Smart Hybrid Vehicle Market: Introduction
- Smart hybrid vehicle is an advanced driving technology, which combines the power of IC engines and electric motors to enhance driving performance
- Smart hybrid vehicles offer multiple driving modes such as IC engine driving, electric motor driving, IC engine & electric motor driving, and electric motor regenerative braking. This wide range of modes makes it easier for the vehicle to adjust according to different driving conditions, thereby increasing its efficiency.
Key Drivers of Smart Hybrid Vehicle Market
- The prices of fossil fuels have been increasing due to the depletion in stock and global politics. Furthermore, awareness regarding emissions from IC engines has been rising among new age vehicle owners. These factors have boosted the sale of hybrid electric vehicles. According to the U.S. Department of Transportation, more than 483,000 hybrid vehicles were sold across the U.S in 2019. Smart hybrid vehicles have the potential to save fuel consumption and reduce the emission of pollutants through a combination of driving modes using IC engine and electric motors. Thus, rise in fuel prices and awareness about vehicle emissions is boosting the global smart hybrid vehicle market.
- Hybridization is a method of reducing emission of carbons and complying with the stringent regulatory norms introduced by various countries across the globe. Many automakers are launching smart hybrid vehicles instead of fully electric vehicles, as the vehicle charging infrastructure is underdeveloped in most of the countries. Maruti Suzuki India Limited offers a wide range of smart hybrid vehicles in India. These vehicles can automatically stop the engine when idle and silently start it when optimal conditions are met in manual and automatic transmissions. Availability of multiple models and ease of the technology to reduce emissions for complying with regulatory standards are fueling the global smart hybrid vehicle market.
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Challenges in Smart Hybrid Vehicle Market
- The powertrain of a smart hybrid vehicle is quite complex, as it contains all the components of an I.C engine and the components of an electric vehicle along with multiple sensors. These additional parts increase the weight as well as the cost of the vehicle, thus hampering the global smart hybrid vehicle market.
Impact of COVID-19 Pandemic on Smart Hybrid Vehicle Market
- The COVID-19 pandemic has adversely affected the sale and production of electric vehicles, as the supply of raw materials and automotive components has been hampered across the globe. This decrease in sale and production of vehicles during the COVID-19 pandemic has restrained the growth of the smart hybrid vehicle market. However, automobile manufacturers and suppliers are restarting their operations with preventive measures to curb the spread of the virus. Cross-border trade and transportation activities are also reopening. This is expected to augment the global smart hybrid vehicle market in the near future.
North America and Europe Held Significant Share of Global Smart Hybrid Vehicle Market in 2019
- North America and Europe accounted for significant share of the global smart hybrid vehicle market in 2019, owing to the high presence of OEMs and implementation of stringent emission norms that encourage the adoption of electric vehicles in these regions. Member countries of the European Union, including France and Germany, are offering incentives on the purchase of electric vehicles. These factors are propelling the smart hybrid vehicle market in these regions.
Key Players Operating in Smart Hybrid Vehicle Market
The global smart hybrid vehicle market is highly concentrated with the presence of the leading manufacturers. Key players operating in the global smart hybrid vehicle market include:
- Audi AG
- Automobili Lamborghini S.p.A.
- BMW AG
- BorgWarner Inc.
- Continental AG (Vitesco)
- Daimler AG
- Ferrari S.p.A
- Fiat Chrysler Automobiles
- Ford Motor Company
- Geely Auto
- General Motors
- Groupe Renault
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- JAGUAR LAND ROVER LIMITED
- Robert Bosch GmbH
- SAIC Motor Corporation Limited
- Suzuki Motor Corporation
- Volvo Car Corporation
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Global Smart Hybrid Vehicle Market: Research Scope
Global Smart Hybrid Vehicle Market, by Architecture
- Belt-integrated Starter Generator
- Crankshaft-integrated Motor Generator
Global Smart Hybrid Vehicle Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Smart Hybrid Vehicle Market, by Type
- Mild Hybrid
- Full Hybrid
- Plug-in Hybrid
Global Smart Hybrid Vehicle Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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
- 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.
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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?
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