Global Hybrid Heavy Duty Vehicle Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 7.52% from 2019 to 2027, reaching nearly US$ XX Bn.
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Global Hybrid Heavy Duty Vehicle Market: Market Overview
A hybrid vehicle uses two sources of power to propel the vehicle, mainly combination of a petroleum-fueled internal combustion engine and an electric motor and battery system. The advantages of this system is to attain low fuel consumption, more efficiency and minimum emission. Hybrid heavy duty vehicles are designed for heavy duty applications on off-road and on-road condition.
Global Hybrid Heavy Duty Vehicle Market: Market Dynamics
The major factors which accelerate the growth of the global hybrid heavy duty vehicle market include adoption of advanced technology in developed and developing nations across the globe and significant growth of automotive industry. Additionally, traditional heavy duty vehicles are responsible for rising air pollution by carbon emission, increasing the cost of fossil fuel are the factors which propel the growth of the market. Moreover, the strict rule and regulation on carbon emission and diesel is banned by many countries across the world which also boosts the demand for hybrid heavy duty vehicle over the forecast period.
However, high costs of hybrid heavy duty vehicle and higher the maintenance cost is anticipated to hinder the growth of the market. The battery increases the cost of the vehicle as compared to gasoline and diesel vehicle. The disrupted supply-chain due to pandemic also hinders the growth of the market. Moreover, the increasing demand for autonomous and electric vehicle adversely affect the growth of the market.
Global Hybrid Heavy Duty Vehicle Market: Market Segmentation
The global hybrid heavy duty vehicle market is segmented by technology, by hybrid type and by vehicle type. The plug-in hybrid segment of technology is the fastest growing segment as it uses advanced technology as it recharges the vehicle by means of plug-in connection at charging platform. The truck segment of vehicle type is projected to have the highest growth rate for its extensive usage in construction, infrastructure, and mining. Moreover, the hybrid heavy duty vehicle is used for long journey. The full hybrid vehicle segment propels the hybrid heavy duty vehicle market due to strict carbon emission norms and regulation of transportation pollution.
Global Hybrid Heavy Duty Vehicle Market: Regional Analysis
Asia Pacific is dominating the global hybrid heavy duty vehicle market due to high adoption rate of hybrid vehicle for its low emission and fuel consumption. Rise the sale of hybrid vehicle in emerging nations such as Japan, China, India fuels the growth of the market in this region. Increase in the number of automotive manufacturing industries, entry of foreign automaker in developing nations drive the hybrid heavy duty vehicle market. The initiative and support of governments of this region for green vehicle and guidelines for low carbon emission is anticipated to drive the growth of the hybrid heavy duty vehicle market during the forecast period. In terms of share of global market Asia Pacific is followed by North America and Europe.
The objective of the report is to present a comprehensive analysis of the Global Hybrid Heavy Duty Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Hybrid Heavy Duty Vehicle Market dynamics, structure by analysing the market segments and projects the Global Hybrid Heavy Duty Vehicle Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hybrid Heavy Duty Vehicle Market make the report investor’s guide.
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Global Hybrid Heavy Duty Vehicle Market, by Technology
• Parallel hybrid
• Series hybrid
• Series-parallel hybrid
• Plug-in hybrid
Global Hybrid Heavy Duty Vehicle Market, by Hybrid type
• Full hybrid
• Micro hybrid
• Mild hybrid
Global Hybrid Heavy Duty Vehicle Market, by Vehicle type
Global Hybrid Heavy Duty Vehicle Market, by Region
• Asia Pacific
Rest of Asia
• North America
Rest of Europe
• South America
Rest of South America
• Middle East & Africa
Rest of MEA
Global Hybrid Heavy Duty Vehicle Market, Key Players
• AB Volvo
• Daimler AG
• Nissan Motor Corporation
• Azure Dynamics Corp.
• Volkswagen AG
• Renault Trucks
• DAF, BYD Motors Inc.
• Dongfeng Motor Corporation
• Hino Motors, Ltd.
• General Motors
• Nikola Motor Company
• Fiat Chrysler Automobiles
• Ford Motor Company
• Toyota Motor Corporation.
• Liebherr Group
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