrain components market over the forecast period.
Supportive Government Policies and Subsidies Drive Market Growth
Several governments offer several subsidies to customers who purchase electric and hybrid vehicles. The demand for hybrid vehicles is increasing in developing countries like India, Brazil, and Mexico due to strict emission standards and increasing demand for zero-emission vehicles.
The Indian government has announced the extension of the FAME II program in 2021 to promote sales of electric vehicles across the country. The European Commission has proposed a 55% reduction in carbon emissions from cars by 2030 and a 100% reduction in carbon emissions by 2035.
The UK has set a target of net zero emissions by 2050 and has proposed banning the sale of fossil-fuel vehicles by 2035 and hybrid vehicles.
In addition, the Dubai Roads and Transport Authority and the Saudi government have announced their intention to promote sustainable mobility solutions in their countries. Massive support from government authorities and increased consumer awareness about the benefits of using alternative fuel vehicles is expected to propel the growth of the global hybrid vehicle powertrain components market over the next five years.
The global hybrid vehicle powertrain components market is segmented into vehicle type, propulsion, component, regional distribution and competition landscape. Based on vehicle type, the market is bifurcated into passenger car, light commercial vehicle (LCV), medium and heavy commercial vehicle (M&HCV).
Based on propulsion, the market is divided into HEV and PHEV. Based on components, the market is divided into battery, motor, controller, motor, transmission and others.
The market analysis also studies the regional segmentation, divided into North America region, Asia-Pacific region, Europe & CIS region, South America region, and Middle East & Africa region. In terms of countries, the United States should be a lucrative sector. market for the global hybrid vehicle powertrain components market over the forecast period.
Government support for the production and sales of electric vehicles and high-end investments for R&D activities are supporting the market growth in the country.
Robert Bosch GmbH, BorgWarner Inc., Magna International Inc., Hitachi Automotive Systems Ltd, Cummins Inc., ZF Friedrichshafen AG, Mitsubishi Electric Corp., Schaeffler AG, Continental AG, Marelli Holdings Co., Ltd. are among the major players in the market. in the global platform leading the growth of the global Hybrid Vehicle Powertrain Components Market.
In this report, the global Hybrid Vehicle Powertrain Components market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
• Hybrid vehicle powertrain components market, by vehicle type:
o Passenger car
o Light commercial vehicle (LCV)
o Medium and heavy utility vehicle (M&HCV)
• Market for hybrid vehicle powertrain components, by propulsion:
• Market for hybrid vehicle powertrain components, by component:
• Hybrid Vehicle Powertrain Components Market, By Region:
o North America
o Europe & CIS
o South America
o Middle East and Africa
Company Profiles: Detailed analysis of the major companies present in the global Hybrid Vehicle Powertrain Components market.
With the market data provided, we offer customizations based on a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of other market players (up to five).
Read the full report: https://www.reportlinker.com/p06325869/?utm_source=GNW
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