Hybrid Electric Vehicles Market Anticipated to Achieve High CAGR Percentages during 2019 to 2029

Hybrid electric vehicles combine electric propulsion system with Internal Combustion Engine (ICE) system. These vehicles consist electric powertrain that offers better fuel economy and performance than conventional vehicles. Hybrid electric vehicles also use regenerative brakes for converting kinetic energy into electric energy. Moreover, there is no need to plug-in the batteries in hybrid electric vehicles to recharge as the batteries get recharged by regenerative braking. Key players in the hybrid electric vehicle market are focusing on providing efficient and durable batteries, as hybrid electric vehicles need frequent charging as it loses its battery power in a very short time.

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Algorithmic Trends to Step Up Fuel Efficiency in Hybrid Electric Vehicles

Newer and smarter algorithms are all set to revolutionize the fuel efficiency of hybrid electric vehicles.  Owing to these trends, the hybrid electric vehicles captured a large market share of ~ US$ 29Bn in the year 2019.

  • Hybrid electric vehicles are largely dependent on an energy management system that helps them to maintain an equilibrium between the electric motor and the internal combustion engine. This helps to regulate fuel consumption and CO2 emissions.
  • Many new universities are now pioneering algorithms to help do that. For instance, technical teams at several universities are developing highly nuanced algorithms that can calculate the energy consumption of a hybrid vehicle in a very optimal manner.
  • This would help to enhance the fuel efficiency by at least 50% thus bolstering the demand for hybrid electric vehicles during the forecast period. Since these algorithms have been found to be highly complex, future research will focus on the reducing the computational effort of these algorithms. This will improve drivability.

Hybrid Powertrain Innovations to Spearhead Green Electrical Energy

Europe will continue to be one of the frontrunners, capturing a significant market share of ~ 16% by the end of the forecast period. Many countries in Europe have affiliated themselves with a project known as ECOCHAMPS which entails the development of hybrid vehicles that have powertrains. These are specially designed to reduce weight and volume of the vehicle and enhance efficiency.  As a result, the parallel hybrid powertrains will continue to see profitable growth over the forecast period.

  • The ECOCHAMPS project was created to improve powertrain efficiency by 20% or more, thereby reducing the cost of the hybrid vehicles.
  • The new and improved hybrid powertrains under the ECOCHAMPS project will have zero emissions capability especially in urban areas and will have access to locally produced green electrical energy.
  • The vehicles developed under this project will have a few commonalities namely – a highly efficient combustion engine, the right sized batteries and e-motor.
  • This would drastically improve the air quality of the environment and enable users to incur considerable cost savings.
  • With improved functionalities, they will give a lot of flexibility to users and serve as a stepping stone in the introduction of hybrid electric vehicles in the global market space.

Hybrid Electric Vehicle Manufacturers to Get a Jump Start with Innovative Technology in Fluids

Key market players are rushing to reach the finish line by innovating a broad line of fluids and lubricants for the electric and hybrid electric fleet of cars. For instance, Total is massively consolidating its position by introducing a range of fluids that are specially designed for electric and hybrid vehicles. Total’s research and development teams are all geared up to meet the cooling and lubrication needs of these modern and differently abled engines. This is done to ensure that they maintain their peak condition throughout the engine’s lifecycle. Their new product line consists of an eclectic mix such as Total Quartz EV fluid and Total Rubia EV fluid for a wide range of hybrid and electric vehicles.

These dynamic fluids help to fulfill myriad applications such as boosting dielectric properties of the engine, compatibility with new electric components, lubrication for transmission and a solution for temperature constraints. These enhanced lubricant solutions for hybrid and electric vehicles will create incremental opportunities for the key stakeholders in the hybrid electric vehicles market space.

Refillable Batteries to Offset Car Range Anxiety

Refillable batteries are all set to promulgate an era of enhanced mobility. Hybrid electric vehicles induce considerable anxiety amongst motorists due to the limited availability of charging stations and range limitations. This can now be offset with scientists working on refillable or flow batteries that can be refueled in minutes at any gas station.

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Flow batteries, experts opine, will transform electric vehicles and obviate range anxiety. Most gas stations under this new technology will be retrofitted to pump in battery liquid for the refillable battery instead of gasolines. These flow batteries will work on the premise of a reaction between the ends of the battery and the electrolyte. Scientists are also harnessing a way by which the electrolyte can be recycled. While this technology will revolutionize the growth of the hybrid electric vehicles market, the high cost and battery reliability will be some of the obstacles to overcome. The report also profiles companies that are expected to remain active in the expansion of global hybrid electric vehicles market through 2022, which include Bayerische Motoren Werke AG, Nissan Motor Corporation, Limited, Honda Motor Company, Limited, Volkswagen AG, Toyota Motor Corporation, Tesla Motors, Inc., Renault SA, Mitsubishi Heavy Industries Ltd, Ford Motor Company, General Motors, and Daimler AG.

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