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On the basis of propulsion, the market is subdivided into hybrid electric vehicle (HEV), natural gas vehicle (NGV) and plug-in hybrid electric vehicle (PHEV). Among the all propulsion, the HEV segment accounted the largest share in the hybrid vehicle market. In addition, PHEV segment is expected to grow at the fastest rate in the market due to mounting acceptance of mid- and large-sized vehicles and the improvement of electric setup.
Globally industry players are leveraging market growth through launching new products. In addition, establishing manufacturing units for hybrid vehicles involve enormous capital and resource, which is not viable for the small and medium sized companies. Different players are investing in development of new battery technology to lower the cost of hybrid vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance performance of these vehicles leading to adoption by masses.
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Geographically, Asia-Pacific is the largest hybrid vehicle market as it is home to various key players. Amplified sale of hybrid vehicles in Japan, South Korea and China, changing lifestyle, improving disposable income, mounting alertness about the advantages of hybrid vehicle, higher fuel price and government support and grants are also up surging growth of the Asia-Pacific hybrid vehicle market.
Key players in the hybrid vehicle market are catering the demand by collaborating with small players and investing on technologically advanced hybrid vehicle across the globe. In March 2018, Toyota and Suzuki Motor Corporation have signed an agreement for the conjoint supply of hybrid and other vehicles among the two companies for the Indian market. Toyota, Hyundai, ZF, Ford, Honda, Borgwarner, Volvo, Delphi Technologies, Daimler, Allison Transmission, Continental and Schaefler are the key players offering hybrid vehicle.
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