Hybrid System Market – Global Industry Analysis and Forecast (2023-2029)

Hybrid System Market reached a value of US $ 28.77 Bn. in 2022. EV is one of the dominating segment of the Global Hybrid System Market.
Hybrid System Market Overview:
A Hybrid System is referred to as a dynamical system that shows both continuous and discrete dynamic activity. Hybrid dynamical systems, such as those that integrate neural nets and fuzzy logic, or electrical and mechanical drivelines, are frequently referred to as hybrid dynamical systems. A hybrid system has the advantage of incorporating a broader range of systems within its structure, allowing for greater modelling flexibility when dealing with dynamic phenomena. The system offers several advantages including increased fuel efficiency, low tail-pipe emission, and exclusion of mechanical linkages.

A hybridization has improved the system's ability by boosting the system's durability during power-quality concerns while reducing downtime. The adoption of the hybrid system is expected to continue to rise in the land and sea-based industry and commercial sector, owing to lower battery costs and higher energy density.To know about the Research Methodology :- Request Free Sample Report
Hybrid System Market Dynamics:
The Hybrid System Market is showing northward direction growth, thanks to the benefits of hybrid systems, such as eliminating mechanical linkages, greater fuel efficiency, and reduced tail-pipe emissions, which are expected to drive demand for these systems during the forecast period. During the forecast period, secondary factors such as rising demand for electric and hybrid vehicles, government subsidies for BEVs, and investments in charging infrastructure are also expected to fuel demand for hybrid systems across the globe.

The government's stringent rules for vehicles emission and government focus on decreasing the carbon emission, reducing tail-pipe emission limits, tax benefits, and subsidies for the adoption of electric vehicles. For instance, Keeping in view the climate change commitments made by the government’s across the globe during the COP21 Summit held in Paris to reduce emission intensity by 33- 35% by 2030 from 2005 levels, it is crucial to introduce alternative means in the transport sector which is expected to couple with global economic growth, rising urbanization, travel demand and country’s energy security. These factors are expected to drive the hybrid system market growth across the globe.

As consumers become more aware of the consequences of automobile emissions, the government has enacted stricter emission standards. As a result, original equipment manufacturers have been pushed to produce hybrid and electric vehicles. Furthermore, while electric vehicles generate fewer greenhouse gases than gasoline and diesel vehicles, the scarcity of charging stations restricts the growth of electric vehicles and encourages the growth of hybrid vehicles. For instance, governments in the United States and Europe focus more on improving fuel efficiency than cutting emissions to limit the greenhouse gas effect. As a result, the market for hybrid vehicles will rise, which will drive the market for hybrid systems.

The lack of standardization of hybrid technologies, such as high voltage batteries, is restricting the hybrid system market growth. There have been no industry-specific standards or specifications in existence. Components such as electric motors, starter generators, and energy storage systems can be standardized to reduce the cost of R&D for hybrid systems development. Manufacturers struggle to standardize system components, which is expected to hamper the hybrid system market growth during the forecast period.
Hybrid System Market Segment Analysis:
Based on the Type, the Hybrid System Market is segmented into Start-Stop, Regenerative, and EV Drive. The regenerative system type segment held the largest market share, accounting for 38% in 2022. According to the International Council on Clean Transportation, a major factor contributing to the high demand for regenerative braking systems in mild hybrid cars is the fact that it reduces a car's fuel usage by 10–25%. With the increasing number of electric cars sold across the globe, Asia Pacific is the region with the fastest-growing regenerative braking system market size in terms of volume and value, followed by North America, where electric vehicle sales are rapidly increasing. These factors are driving the hybrid system market growth for this segment.

The EV Drive type segment is expected to witness rapid growth at a CAGR of 11.34% during the forecast period. The segment growth is attributed to the growing adoption of products for energy consumption is boosting the product demand for this segment. The high cost of EV drive, which comprises important components such as high voltage battery, E-motor, and DC/DC Converter, the EV drive system is leading the hybrid system market in terms of value.

Based on the Vehicle, the Hybrid System Market is segmented into Mild Hybrid, HEV, PHEV, and EV. The EV segment held the largest market share, accounting for 41% in 2022. The segment growth is attributed to the growing adoption of EV vehicles across the globe to combat the carbon emission issue, which is expected to boost demand for solar energy from the utility sector. In 2022, more than 0.010 billion vehicles were sold across the globe. Battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the stock in 2022. In the Asia Pacific region, China has dominated the market with 0.0045 million electric cars in 2022.

The Mild hybrid vehicles segment is expected to witness significant growth at a CAGR of 10.79% during the forecast period. Mild Hybrid Vehicles refers to vehicles with at least one electric 48-volt (48V) motor that assists a traditional internal combustion engine (ICE) and a 48V battery that is charged by an electric generator recovering extra mechanical energy. Both gasoline and diesel engines can be used with mild hybrid technology. The efficiency advantage of Mild Hybrid vehicles are relevant for consumers, it provides 5-15% higher efficiency as compared to regular ICEs, and lower CO2 emissions at manageable additional vehicle cost and
Hybrid System Market Regional Insights:
Asia Pacific region held the largest market share accounted for 37 % in 2022, and is expected to grow at a CAGR of 11.23% during the forecast period. The region's growth is attributed to increasing electric vehicle sales in countries including India, China, and Japan. In addition, the presence of major market players and growing usage of hybrid systems from the end of consumers are boosting the hybrid system market growth in the region. North America region is expected to witness significant growth at a CAGR of 10.91% during the forecast period. The Strict corporate average fuel-economical regulations in the U.S, which have supported the adoption of electric and hybrid vehicles in the region are driving the hybrid system market growth.The objective of the report is to present a comprehensive analysis of the Hybrid System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Hybrid System Market dynamic, structure by analyzing the market segments and projecting the Hybrid System Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Hybrid System Market make the report investor’s guide.
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Hybrid System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 28.77  Bn.


Forecast Period 2023 to 2029 CAGR:
11.39%
Market Size in 2029:
US $ 61.22 Bn.


 Segments Covered:
by Type
Start-Stop
Regenerative
EV Drive


by Component
Battery
DC/DC Converter
DC/AC Inverter
eMotor


by Vehicle
Mild Hybrid
HEV
PHEV
EV


by Battery Type
Lead Acid
Li-ion Battery
E-booster



Hybrid System Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Hybrid System Market  Key Players are:
1.  Bosch
2. Continental
3. Magna International
4. Denso
5. Delphi
6. Johnson Controls
7. ZF
8. Valeo
9. Hitachi Automotive
10.Schaeffler
11.Infineon
12.GKN
13.Adgero Hybrid Systems
14.Hitachi Automotive
15.Odyne Systems Llc
16.Hybrid Systems

Frequently Asked Questions:

1] What segments are covered in the Hybrid System Market report?
Ans. The segments covered in the Hybrid System Market report are based on Type, Component, and Vehicle.

2] Which region is expected to hold the highest share in the Hybrid System Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Hybrid System Market.

3] What is the market size of the Hybrid System Market by 2029?
Ans. The market size of the Hybrid System Market by 2029 is US $ 61.22 Bn.

4] What is the forecast period for the Hybrid System Market?
Ans. The Forecast period for the Hybrid System Market is 2023-2029.

5] What was the market size of the Hybrid System Market in 2022?
Ans. The market size of the Hybrid System Market in 2022 was US $ 28.77 Bn.