Global Hybrid Truck Market Size to grow USD 38 Billion by 2030 | CAGR of 6.2%Category: Automotive & Transportation
Global Hybrid Truck Market worth $38.0 Billion by 2030
According to a research report published by Spherical Insights & Consulting, 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.
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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: https://www.sphericalinsights.com/reports/hybrid-truck-market
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.
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.
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.
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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.
- 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.
Key Target Audience
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- Market Players
This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the Global Hybrid Truck Market based on the below-mentioned segments:
Global Hybrid Truck Market, By Type
- Full Hybrid
- Mild Hybrid
- Micro Hybrid
Global Hybrid Truck Market, By Technology
- Parallel Hybrid
- Series Hybrid
- Series-Parallel Hybrid
- Plug-In Hybrid
Global Hybrid Truck Market, By Vehicle Type
- Light-Duty Trucks
- Heavy-Duty Trucks
Global Hybrid Truck Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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