Global Hybrid Truck Market Insights Forecasts to 2030
- The Global Hybrid Truck Market Size was valued at USD 24.8 billion in 2021
- The Worldwide Market is growing at a CAGR of 6.2% from 2022 to 2030
- The Worldwide Hybrid Truck Market is expected to reach USD 38.0 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Hybrid Truck Market is expected to reach USD 38.0 billion by 2030, at a CAGR of 6.2% during the forecast period 2022 to 2030.
A hybrid truck, sometimes known as a hybrid electric truck, is a vehicle powered by an internal combustion engine and a combination of an electric motor and a battery system. An on-board generator generates electricity, which is managed by integrated software and sent to a battery pack. The electric motor periodically assists the vehicle in operating in an all-electric or EV mode, allowing it to travel a short distance solely on electricity, which sometimes supplements and sometimes temporarily replaces the gas engine. Additionally, the electric motor allows a manufacturer to reduce the size of a specific exemplary gas engine in order to increase fuel efficiency in comparison to the equivalently equipped non-hybrid counterpart.
There are three types of hybrid trucks: full, mild, and micro, each with its own hybrid system architecture. The fully hybrid trucks utilize more powerful electric motors and also have larger battery capacity compared to the other types. This improved the vehicle's fuel efficiency by more than 35% as compared to regular trucks or non-hybrid trucks. Mild hybrid trucks often include minimal modifications such as engine start/stop mechanisms that turn off the gasoline engine whenever the vehicle comes to a halt. Mild hybrid trucks utilize smaller electric motors and batteries than full hybrid vehicles. In addition, the electric motor is employed as a starting motor to instantly restart the gas engine when the driver's foot is removed from the brake pedal or depressed on the gas pedal. Mild hybrid trucks also have 15%-18% higher fuel efficiency than a gasoline-only variant of the same weight.
This research report categorizes the market for Global Hybrid Truck Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Hybrid Truck Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Global Hybrid Truck Market.
Global Hybrid Truck Market Report Coverage
|Market Size in 2021:||USD 24.8 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||6.2%|
|2030 Value Projection:||USD 38.0 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||122|
|Segments covered:||By Type, By Technology, By Vehicle Type, By Region|
|Companies Covered:||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.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The rise in the price of fossil fuels, the scarcity of crude oil, the development in automation, and government laws and policies against diesel and gasoline-powered cars owing to pollution are driving the global hybrid truck market's growth. The benefits of hybrid truck technology include low fuel consumption, high efficiency, and low pollutants. The adoption of modern technologies in industrialized and developing countries worldwide, as well as the major growth of the automotive industry, are key factors fueling the expansion of the worldwide hybrid truck market.
Increased hybridization, such as micro-mild-full, reduces both fuel consumption and carbon dioxide emissions by 3-10%, 15-25%, and 20-30%, based on the maximum engine and electric machine power, respectively. Since lithium batteries offer the opportunity for more interior energy storage that is both reliable and portable, they have led to a renewed interest in BEVs and hybrids. The market introduction of these relatively new types of hybrid vehicles is dependent on progress in the development of new batteries that can withstand frequent and rapid load changes.
The global hybrid truck market's growth is hampered by high prices and increased maintenance costs. Furthermore, increased demand for battery electric vehicles and fuel cell electric vehicles would be a major impediment to the growth of the hybrid truck market.
- In 2021, 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. Among these, the full hybrid is expected to increase at a significant CAGR during the forecast period owing to increasing electrification in the pickup trucks and heavy-duty segment. The electric motor in full hybrid vehicles allows them to drive short distances at low speeds while running entirely on electricity. It can also raise the frequency and duration of its electric motor use to improve the efficiency of the gasoline engine. For instance, in Toyota's Prius V from 2021, the majority of full hybrids include some form of graphics so that the operator may observe the hybrid's working state in real-time.
- In 2021, 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. With parallel hybrid systems, both an internal combustion engine and an electric motor are incorporated, and they can operate the vehicle either individually or jointly. The parallel hybrids rely more on regenerative braking, the ICE can also operate as a generator for further recharge. As a result, they become more successful in city stop-and-go traffic. A parallel hybrid design is also used by General Motors' Parallel Hybrid Truck (PHT) and BAS Hybrids such as the Saturn Vue and Aura Greenline and Chevy Malibu hybrids.
- In 2021, 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. Among these, the light-duty trucks segment is dominating the market with the largest market share of 49% over the forecast period. Light-duty trucks that are widely employed with hybrid technology include pickup trucks and vans. As global demand for light-duty commercial vehicles increases, major OEMs like RAM, Daimler, and others are manufacturing and introducing new products with innovative technologies. For example, an American commercial vehicle's 1500 DT pickup truck is scheduled to go on the market in Australia in May 2021. The light truck is powered by a 5.7-liter gasoline V8 engine with a mild hybrid system. The system includes a 48-volt battery pack.
Regional Segment Analysis of the Hybrid Truck Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is dominating the market with the largest market share of 44%.
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North America, with a 44% market share, is expected to remain the industry's leading region during the projection period owing to stringent pollution control rules in the United States and Canada. Ford is the most popular vehicle manufacturer in the United States, and sales are expected to remain high with the advent of the Ford hybrid truck. Also, several hybrid truck manufacturers in the United States are continually boosting the market demand. The government also expanded infrastructure investment in charging stations for plug-in hybrid trucks. These factors are projected to fuel market demand for hybrid trucks in the region.
Asia Pacific is predicted to develop the fastest over the projection period, with Japan accounting for the greatest market share. The Asia Pacific region is home to several of the major hybrid vehicle producers, including Hyundai, Toyota, Nissan, and Honda. In terms of market share, Toyota dominates the hybrid vehicle industry.
The report offers the appropriate analysis of the key organizations/companies involved within the Global Hybrid Truck 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.
List of Key Market Players
- 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.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In February 2022, BYD announced a partnership with Einride to produce 200 class 8 8TT battery electric cab trucks for deployment in the United States. That is the company's largest transaction outside of Asia. BYD has already begun lot delivery, which will be completed in one year's time.
- In May 2022, Daimler and Sysco have agreed to buy 800 Freightliner eCascadia electric trucks; the very first lot will be delivered before the end of the year. This deployment of 800 vehicles is expected to be finished by 2026. With this agreement, the corporation will electrify 35% of its fleet.
- In September 2022, Volvo Trucks has begun selling heavy-duty all-electric Volvo FH, Volvo FM, and Volvo FMX vehicles, with volume production set to begin in late 2022. These vehicles have a total weight of 44 tonnes and account for almost two-thirds of the company's sales.
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
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