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.
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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.
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.
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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
- Ricardo
- Robert Bosch GmbH
- SAIC Motor Corporation Limited
- Suzuki Motor Corporation
- Volvo Car Corporation
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