Hybrid drivetrain market registered a valuation ikely to account for 385 billion through 2027 while increasing at growth rate of 27.2% till 2027. Growing need for sustainable development coupled with promising outlook for hybrid vehicles is expected to accelerate the adoption of hybrid drivetrain technologies over the upcoming years. Increasing emission of greenhouse gases from the transportation sector and severe environmental impact caused by the fossil fuel-powered vehicles has led to increased government interventions and initiatives to promote the adoption of hybrid vehicles.
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Elaborating on the government initiatives, various governing bodies around the globe are actively introducing major tax breaks and incentive programs aimed at promoting the adoption of sustainable transportation. In certain countries, like China and Norway, hybrid vehicles are liable to up to 20% credit of registration charges and other benefits such as exemption of toll tax and parking charges.
Hybrid drivetrains are available in different types such as series, parallel and series-parallel. Of these, parallel hybrid drivetrain is in huge demand in which engine and electric motor works adjacently to generate power that drives the automobile. The system comprises of small battery packs and relies on the regenerative braking for recharging the systems. On account of the elevated product demand, parallel drivetrain segment had held a revenue share of 25% and is expected to grow significantly over the ensuing years.
The product comes in various levels like mild HEV, full HEV and PHEV. Full HEVs are witnessing increased penetration. This can be ascribed to the technological advancements offering improved range capability and enhanced efficiency in synchronized propulsion systems resulting in considerable reduction in payback period of price premium. Besides, the system has larger batteries to meet higher energy requirements for extended range which in turn is fueling the product penetration. With this mounting demand, full HEV segment is estimated to observe a lucrative CAGR of 25% through 2027.
In terms of regional outlook, Asia Pacific stands tall as a strong growth avenue for hybrid drivetrain market. In 2020, the regional market had accounted for a substantial share of over 60%. This can be credited to enhanced economic scenario and rapidly increasing urbanization resulting in increased sales of personalized motor vehicles in the region. Various initiatives from the countries including China and India to curb the sales of fossil fuel vehicles and dramatic rise in the share of clean energy operated vehicles is complementing the industry expansion further.
Amid the growing product demand, various hybrid drivetrain manufacturers are consistently working towards improving their offerings in terms of weight and applications. They are making hefty investments on the R&D pertaining to the main components- transmission. In 2020, Groupe PSA and Punch Powertrain launched a joint venture named Punch Powertrain PSA e-transmissions. Under this venture the companies will design, produce, and supply the high-end DT2 dual clutch transmission for the latest generation plug-in hybrid electric (PHEV) and mild hybrid electric (MHEV) vehicles.
In addition, various automakers are largely focusing on the development of hybrid vehicles and are undertaking consistent steps in this direction. Their efforts are in turn paving the way for new growth opportunities for hybrid drivetrain market
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Partial Chapter of the Table of Content
Chapter 4 Hybrid Drivetrain Market, By Level
4.1 Global market insights, by level
4.2 Mild HEV
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 Full HEV
4.3.1 Global hybrid drivetrain market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 – 2027
4.4.1 Global market estimates and forecasts, 2017 - 2027
4.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Hybrid Drivetrain Market, By Type
5.1 Global hybrid drivetrain market insights, by type
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4 Series Parallel
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Hybrid drivetrain market estimates and forecast, by region, 2017 - 2027
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