Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.
Global hybrid electric car market is projected to reach $1,38,023.3 million value by 2023.Falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of hybrid electric car market globally.
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Full hybrid electric vehicles (HEVs) dominated the hybrid electric car market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs. Other factors contributing to the increasing demand for mild hybrid cars are easy mechanical integration of components and powertrains, electric power steering, electric turbocharger/supercharger, and electric air conditioning, at a low cost.
Many automakers are planning to enter these markets with their new and existing hybrid car models. For instance, Maruti Suzuki plans to launch several hybrid cars in India by 2020.
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Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.
