APAC to Witness Extensive Adoption of Hybrid Powertrain till 2024

Growing demand for hybrid vehicles, technological advancements and increasing demand for fuel-efficient vehicles that could reduce fuel emissions to drive global hybrid powertrain market through 2024

According to TechSci Research report, “Global Hybrid Powertrain Market By Vehicle Type, By Component, By Region, Competition, Forecast & Opportunities, 2024”, global hybrid powertrain market is projected to grow at a CAGR of more than 10% during the forecast period, on account of increasing demand for hybrid vehicles. Hybrid powertrain includes fuel and electrical powertrains. Declining prices of battery, technological advancements, environment regulations and increasing prices of fuel are some of the other key factors that would have a positive impact on the market in coming years. However, high production cost associated with the powertrain may impede market growth.

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Hybrid powertrain market can be segmented based on vehicle type, components and region. On the basis of vehicle type, the market can be categorized into mild hybrid vehicle, plug-in hybrid vehicle and hybrid vehicle. Mild hybrid vehicles segment accounted for the largest market share in 2018 and is expected to maintain its leading market position in coming years as well, on the back of increasing demand for hybrid and electric vehicles, globally. Electric vehicles are just not limited to passenger cars, even electric commercial vehicles are witnessing increased demand, in order to reduce consumption of fuel. Moreover, in terms of sales of commercial vehicles, China topped the list with 90% of the total sales of electric buses in 2018, globally.

Major players operating in global hybrid powertrain market include Aisin Seiki Co., Ltd., Continental AG, Borgwarner Inc., ZF Friedrichshafen AG, BAE Systems plc, Magna International, Magneti Marelli S.p.A., The Voith Group, JATCO Ltd., Punch Powertrain Nanjing Co Ltd. and Delphi Automotive PLC. Companies operating in the market are using organic strategies such as product launches, and mergers and collaborations in order to register positive growth in the market. Magna International entered into an agreement with Huayu Automotive systems to increase its electric footprint in China.

“Asia-Pacific is expected to witness significant adoption of hybrid powertrain in coming years, owing to increasing adoption of electric and hybrid vehicles in economies such as China, India and Japan. Moreover, concessions on the purchase of hybrid vehicles and tax exemptions are some of the government initiatives, which are anticipated to push the adoption of hybrid powertrain in the region during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Hybrid Powertrain Market By Vehicle Type, By Component, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global hybrid powertrain market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global hybrid powertrain market.

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