Hybrid System Market Outlook 2030 –
Hybrid system are dynamical systems which is a combination of both techniques and methods. The system exhibits both continuous and discrete dynamic behaviour. The system offers various advantages such as increased fuel efficiency, low tail-pipe emission, and exclusion of mechanical linkages. The two different types of hybrid system, parallel hybrid bus and series hybrid bus. In parallel hybrid bus, the internal combustion engine (ICE) and electric motor are connected to the transmission independently. Thus, the electric motor is designed to provide power during lower speed such as stop-and-go traffic and while at higher speeds the vehicle is powered by its internal ICE since, ICE gives better fuel efficiency at higher speed. Moreover, during acceleration or hill climbing both the sources are activated to fulfil the desired power demand. In series hybrid bus, the ICE is connected to electric generator which converts the energy produced by ICE into electric power. The electricity powers the motor which turns the wheels of the vehicle and recharges the battery pack. Thus, hybridization has enhanced the system’s ability and reduced the operating expense which will boost the growth of hybrid system market.
Companies covered: Bosch, Continental AG, Denso, Delphi, Johnson Controls, ZF Friedrichshafen AG, Valeo, Hitachi Automotive, Magna International, and Infineon
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COVID-19 Impact Analysis:
COVID-19 pandemic has affected the global economy in various countries since, the lockdown has caused travel bans and business shutdowns, affecting the global supply chain of hybrid systems market. Also, due to lockdown and social distancing norms the companies are facing major issues such as closure of factories and unavailability of workforce thus, the companies are experiencing disruption in their production. Moreover, the lockdowns over the past few months had disrupted the demand and supply cycle of many hybrid system market. Hybrid system was an evolving sector before the pandemic since, the demand for hybrid vehicle was increasing. But COVID-19 had a positive impact on the electric vehicles market since the sales of electric vehicles has increased than the previous year which affects the sale of hybrid vehicles which in turn affects the hybrid system market.
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Top Impacting Factors
Rise in stringent emission norms, rise in demand for hybrid vehicles in developing countries, and rise in demand for fuel-efficient, high performance & low emission vehicles will drive growth of hybrid system market.
However, rise in demand for battery electric vehicles (BEVs) & fuel cell electric vehicles (FCEVs) and higher vehicle cost will hamper growth of hybrid system market.
Rise in government subsidies & policies on electric & hybrid vehicle purchase, lack of charging station for electric vehicles, and rise of investment in R&D for hybrid system technology will act as an opportunity for growth of hybrid system market.
Market Trends
Rise in stringent emission norms
The growing awareness about harmful emission from vehicles has led government to implement stringent emission norms. Thus, it has forced the original equipment manufacturers (OEMs) to manufacture hybrid and electric vehicle. Moreover, the lack of charging station limits the growth of electric vehicle and drives the growth hybrid vehicles since the vehicles emit fewer greenhouse gases than gasoline and diesel vehicles. For instance, government in US and Europe are concentrating on lowering emission to limit the greenhouse gas effect and focusing more on improving the fuel economy. Thus, it will boost the growth of hybrid vehicles which in turn will drive the growth of hybrid system market.
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Rise in demand for battery electric vehicles (BEVs) & fuel cell electric vehicles (FCEVs)
The increasing demand for BEVs and FCEVs will affect the growth of hybrid vehicles. The advantages of BEVs and FCEVs are high driving range, noiseless operation and zero-emission of greenhouse gases and air pollutants. These benefits positively affect the growth of FCEVS. Moreover, government initiatives on promotion for use of fuel cells for transportation further boost the electric vehicle market. For instance, government in California launched clean vehicle rebate project to fund the low-income group consumers for purchase or lease of purchase of FCEVs. Furthermore, all these factors lower the growth of hybrid vehicles which in turn hampers the growth of hybrid system market.
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