From USD 46.0 billion in 2019, the global hybrid powertrain systems market is predicted to grow to USD 55.0 billion by 2025, registering a CAGR of 4.0% during the forecast period (2020–2025). The growth of this market is attributed towards the capability of hybrid powertrain systems to eliminate production of emissions along with improved efficiency of hybrid enabled technologies.
Hybrid powertrain systems can also be defined as a combination of electrical powertrain and fuel powertrain. The blend of conventional powertrain components and transmission, internal combustion engine, electric components, high voltage energy storage, new electric motor and power electronics such as battery is collectively referred The inclusion of progressive technique in hybrid powertrain systems new prototypes has been developed that leads to increasing popularity of product amongst tend-users that is further bolstering the growth of global hybrid powertrain systems market.
With the integration of drive train the hybrid vehicles are able to achieved reduced consumption of fuel and also enables conversion of stored energy into mechanical motion. Further, hybrid powertrain system of all of the components that are used for transforming stored potential energy. In addition , hybrid electric vehicles aims at combing super capacitor or battery complemented along with internal combustion engine (ICE) that helps in recharging the power of vehicles that helps hybrid powertrain systems uses flywheels that helps in storing energy and further enhances the growth of global hybrid powertrain systems market.
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Increasing government initiatives in order to escalate the growth of hybrid powertrain systems along with capability of hybrid powertrain systems to reduce fuel consumption are the key factors driving the growth of global hybrid powertrain systems market. The hybrid powertrain systems effectively conglomerates expertise of various single components that aims at integrating these components into an optimized system that further emphasis upon reduction of fuel consumption objectives. Further, increasing initiatives undertaken by the government authorities towards exemptions from road tax, subsidies towards purchase of hybrid vehicles along with free car parking is another factor pertaining towards the growth of global hybrid powertrain systems market.
Geographically, North America is the largest revenue contributor in the hybrid powertrain systems market due to extensive initiatives undertaken by the government towards adopting environment-friendly devices. Furthermore, the prevalence of key players in the region along with aim of these companies to enhance their solution offers and further provide improved powertrain systems to the end-users is another factor pertaining to the growth of hybrid powertrain systems market in North America.
Moreover, Asia-Pacific is expected to witness the highest CAGR during the forecast period. The growth of this market in this region is attributed to the increasing sale of hybrid vehicles in China and increasing emphasis upon the development of hybrid vehicle technique in the region. Furthermore, due to the increasing sale of electric buses in the region in the year, 2019 is expected to accelerate the growth of hybrid powertrain systems market in this region.
Key players operating in the hybrid powertrain systems market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that supports them in providing innovative solutions to the users and thus gain competitive advantage.
Some of the major players operating in the global hybrid powertrain systems market include Allison Transmission, Eaton, Delphi Automotive, Bosch, Magneti Marelli, BAE Systems, Graziano Oerlikon, Siemens, Nanjing Punch Powertrain, ZF Friedrichshafen, Vossloh, Continental, Jatco, Getrag, and Voith.
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