Hybrid off-road vehicles are hybrid electric vehicles that incorporate a combination of a conventional internal combustion engine system with an electric propulsion system. Hybrid off-road vehicles are capable of driving on and off-paved or rock-strewn (pebbly) surfaces. They have higher ground clearance ratio, which enables these high-traction wagons to ply on tracks and forest roads that are coarse, bumpy, and have low-traction surfaces. Such vehicles are generally incorporated with flexible suspensions coupled with large tires, generally deep and open treaded. The most common usage of these vehicles is for traveling or driving on areas that do not possess asphalt roads.
Increase in demand and production of electric powertrain for off-road vehicles is projected to boost the hybrid off-road vehicle market during the forecast period. Stringent emission regulation imposed by governments of various nation across the globe in order to curb emission caused due to vehicles is a key factor boosting the hybrid off-road vehicle market during the forecast period. Off-road vehicles burn a large amount of fuel and generate more carbon emission as compared to normal vehicles. This, in turn, is likely to propel the hybrid off-road vehicle market during the forecast period. Moreover, rising automation and usage of machinery to ease manual work in various industries such as agriculture, construction, infrastructure, and mining have increased the utilization of hybrid off-road vehicles in these sectors, which are expected to offer lucrative opportunities to hybrid off-road vehicles. However, the high cost and maintenance expenditure of these vehicles are anticipated to significantly restrain the hybrid off-road vehicle market during the forecast period.
The hybrid off-road vehicle market can be segmented based on hybrid type, vehicle type, components, components, sales channel, and geography. Based on hybrid type, the hybrid off-road vehicles market can be segregated into mild hybrid and full hybrid. The full hybrid segment is projected to account for a prominent share of the market owing to stringent norms and regulation regarding emission concerns during the forecast period.
Based on vehicle type, the hybrid off-road vehicles market can be classified into passenger vehicle and commercial vehicle. The passenger vehicle segment accounts for a significant share of the market. This is due to the high demand for sports utility vehicles owing to their better comfort and ability to ride in off-terrain regions.
In terms of components, the hybrid off-road vehicles market can be bifurcated into electric motor, batteries, and others. Among components, the batteries segment held a higher share of the market as compared to the other segments. Batteries supply electric energy to automobiles and provide power to vehicle accessories. Batteries also serve as voltage stabilizers by absorbing abnormal transient voltages in vehicle electrical systems. This, in turn, is expected to boost the hybrid off-road vehicles market during the forecast period.
Based on sales channel, the hybrid off-road vehicles market can be divided into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment accounts for a larger share of the market as compared to the aftermarket segment. Rise in preference by the auto industry toward hybrid vehicles is projected to drive the OEMs segment of the hybrid off-road vehicle market during the forecast period.
In terms of geography, the hybrid off-road vehicle market can be segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for a prominent share of the global hybrid off-road vehicles market, owing to the high adoption rate of off-road vehicles. Expansion of the mining industry followed by the construction industry and the agricultural sector is fueling the demand for hybrid off-road vehicles in the region.
Prominent players operating in the global hybrid off-road vehicles market include General Motors, Toyota Motor Corporation., Nissan Motor Corporation., Ford Motor Company, Fiat Chrysler Automobiles, Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Delphi, Toyota Motor Corporation., Denso Corporation., Panasonic Corporation., Toshiba Corporation., Mitsubishi Motors Corporation, and Infineon Technologies
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