A recent study by Fact.MR reveals that the global market for hybrid electric vehicles is likely to witness a stupendous CAGR of around 14% by the end of the 2021-2031 forecast period. Short-term projections indicate that the market is poised to reach US$ 29 Bn by 2021. This monumental growth is attributable to changing market dynamics such as the inclusion of high-power algorithms.
Fact.MR opines that the advent of new-age algorithms will further propel the market landscape of hybrid electric vehicles by enhancing their fuel efficiency as they spread their wings in emerging markets. These algorithms will enable manufacturers to improve upon the energy management system and regulate the fuel consumption and considerably reduce CO2 emissions.
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Key Segments Covered
Power Source :
- Stored Electricity HEVs
- On-Board Electric Generator HEVs
- Series Hybrid Electric Vehicles
- Parallel Hybrid Electric Vehicles
- Combined Hybrid Electric Vehicles
- Hybrid Electric Passenger Cars
- Commercial Hybrid Electric Vehicles
- Hybrid Electric Two Wheelers
- Other HEVs (Golf Cart, etc.)
The global hybrid electric vehicles market is highly competitive in nature. Amid the growing competition in the hybrid electric vehicles market, leading players are focusing on strengthening their market position and gaining traction in the competitive global market.
- In April 2021, Ford Motor Company launched Mustang Mach-E SUV which has comfortably outfitted interior, seamless technology, and impressive range. This model is home to one truly iconic design paired with luxurious materials and standard driver-assist technologies like Ford Co-Pilot360™ 2.0.
- In July 2021, TotalEnergies signed a contract with Bolloré Group for the acquisition of ‘Blue Charge’. Upon the approval of the relevant authorities, TotalEnergies will manage and operate the largest electric vehicle charging network in Singapore, with more than 1,500 charge points installed in the city-state.
- This urban charging network represents around 85% of the charge points currently under operation in Singapore, access to electric vehicles owners as well as to the car sharing solution BlueSG.