- The hybrid engine contains at least one electric motor along with the gasoline engine to drive the vehicle. The three types of hybrid engines are series hybrid, parallel hybrid, and plug-in hybrid. In a series hybrid engine, the electric motor is utilized to provide power to the wheel. The motor receives energy from the battery or from an engine generator. In a parallel hybrid engine, the electric motor and engine both, together, drive the wheel. The plug-in hybrid engine is used when higher power is required to drive the vehicle.
Key Drivers of Automotive Hybrid Engine Market
- Rise in demand for high performance vehicles is offering opportunities to improve vehicle engine efficiency. Rise in disposable income and reduction in tax rates on passenger and commercial vehicles due to the coronavirus pandemic are prompting consumers to own vehicles. Increase in government support across the globe for the adoption of alternate energy vehicles to reduce vehicle emission. According to the United States Environment Protection Agency, hybrid vehicles reduce 20% to 25% carbon emission, which is likely to increase the demand for hybrid engines across the globe.
- Growing awareness about environment protection across the globe is likely to increase the demand for hybrid engines across the globe. Reduce in cost of batteries is anticipated to boost the automotive hybrid engine market across the globe.
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Europe & Asia Pacific to hold significant share of global automotive hybrid engine market
- Europe is projected to account for a significant share of the global automotive hybrid engine market due to stringent rules and regulations regarding vehicle emission norms enacted across the region. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers including Continental AG, Robert Bosch AG and Denso Corporation who have major facilities that undertake research & development regarding the hybrid engine, which is likely to propel the automotive hybrid engine market across the globe.
- Followed by Europe, Asia Pacific is projected to account for a significant share of the global automotive hybrid engine market due to an increase in sale of vehicles across the region. Governments across major developed countries are investing to increase industrialization across the region, which is likely to boost the automotive hybrid engine market across the Asia Pacific. Rising demand for fuel-efficient vehicles across Asia Pacific is likely to drive the automotive hybrid engine market in the region.
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Key Players Operating in Automotive Hybrid Engine Market
The global automotive hybrid engine market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global automotive hybrid engine market are:
- Aisin Seiki
- Cummins Inc.
- BAE Systems
- BorgWarner Inc.
- Continental AG
- Delphi Automotive
- JATCO Ltd
- Magna International
- Denso Corporation
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Schaeffler AG