Dublin, July 01, 2024 (GLOBE NEWSWIRE) -- The "Global and China Hybrid Electric Vehicle (HEV) Research Report, 2023-2024" report has been added to ResearchAndMarkets.com's offering.
Rising Popularity of Plug-in/Extended-Range HEVs in China
The Chinese market has witnessed an impressive year-on-year increase in the sales of plug-in and extended-range hybrid electric vehicles (HEVs), outpacing the growth of battery electric vehicles for the fifth successive quarter. With over 2.75 million units sold in 2023, these hybrid vehicles now account for 30.6% of the new energy passenger car sector. Industry forecasts indicate that plug-in and extended-range hybrid electric passenger cars are projected to represent 40% of China’s new energy vehicle market by 2025, thanks to continuous model innovations and automakers' expanding portfolios.
Global Setbacks Lead to HEV Market Expansion
Globally, automakers are revising their electrification strategies in response to lower-than-anticipated BEV sales, redirecting focus towards HEVs as an intermediate step in the transition to electric mobility. HEVs strike a balance between reducing emissions and meeting consumer driving preferences, creating a growth period for this technology. As major industry players, including GM and Ford, delay their electrification timetable, it is anticipated that the launch of BEVs will slow down, while production of Plug-in Hybrid Electric Vehicles (PHEVs) and Range Extended Electric Vehicles (REEVs) is set to gain momentum.
Advancements in Hybrid Electric Passenger Cars Propel Component Market
The boom in the HEV segment is catalyzing growth within the downstream components market, particularly in the multi-motor/electronically controlled hybrid power systems. Chinese auto manufacturers such as BYD and Geely have seized market opportunities by introducing their own hybrid systems, spurring the development of the motor industry chain.
Additionally, advancements in dual-electronic control systems fostered by competitive market dynamics have resulted in a burgeoning market for suppliers and technological collaborations. In line with these advancements, innovations such as Changan's quad-core chip-powered P1+P3 hybrid architecture reflect the sector's drive towards high-precision control, fuel efficiency, and noise reduction in driving systems. Moreover, the unveiling of a hybrid dual-motor controller at the Munich Motor Show epitomizes the cutting-edge developments in electric vehicle control technology.
Mass Production of High-Efficiency Hybrid Engines
The culmination of extensive R&D efforts by leading OEMs has led to the production of dedicated hybrid engines (DHEs) offering thermal efficiencies exceeding 43%. Noteworthy mentions include the 2024 Voyah Dreamer, equipped with the innovative Lanhai Power hybrid engine, achieving an unparalleled thermal efficiency of 45.18%. The sector anticipates that by 2025, DHEs with a thermal efficiency of 45% will become widely implemented, marking an industrial upgrade that promises enhanced fuel economy and reduced emissions for consumers.
This analysis underscores a pivotal evolution in the automotive landscape, where hybrid technologies play a significant role in meeting global sustainability targets while aligning with market demand. The HEV market, characterized by technological innovation and strategic shifts by key industry players, signifies a new chapter in the electrification journey.
Companies Featured
- Valeo
- Bosch
- Continental/Vitesco Technologies
- BorgWarner/Delphi
- Schaeffler
- GKN
- Corun
- Lincontrol
- Camel Group
- Jing-Jin Electric
- Longsheng Technology
- Toyota
- Honda
- Nissan
- Volkswagen
- GM
- Volvo
- BMW
- BYD
- Geely
- SAIC
- GAC
- Great Wall Motor
- Chery
- BAIC
- Changan
- Li Auto
- Seres
- Voyah
- Neta Auto
- Leapmotor
For more information about this report visit https://www.researchandmarkets.com/r/8h2h1d
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