Global Hybrid Vehicle Powertrain Component Market Report and Forecasts 2027
Bharat Book Bureau Provides the Trending Market Research Report on “Global Hybrid Vehicle Powertrain Component Market, By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion (HEV, PHEV), By Component (Battery, Motor, Controller, Engine, Transmission, Others), and By Region, Competition Forecast and Opportunities, 2027” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The global Hybrid Vehicle Powertrain Component Market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. Growing popularity of the hybrid vehicles due to rise in concerns regarding the negative effect of carbon emissions into the environment and rapid advancements in the automotive industry drives the demand for the global hybrid vehicle powertrain component market. Hybrid vehicles are in high demand as they offer several benefits including low operational and maintenance costs and less pollution. Favorable government policies and availability of income tax rebates and subsidies to the manufacturers and buyers of hybrid and electric vehicles are the other prominent factor that boosts the market growth. Increase in adoption of electric and fuel-cell electric vehicles and the high-end investments for the development of charging infrastructure further drives the global hybrid vehicle powertrain component market growth.
Increases in Sales and Production of Hybrid Vehicle Drives the Market Growth
Hybrid vehicles are powered by a combination of electric motor and internal combustion engine. The primary benefit of hybrid vehicle so that it consumes less fuel and emit less carbon dioxide than regular and diesel engines. Hybrid vehicles have greater fuel efficiency as they don’t rely on a single fuel to run the vehicle. It uses regenerative braking which means when brakes are applied while driving the hybrid vehicles, the energy produced and used to recharge the high voltage battery. Hybrid vehicles requires less maintenance as they experience less wear and tear. Consumers are becoming more aware and are looking for novel solutions that can produce fuel-efficient vehicles are making the manufacturers to improve the propulsion system in the vehicles.
Market Players are making the use of advanced simulation technologies and instrumentation and test systems. They are also offering customized powertrain solutions to the customers. The high sales of hybrid vehicles powertrain are expected to bolster global hybrid vehicle powertrain component market growth over the forecast period.
Supportive Government Policies and Subsidies Boosts the Market Growth
Several governments are offering several subsidies to customers purchasing electric and hybrid vehicles. The demand for hybrid vehicles is growing in developing countries such as India, Brazil, Mexico due to stringent emission standards and the rise in the demand for zero-emission vehicles. Government of India announced extension of the scheme FAME II in 2021 to promote the electric vehicle sales throughout the country. The European Commission proposed a cut of 55% cut in carbon emissions from cars by 2030 and 100% cut in the carbon emissions by 2035. United Kingdom a target of net-zero emission by 2050 and proposed a ban on the sale of fossil fuel powered vehicles by 2035. The US Department of Transportation has set Corporate Average Fuel Economy (CAFE) standards for the automobiles which creates the demand for electric and hybrid vehicles. Also, the Dubai’s Roads and Transport Authority and the Saudi Arabian government announced its plans to promote sustainable mobility solutions in their countries. Massive support from the government authorities and the rise in the consumer awareness about the benefits of using alternate fuel vehicles are expected to propel the global hybrid vehicle powertrain component market growth over the next five years.
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