HYBRID ELECTRIC VEHICLES COMPONENTS MARKET TO 2023
Summary
Hybrid engines are becoming well established as an addition to conventional engines. Current worldwide sales figures support this trend and suggest that the hybrid market will grow strongly over the coming years. Forecasts of actual market volumes predict sales of more than ten million hybrid electric vehicles by 2023. In the long term, hybrid vehicles will be a complementary solution to electric cars and will use new energy sources such as batteries and fuel cells. In 2017, Toyota sold more than one million hybrid vehicles worldwide. Hybrid technology has been most successful in Japan and the U.S. but also is likely to gain popularity in Europe and China, among others.
Hybrid systems can be divided into three different forms: mild hybrid, full hybrid and plug-in hybrid. The differences are dictated by the performance of the electric motor, the size of the battery and the charging of the battery.
Mild hybrid system – In this system the electric motor can provide support of up to 20 kW and is primarily used to start or accelerate at low engine speeds. The full Hybrid system has a much stronger electric engine of 20 kW to 50 kW and can function at high speeds for short periods of time.
Plug-in hybrid system – Vehicles are similar to full hybrids but differ in their battery packs. A plug-in hybrid has a much stronger engine of 60 kW to 120 kW and has larger batteries to support longer distance travel.
Unlike on-board charging for mild and full hybrids, a plug-in hybrid vehicle can be charged externally and can act as a pure electric vehicle.
In full hybrids and plug-in hybrids, the electric motor can be used to drive the vehicle without the aid of a conventional IC engine for a limited distance.
Global Hybrid Electric Vehicles Components Market by Region
- North America
- Asia-Pacific
- Europe
- Rest of the World
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Hybrid electric vehicles components market will experience continuous market growth with three factors driving worldwide market development. First, European (ACEA), Korean (KAMA), and Japanese (JAMA) automotive manufacturers are working towards emission reduction. This is a result of voluntary commitments as well as current and future emissions laws (especially regarding CO2 emission).
Secondly, further environmental protection issues, such as those regarding particle emissions, will play an increasingly important role. Finally, the added value that hybrid vehicles can offer through improved driving dynamics without increased energy consumption is a decisive factor.
Higher fuel prices also help hybrid vehicles achieve a higher market share. Regenerative braking substantially helps reduce emissions and fuel consumption.
The REDACTED worldwide market for hybrid electric components in 2018 will continue to grow exponentially at a CAGR of REDACTED through 2023. This market is stable and growing due to record high fuel prices, global warming, depletion of fossil fuel stocks and calls for environment friendly cars.
From 2018 to 2023, all 13 components for hybrid electric vehicles will show significant growth. The trend for nine electrical/electronic items (batteries, motors, generators, ultracapacitors, IGBT-inverters, electronic control units (ECUs), Integrated power units (IPUs), high voltage wiring and electric compressors for HVAC) indicates a CAGR of REDACTED. This is followed by four mechanical items (engine, continuously variable transmission (CVT), electric power steering and regenerative braking) with a CAGR of REDACTED.
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