Hybrid Electric Powertrain Market to Grow
Oct. 29, 2019—The global hybrid electric powertrain market is projected to grow at a CAGR of over 9 percent during 2019-24, on the back of rising urbanization and increasing demand for hybrid electric vehicles.
Moreover, stringent government regulations and better fuel efficiency of hybrid vehicles are expected to aid the global hybrid electric powertrain market during the forecast period.
Powertrain assists in reducing vehicle emissions and fuel consumption. However, high production costs associated with powertrains are expected to emerge as a major challenge for the market in coming years.
Another factor that is promoting the adoption of hybrid electric powertrain in the region is government initiatives such as exemptions from road tax, free car parking and subsidies for the purchase of hybrid vehicles.
A few of the major players operating in the market include Toyota Motors, Honda Motor Company, Nissan Motor Co., Ltd., BYD Auto Co., Ltd., Kia Motors Corporation and Suzuki Motor Corporation, among others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. To view the full report, visit the link here.