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Hybrid electric vehicle is a combination of internal combustion engine and electric propulsion system. The electric propulsion system helps achieve either better performance or better fuel economy. There are various types of hybrid electric vehicles available in the market; hybrid electric cars is the most common type. Modern hybrid electric vehicles use regenerative brakes, a type of efficiency-improving technology, which convert kinetic energy into electric energy to recharge the batteries. Some hybrid electric vehicles use their internal combustion engine to generate electricity, either to directly power the electric drive motor or recharge batteries. Hybrid electric vehicle's internal combustion engine is usually smaller in size as compared to a pure gasoline-burning engine. Hybrid electric vehicle shuts down its internal combustion engine when it is idle and restarts it when in need, thus reducing idle emissions.

The global hybrid electric vehicle market can be segmented into powertrain type, hybrid level, vehicle type, and region. Based on powertrain type, the market can be classified into series, parallel, and series-parallel. A series powertrain hybrid electric vehicle is akin to a battery electric vehicle in design, wherein a combustion engine powers an electric generator instead of driving the wheels. The generator charges the battery and powers the electric motor which drives the vehicle. Series powertrain hybrid electric vehicles are also known as range-extended electric vehicles (REEVs), since the internal combustion engine is used to power electric motor and does not directly drive the wheels. 

A parallel powertrain hybrid electric vehicle is propelled by an electric motor connected to a mechanical transmission as well as an internal combustion engine. There is no separate generator in the system; therefore, whenever the operation of the generator is needed, electric motor functions as a generator. In a parallel powertrain, the vehicle does not run on pure electric mode. A series-parallel powertrain hybrid electric vehicle can be powered by an electric motor, gasoline engine, or both. The engine and motor are designed in such a way that the vehicle can run its optimum operating range as much as possible. Series-parallel powertrain vehicles have complicated systems and are more expensive. The parallel powertrain hybrid electric vehicle segment holds major share of the hybrid electric vehicle market and is estimated to expand at highest CAGR during the forecast period, due to the system’s high fuel efficiency.

In terms of hybrid level, the hybrid electric vehicle market can be divided into micro, mild, full, and plug-in. A micro hybrid electric vehicle is integrated with an alternator/ starter that employs start/stop technology. Its typical fuel efficiency is around 10% as compared to non-hybrid vehicles. Mild hybrid electric vehicle is integrated with stronger electric components as compared to micro hybrid electric vehicles and has fuel efficiency of around 20% to 25%. Full hybrid electric vehicle is similar to mild hybrid electric vehicle; however, it is equipped with a larger alternator, electric motor, battery pack, and has around 40% to 45% fuel efficiency. Plug-in hybrid electric vehicle is more suitable for short trips. Its system comprises downsized combustion engine and large electrical components. Full hybrid electric vehicles holds major share of the hybrid electric vehicle market. However, plug-in hybrid electric vehicles segment is estimated to expand at a significant rate. Based on vehicle type, the hybrid electric vehicle market can be segregated into mid-luxury, SUV, luxury, and commercial. The mid-luxury hybrid electric vehicles segment holds major market share due its wide adoption in North America and Europe.

In terms of region, the hybrid electric vehicles market can be divided into North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. North America holds major market share followed by Europe. New fuel emission regulations and increase in per capita income are projected to boost the hybrid electric vehicles market in these regions. However, the market in Asia Pacific is estimated to expand at a significant pace during the forecast.

Key players operating in the hybrid electric vehicle market are Ford Motor Company, Toyota, Honda Motor Company, Mahindra & Mahindra Ltd, BMW AG, Lexus, Mercedes-Benz, Infiniti, Hyundai Motor Company, General Motors, Porsche, and Volkswagen.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Hybrid Electric Vehicle Market

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