Which Hybrid Electric Car Industry Trends Should Your Business Take Note of?

Highlights

• Introduction
• Trends in the hybrid electric car industry
• Partnerships and new product launches

In the past few years, the automotive sector has witnessed a significant transformation with the discovery of electric, plug-in hybrid, and hybrid electric vehicles. The surge in emphasis on sustainability, carbon footprint reduction, government rules & regulations for reducing emissions, and scarcity of conventional fuel options contribute to the rise in popularity of EVs and hybrid vehicles.

Hybrid cars incur low maintenance costs in comparison to conventional vehicles. Partial electricity usage minimizes the wear & tear of the engine and enables vehicle owners to travel for longer without the need for servicing. The global hybrid electric car industry is projected to cite a growing CAGR of 7.8% by 2032. This growth is attributed to an increase in demand for sustainable transportation, stringent emission rules, and rise in R&D activities.

Futuristic trends revolutionizing the outlook of the hybrid electric car sector

Progressions in battery technology have optimized the battery performance

Battery technology is important in the development of hybrid cars, as it is constantly advancing to improve performance and reduce cost. The most popular type of battery employed in hybrid cars is lithium-ion battery. As more hybrid cars become available, the efficiency and energy density of these batteries is expected to continue to improve. These developments are critical to increase the efficiency of hybrid vehicles for consumers.

Development of hybrid vehicle charging infrastructure

The expansion of infrastructure for charging hybrid vehicles has simplified ownership and operation for customers and promotes the adoption of hybrid cars. Moreover, there is a noticeable increase in the number of public charging stations that offer convenient charging access to hybrid car owners. The charging station installation has become common in residential complexes and offices, further enhancing convenience and accessibility. The industry's proactive response to meet the evolving needs of hybrid car customers is evident in the concerted effort to establish a robust charging network.

Electrification of engines

Car manufacturers prefer electrification of the engines to offer a wide range of hybrid and fully electric vehicles. This calculated approach is driven by government legislation and an upsurge in customer demand for sustainable transport options.

Automakers align themselves with environmental objectives and respond to the rise in demand for greener mobility options in response to the change in climate. The commitment to reducing carbon emissions satisfies customers' growing demand for environmentally friendly vehicles. This combination of legislative pressure and consumer demand highlights a paradigm shift in the auto industry.

Emergence of PHEVs (Plug-in Hybrid Electric Vehicles)

A specific category of hybrid vehicles, referred to as plug-in hybrid electric vehicles (PHEVs), is designed to connect to an external electrical source for recharging its batteries. PHEVs extend their electric range by emitting fewer pollutants and consuming less gasoline. PHEVs present a practical and sustainable option for drivers seeking a blend of conventional and electric driving experiences. This advanced technology aligns with the automotive industry's transformative shift toward sustainable mobility solutions, helping to minimize its environmental footprint.

How do top players strengthen their presence in the competitive sector?

The global hybrid electric car industry is dynamic, and frontrunners have established strong strategies to sustain the dynamic sector. These players discover new products with novel features to upgrade their product portfolio. For instance, in November 2022, Toyota South Africa Motors (TSAM) revealed plans to import RAV4 Plug-In Hybrid Vehicles (PHEV) to evaluate customer feedback, vehicle performance, infrastructure needs, and other technical considerations. This initiative serves to educate customers about plug-in technology. This plan marks the second stage of TSAM's New Energy Vehicle (NEV) deployment strategy, building upon the expansion of hybrid vehicles within Toyota's primary product offerings.

Moreover, Wuling Motors officially launched its advanced innovation, Almaz Hybrid, the first hybrid vehicle in Indonesia, in November 2022. The model was displayed at the Indonesian Electric Motor Show 2022 Event. This product line, which is expected to become part of the development of eco-friendly mobility, combines aspects of driving efficiency with performance in a single model.

The Israeli-based wireless charging development firm, Electreon, entered a partnership with Denso Corporation and Toyota Motor Corporation in March 2023 to collaborate on the advancement of wireless vehicle kits. The partners aim to facilitate the technical advancement and widespread adoption of wireless charging technology through various collaborative initiatives. In addition, they plan to integrate wireless technology into upcoming vehicle models for release.

To conclude, the global hybrid electric car industry has gained popularity due to surge in demand for sustainable transportation, stringent emission rules, and a rise in R&D activities. Prominent trends such as advancements in battery technology, development of charging infrastructure, the emergence of plug-in hybrid electric vehicles, and engine electrification shape the outlook of the industry. However, the rise in the price of fossil fuel and technological advancements are expected to open new avenues for the growth of the sector in the upcoming era.

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