New York, United States , March 15, 2023 (GLOBE NEWSWIRE) -- The Global Hybrid Truck Market Size is to grow from USD 24.8 billion in 2021 to USD 38.0 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. Rising prices of fossil fuels, increasing scarcity of crude oil, and government regulations and policies against diesel and gasoline powered vehicles owing to surging pollution are major factors changing the preference of customers toward alternative fuel powered vehicles. Hybrid trucks are built for heavy-duty usage in off-road and on-highway situations, and generally feature flexible suspensions and larger tires. The key factors accelerating the growth of the global hybrid truck market include the adoption of advanced technologies in developed and developing countries across the globe and the significant growth of the automotive industry.
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A hybrid truck, sometimes known as a hybrid electric truck, is a vehicle that combines an internal combustion engine with an electric motor and a battery system. Hybrid trucks are classified into three types: full, mild, and micro, each with its hybrid system architecture. Increasing hybridization, such as micro-mild-full, reduces fuel consumption and carbon dioxide emissions by 3-10%, 15-25%, and 20-30%, respectively, based on maximum engine and electric machine power. The changes in the price of fossil fuels, the shortage of crude oil, the advancement of automation, and government rules and policies prohibiting the use of diesel and gasoline-powered vehicles due to pollution are driving the expansion of the global hybrid truck industry. Increased demand for battery electric vehicles and fuel cell electric vehicles, on the other hand, would be a significant hindrance to the expansion of the hybrid truck market.
Browse key industry insights spread across 190 pages with 125 market data tables and figures & charts from the report on the “Global Hybrid Truck Market Size, Share, and COVID-19 Impact Analysis, By Type (Full Hybrid, Mild Hybrid, Micro Hybrid), By Technology (Parallel Hybrid, Series Hybrid, Series-Parallel Hybrid, Plug-In Hybrid), By Vehicle Type (Light-Duty Trucks, Heavy-Duty Trucks, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here.
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The full hybrid segment is witnessing significant CAGR growth over the forecast period.
On the basis of type, the Global Hybrid Truck Market is segmented into full hybrid, mild hybrid, and micro hybrid. Due to increased electrification in the pickup truck and heavy-duty segments, the complete hybrid segment is predicted to grow at a considerable CAGR during the forecast period. Whole hybrid vehicles use an electric motor to travel short distances at low speeds while running totally on energy.
The parallel hybrid segment is dominating the market over the forecast period.
On the basis of technology, the Global Hybrid Truck Market is segmented into parallel hybrid, series hybrid, series-parallel hybrid, and plug-in hybrid. Among these, the parallel hybrid segment is witnessing significant CAGR growth over the forecast period. Parallel hybrid systems feature both an internal combustion engine and an electric motor, which can run the vehicle independently or in tandem. As a result, they are more successful in stop-and-go traffic in cities.
The light-duty trucks segment is dominating the market with the largest market share of 49% over the forecast period.
Based on the vehicle type, the Global Hybrid Truck Market is segmented into light-duty trucks, heavy-duty trucks, and others. Light-duty trucks dominate the market, accounting for 49% of the total market share over the projection period. Pickup trucks and vans are examples of light-duty trucks that use hybrid technology. As global demand for light-duty commercial vehicles rises, leading OEMs such as RAM, Daimler, and others are developing and releasing new products with cutting-edge technologies.
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North America is dominating the market with the largest market share of 44%.
Because of strict pollution control measures in the United States and Canada, North America, with a 44% market share, is likely to remain the industry's leading region during the forecast period. In addition, various hybrid truck manufacturers in the United States are constantly increasing market demand. These factors are expected to drive the regional market demand for hybrid trucks. Over the forecast period, Asia Pacific is expected to grow the fastest, with Japan holding the largest market share. Toyota leads the hybrid vehicle market in terms of market share.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hybrid Truck Market include Nissan Motor Corporation, General Motors, Fiat Chrysler Automobiles, Toyota Motor Corporation, BYD Motors Inc., Eaton Corp., Azure Dynamics Corp., Nikola Motor Company, Daimler AG, Ford Motor Company, Renault Trucks, Liebherr Group, DAF Trucks, Mercedes Benz, AB Volvo, Liebherr Group, Isuzu Motors Ltd., Dongfeng Motor Corporation, Volkswagen AG, Hino Motors, Ltd., and among others.
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Recent Development
In June 2022, Scania unveiled a new line of battery-electric trucks suited for regional operations, with 624kWh battery packs and a range of up to 350 kilometers. Scania offers a 42-tractor or a 62*4 rigid with a battery capacity of 624kWh and a range of up to 350 km.
In May 2022, Tata Motors introduced the Ace-EV e-cargo carrier. It will be the most technologically advanced zero-emission light commercial vehicle (LCV) designed for intra-city use. Tata Motors also announced the signing of a Memorandum of Understanding (MOU) with Amazon, BigBasket, City Link, DOT, Flipkart, LetsTransport, MoEVing, and Yelo EV. Tata Motors will supply 39,000 Ace EVs under this agreement.
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