The newest study reveals that the global market for hybrid electric cars is witnessing a stupendous growth of a CAGR of ~ 14% by the end of the forecast period. This monumental growth is attributable to changing market dynamics such as the inclusion of high-power algorithms
This report opines that the advent of new-age algorithms will further propel the market landscape of 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. Highly nuanced algorithms will help to calculate the energy consumption of hybrid vehicles in an efficient and cost-effective manner thus fueling the growth of the hybrid electric cars market.
Key Takeaways of the Hybrid Electric Cars Market
- Europe which is one of the frontrunners in the global market has introduced a project called as ECOCHAMPS that focuses on hybrid electric vehicles having powertrains specifically designed to enhance efficiency and reduce the weight and volume of the vehicles. The new and improved powertrains would not only enhance fuel efficiency by at least 20% but also help to reduce CO2 emissions and have access to locally produced, ‘green’ electricity in urban areas.
- According to the study, key trends of highly efficient combustion engines, ergonomically designed batteries and an e-motor will bring about a paradigm shift in the production of hybrid electrical vehicles. This will bolster their demand over the forecast period. Thus manufacturers will reap enormous benefits from this technology and incur cost savings that will spur the production of hybrid electric vehicles.
- The major limitation associated with fully electric and hybrid electric cars is their range limitations. This is all set to change with the introduction of refillable batteries that will enhance mobility and reduce driver anxiety associated with the scarcity of battery charging stations. Many scientists are now working on the modality of refillable batteries that can be re-fueled at any gas station.
“Policies will continue to play a critical role in the hybrid electric cars market. Measures such as fuel economy standards coupled with zero emissions incentives will bridge the cost gap between traditional vehicles and hybrid electric vehicles and pave the way for better charging infrastructure”, Says the analyst.
The Competitive Landscape is Rife with Innovations
According to the study the market space for hybrid electric vehicles is rife for innovation as new technologies abound for fuels and lubricants tailor-made for hybrid electric vehicles.
- For instance, Total, a leading energy player is growing by leaps and bounds in the hybrid electric cars market through its enormously impactful and high-precision research capabilities.
- It recently launched the Total Quartz EV fluid and Total Rubia EV Fluid to meet the cooling and lubricant needs for differently abled hybrid electric vehicles. These fluids will help to offset temperature limitations and boost the di-electric properties of the engine in consonance with the major electrical components. Thus, lubricant technologies will create massive opportunities for leading stakeholders in the hybrid electric cars market.
The newest report states that passenger vehicles in the hybrid electric cars market will grow four fold over the forecast period. China will continue to be the leading market for sales of electric and hybrid electric vehicles. Dynamic developments such as technology advancements will deliver substantial cost cuts. This will therefore underpin a positive outlook for the hybrid electric vehicles market in the foreseeable future.
These insights are based on a report on Hybrid Electric Vehicles Market by Fact.MR