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IDTechEx: Market value for hybrid electric vehicles to peak at $792 billion in 2027

In a new report—“Full Hybrid Electric Vehicle Markets 2021-2041”—IDTechEx forecasts that market value for hybrid electric vehicles will peak at $792 billion in 2027. Hybrid electric vehicles (HEVs) have seen significant growth in sales over recent years, and the HEV market is set to increase in 2020 despite the implications of COVID-19 on the global automotive industry. The European car market is expected to see a significant drop in sales for 2020 due to COVID-19 related shutdowns. However, IDTechEx expects the HEV market to continue its strong growth.


HEVs can also aid manufacturers, the report notes. With CO2 emissions targets becoming stricter worldwide, sales of HEVs can serve to lower the overall CO2 output of a manufacturers’ fleet and help to avoid the related fines. In Europe, the report finds several automotive manufacturers are not going to meet the emissions targets and will have to either purchase credits from other manufacturers or face large fines. The CO2 reduction benefits of HEVs are nowhere near that of BEV and PHEV drivetrains, but the technology is more mature, making it a potential stop-gap to meet these targets in the short-term.

Japan has historically been the strongest market for HEVs, with the likes of Toyota, Honda, and Nissan all playing significant roles. However, IDTechEx epxects that Europe will overtake Japan in 2020, even if the majority of HEV sales still come from Japanese manufacturers.

While it appears that Europe will remain the largest HEV market for some time, it is an inherently limited one. Several European countries have set out plans or regulations to ban the sales of new ICE vehicles in the 2030s. Several have not made their stance clear on HEVs and PHEVs, but some have. The UK, for example, is aiming to have no vehicles with combustion engines of any form being sold from 2035. Given that the EU is such a strong market for HEVs, this could drive the trend worldwide, the report observes.

HEVs do not only have to contend with impending regulations but also with competition from other drivetrain technologies. PHEVs present much better fuel consumption and CO2 emissions figures (at least under testing standards), but there is also a threat from the rise of 48V hybrid technology, for which some are promising 80% of HEV performance for 30% of the powertrain cost.

All three could potentially be limited by future fossil fuel bans, but PHEVs are certainly looked upon more favorably, and the 48V mild hybrids present an easier integration challenge to improve CO2 emissions and fuel economy quickly.

There are several factors that could potentially cause a massive growth of the HEV market but also a rapid decline, the report notes. The report from IDTechEx considers extensive historic data, analyzing trends, and looks forwards at the potential for HEVs to help meet emissions targets before the fossil fuel bans are enacted across various regions.

IDTechEx created a comprehensive HEV car model database of more than 80 HEV models sold between 2015-2019 to determine trends in historic sales, battery capacity, motor-generator power and number, market share, and market value. Forecasts are given for 2021-2041 across the various quantities and regions.



These figures do not seem to take account of, or even tip the hat to, the new technology with the biggest increase from almost nowhere.

The fixation on expensive heavily subsidised and mandated BEVs has led to mild hybrids being ignored, and they can get 80% of the benefits of a full hybrid at a fraction of the cost, let alone the cost of a big battery car.

For the UK in the last year the following are the figures:

Petrol 845k -39%
Diesel 245k -55%
MHEV Petrol 105k 177%
HEV 102k 10%
BEV 86k 162%
PHEV 57k 89%
MHEV Diesel 55k 83%

In spite of the lack of incentives, they grew faster than BEVs

They cost only around £1000 extra, which can realistically be paid for in fuel savings, and reduce both toxic emissions and GHG many times as effectively per pound spent as BEVs


Hybrids help those who are afraid of BEVs to transition more easily; but, the downside is they must put up with all the negatives of the ICE, i.e., trips to the gas station, smog, GHG, high maintenance bills, etc.


Electric vehicles have brought amazing changes in the industry as a demand for these vehicles is high. Everyone is looking to own an electric car which isn’t only good for atmosphere rather saves a lot of money as well. I have visit edubirdie source and reviews about essay writing help service to hire them for help in writing my essay about this Electric vehicle.

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