Hybrid vehicles blend different sources of power—typically electric motor(s) and gasoline engine in different permutations and combinations. The final outcome is always higher energy efficiency or power—with an impact on lowering the vehicle’s cost. The drive for various designs in the hybrid vehicles market stems from the role of these in optimizing fuel use, and therefore maximizing savings. In essence, the mechanical parameters
Over the years, several prominent automotive manufacturers across the globe have come with new designs that attract customers, including Kia Motors, Nissan Motor, Toyota Motor Corporation, and Hyundai Motor Company. Technological advancements have enabled automobile manufacturers to extend the driving range and boost performance. Further, the various variations in designs have helped carve out new consumer proposition in the hybrid vehicles market. Some of the key variations that has gained attention are parallel hybrids, series hybrids, and plug-in hybrid electric vehicle (PHEV).
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Over the years, advancements in battery technology have made a vast bearing on the adoption of hybrid vehicles. Players in the value chain are striving to reduce the prices of batteries, as well aiming for incorporating new chemistries in batteries.
Advancements in Battery Technology and Reduction of Cost Boost Scope of Commercialization
In addition, automobile manufacturers are keenly geared toward garnering gains from the growing footprint of charging points. Further, the cost of the entire vehicle is expected to come down, with concerted efforts by players in the hybrid vehicles market.
On the other hand, consumers in emerging economies are getting attracted to hybrid vehicles as they enable them to reduce the carbon footprint. The shift to the cleaner fuels has been stridently inspired by a responsible shift vehicle owners can make in climate change. The trend of decarbonizing of the transportation sector has boosted the commercialization scope of various drivetrain technologies in hybrid vehicles. A case in point is the growing popularity of mild-hybrid powertrains in emerging economies, thereby expanding the horizon for automobile manufacturers in the hybrid vehicles market.
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