A hybrid vehicle is the combination of traditional engines and electric vehicles. They use features of both traditional and electric systems to reduce the emission levels of gases. Traditional engines, which run on fuels such as diesel and gasoline, are scarce and they emit a variety of gases such as carbon dioxide, carbon monoxide, etc. Currently, the market is dominated by traditional engine based vehicles with several manufacturers and suppliers, which has resulted in faster consumption of fossil fuels and increased emission levels. Regulatory bodies and auto manufacturers are trying to develop a hybrid electric vehicle (HEV) which will work as an alternate to fossil fuel based vehicles, which is expected to aid in market growth.
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The low emission vehicle market is segmented based on level of hybridization as follows,
- Full Hybrid Electric Vehicle (FHEV)
- Mild Hybrid Electric Vehicle (MHEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Pure Electric Vehicle (EV or BEV)
Full hybrid electric vehicles are expected to remain market leaders, due to increased awareness of emission levels as well as government restraints. It is expected that the market for FHEVs and BEVs will grow at a faster pace.
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There are a variety of batteries used in low emission vehicles, such as,
- Lead Acid Battery
- Nickel Cadmium Battery
- Metal Hydride Battery
- Lithium Ion Battery
The global increase in fuel prices, government restraints on emission levels, availability of FHEVs, and continuous technology improvement are the drivers for this market. Lack of funds for research, lack of resources, high initial vehicle costs are a few restraints. Some of major players in this industry are Honda, Ford Motors, Honeywell International Inc, KIA Motors, General Motors, ISUZU motors, Mercedes-Benz, Mitsubishi Motors, Nissan, Renault, Toyota, and others.
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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.