Hybrid Truck Market – Provides Comprehensive Assessment of Stakeholder Strategies and Imperatives for Succeeding in Business
Hybrid truck, also referred to as hybrid electric trucks, integrates a combination of a traditional internal combustion engine system along with fuel tanks and an electric propulsion system, which constitutes of one or more electric motors and battery packs. A hybrid truck is powered by more than one form of onboard energy source to achieve momentum and can be driven on off-road conditions. Hybrid trucks generally have larger tires and flexible suspension and have high ground clearance ratio which enables these high-traction motor vehicles to run on off-paved and forest roads that are frequently bumpy and have low-traction surface.
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. This is a factor boosting the hybrid truck market during the forecast period. Moreover, evidence suggests that road transport accounts for more than 50% of the total health impact of air pollution caused due to emissions of harmful gases from vehicles. This is prompting governments and auto manufacturers to design and develop alternative solutions to curb transportation emissions. This has led to the development of hybrid technology for automotive, which unlike conventional vehicles, does not consumer a large amount of fuel and emits less carbon. This, in turn, is likely to propel the hybrid truck market during the forecast period.
Furthermore, increasing automation and usage of machinery to simplify manual work in various industries such as construction, agriculture transportation, mining, and infrastructure, have fueled the application of hybrid trucks in these sectors. This is projected to offer lucrative opportunities to the hybrid truck market in the near future. However, the high initial and maintenance costs of hybrid trucks is anticipated to restrain the hybrid truck market during the forecast period.
The global hybrid truck market can be segmented based on hybrid type, vehicle type, technology, and region. In terms of hybrid type, the global hybrid truck market can be bifurcated into mild hybrid and full hybrid. The full hybrid segment is estimated to account for a prominent share of the market, primarily due to stringent norms and policies regarding transportation pollution concerns.
Based on vehicle type, the global hybrid trucks market can be classified into light duty truck and heavy duty truck. The light duty truck segment leads the global electric truck market and is projected to remain prominent during the forecast period. This is primarily attributed to higher rate of adoption hybrid light duty trucks owing to a rise in stringency of emission norms and increasing applications of these trucks. The segment is likely to expand at a significant growth rate during the forecast period.
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In terms of technology, the global hybrid trucks market can be classified into series hybrid, parallel hybrid, plug-in hybrid, and series-parallel hybrid. Plug-in hybrid is the lucrative segment of the market. This is primarily due to the advancements in technology to charge the truck via plug-in connection at the charging station, thereby reducing the complexity of recharging the hybrid truck. The segment is expanding at a rapid pace, owing to its benefits of being able to conduct short trips entirely in the electric mode, thereby reserving gasoline for longer trips.
Based on region, the global hybrid truck market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to offer significant opportunity to the hybrid truck market in the near future, owing to increase in initiatives by governments and stringent emission regulations coupled with increasing awareness about the use of environment friendly heavy vehicles in China, Japan, South Korea, and India. The market in North America and Europe is also anticipated to expand at a significant growth rate due to increasingly stringent environmental regulations in these regions.
Prominent players operating in the global hybrid trucks market include AB Volvo, BYD Motors Inc., DAF, Daimler AG, Danfoss, Dongfeng Motor Corporation, Ford Motor Company, Hino Motors, Ltd., General Motors, Toyota Motor Corporation., Renault Trucks, Nissan Motor Corporation., Fiat Chrysler Automobiles, Liebherr Group, Mitsubishi Motors Corporation, MAN, Volkswagen AG, Azure Dynamics Corp., and Nikola Motor Company.