Hybrid heavy duty vehicles are hybrid electric vehicle designed for heavy duty applications on both on road and off-road conditions. Hybrid heavy duty vehicles use combustion engines in tandem with hybrid electric powertrain technology for power generation to achieve vehicle drive momentum. The electric motor does the work whereas the onboard range extender internal combustion engines keeps the battery charged in hybrid heavy duty vehicle as these vehicles are built for long journeys and heavy freight transportation. Hybrid heavy duty vehicles are equipped with larger tires and a flexible suspension system which leads to higher ground clearance ratio and supports these high-traction heavy duty vehicles to drive also on off-surfaced and bumpy roads.
Majority of heavy duty vehicle are powered by fossil fuel which emit high levels of nitrogen oxide, emission particulates, and other emission pollutants which frequently leads to both chronic illness and premature death, especially in urban metropolitan areas and amongst the most vulnerable populations. This is the prime reason for the adoption of hybrid heavy duty vehicles. Moreover, traditional fossil fuel heavy duty vehicles are responsible for the rising transportation carbon emission. Further, rising fossil fuel cost, surging scarcity of crude oil, and emission norms and policies by regulatory bodies around the world against diesel and gasoline powered vehicles due to increasing pollution are prime reasons for customers shifting their preference toward greener vehicles. This is a key factor projected to accentuate the growth of the hybrid heavy duty vehicle market during the forecast period. Growing automation and application of machinery to shorten manual work in transportation, mining, construction, and infrastructure have propelled the application of hybrid heavy duty vehicles in these sectors. This is likely to offer lucrative opportunities to the hybrid heavy duty vehicle market in the near future. However, the high cost of hybrid heavy duty vehicles is a major factor anticipated to hinder the hybrid heavy duty vehicle market during the forecast period.
The global hybrid heavy duty vehicle market can be segmented based on hybrid type, vehicle type, technology, and region. Based on hybrid type, the market can be divided into mild hybrid and full hybrid. The full hybrid segment leads the global hybrid heavy duty vehicle market, mainly due to strict transportation emission regulations and policies concerning vehicular pollution.
Based on vehicle type, the global hybrid heavy duty vehicle market can be classified into bus and truck. Truck is a highly lucrative and attractive segment of the market. This is primarily due to its extensive usage in manufacturing, construction, infrastructure, and mining industry. Moreover, hybrid trucks are likely to witness significant adoption due to its long journey application. The segment is projected to continue expanding during the forecast period.
In terms of technology, the global hybrid heavy duty vehicle market can be bifurcated into series hybrid, parallel hybrid, plug-in hybrid, and series-parallel hybrid. Plug-in hybrid is likely to remain the fastest growing segment of the market due to technology advancements as it recharges the hybrid heavy duty vehicle by means of plug-in connection at the charging station, thereby curtailing the recharging complexity of the hybrid heavy duty vehicle.
Based on region, the global hybrid heavy duty vehicle market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the hybrid heavy duty vehicle market. This is majorly due to rise in green vehicle program initiatives by governments in the Asia Pacific region in conjunction with transportation emission guidelines. In Asia Pacific, China, Japan, South Korea, India, and Australia are the prime contributors toward higher market share.
Prominent players operating in the global hybrid heavy duty vehicle market include AB Volvo, DAF, BYD Motors Inc., Danfoss, Daimler AG, Dongfeng Motor Corporation, Hino Motors, Ltd., General Motors, Ford Motor Company, Toyota Motor Corporation., Liebherr Group, Nissan Motor Corporation., Renault Trucks, Fiat Chrysler Automobiles, Volkswagen AG, Azure Dynamics Corp., MAN, and Nikola Motor Company.
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