New Product Development, Collaborations, Joint Ventures, Partnerships, and Agreements to Gain Traction in the Hybrid Vehicle Market
The hybrid vehicle market is projected to grow at a CAGR of 8.94% during the forecast period, to reach 7,593 thousand units by 2025. The key growth drivers for the market are demand for zero-emission vehicles, stringent emission norms, government subsidies, better fuel efficiency, and longer driving range. The continuous increase in the sales of hybrid vehicles by major manufacturers such as Toyota, Nissan and others are propelling the growth of the overall hybrid vehicle market.
Major players adopted key strategies such as supply contracts, new product development, collaborations, joint ventures, partnerships, and agreements to gain traction in the hybrid vehicle market. For instance, in 2017, Latrobe Valley Bus Lines of Australia has awarded a contract to Volvo to supply 8 B5LH hybrid buses. The Volvo hybrid drivetrain has a 5-liter Euro 6 diesel engine along with the parallel hybrid system. The hybrid buses will be delivered over the next 3 years, with the first 3 going into service in 2018.
Another most widely followed strategy to gain traction in the hybrid vehicle market by major market players is new product development. For instance, by 2019, Toyota is planning to launch a new model ‘Auris’ which has a new hybridized 2.0-liter engine. Toyota Auris offers higher thermal efficiency up to 41% in hybrid models. It generates high horsepower and torque while meeting the more stringent exhaust regulations.
Toyota (Japan) is one of the key players in the hybrid vehicle market. The company offers designing, manufacturing, assembling, and sale of passenger vehicles, minivans, and commercial vehicles. Toyota sells and manufactures hybrid trucks and cars. It also owns a premium vehicle brand named Lexus, which deals in luxury cars and SUVs. Toyota’s product line in the hybrid vehicle segment includes Camry Hybrid, Avalon Hybrid, Highlander Hybrid, Prius, Prius c, Prius v, RAV4 Hybrid, and Prius Prime. The company, in 2016, has invested USD 150 million in expanding the production capacity of Tacoma pickup trucks in its Baja California, Mexico facility. The investment was likely to add 400 jobs at the plant. The expansion was expected to increase the annual production capacity by 60,000 units at the Baja California facility in 2018. It was also expected to meet the demand for trucks by customers and dealers, and impact the supplier partners of Toyota with the added volume positively.
Another important player in the hybrid vehicle market is Ford (US). The company offers a diverse product portfolio in the hybrid vehicle segment that includes various models, such as C-Max Hybrid, Fusion Hybrid SE, and Fusion Energi SE. The company is in the development of hybrid commercial vehicles. For instance, in January 2017, Ford planned to introduce 13 electrified vehicles with the hybrid version of F-150 pickup and Mustang in the US. The F-150 hybrid pickup truck and Mustang hybrid car would be available in 2020. The F-150 hybrid pickup truck will offer high payload and towing capacity, while hybrid Mustang will deliver low-end torque.
Related Reports:
Hybrid Vehicle Market by Electric Powertrain (Parallel, Series), Degree of Hybridization (Full, Micro, and Mild), Propulsion (HEV, PHEV, and NGV), Vehicle Type (PC, CV), Component (Battery, Electric Motor, and Transmission), and Region - Global Forecast to 2025
Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
