According to MarketsandMarkets’ report titled “Hybrid System Market by System, Component, Battery, Vehicle - Global Forecast to 2022”, the hybrid system market is projected to grow at a CAGR of 10.79% from 2017 to 2022, to reach a market size of USD 40.99 Billion by 2022. The market is primarily driven by the increasing demand for higher fuel efficiency, high voltage applications, and stringent emission regulations by governments that have forced the manufacturers to adopt the hybrid and electric vehicle technology.
Highlights of the report include:
- HEVs estimated to showcase the largest demand for Hybrid Systems"
- Plug-in charging system to be the fastest growing segment of the Hybrid System Market
- North America expected to be the fastest growing market for Hybrid System
The Hybrid System Market for North America is estimated to grow at the highest rate during the forecast period. The increasingly stringent CAFE regulations have led to an increase in the demand for hybrid and electric vehicles in the region. Thus, the region is expected to see the fastest growth in the sales of hybrid and electric vehicles during the forecast period. Hence, the market for hybrid system in North America is also expected to grow in line with the growth of hybrid and electric vehicles.
If hybrid systems are your bag, browse the report’s 138 Market Data Tables and 44 Figures spread through 213 Pages and TOC. For more info, contact MarketsandMarkets INC., Northbrook, IL. 888-600-6441 or email [email protected]