Hybrid trucks, also known as hybrid electric trucks, are driven by a combination of a petroleum internal combustion engine and an electric motor and battery
system. The advantages of this system are low fuel consumption, high efficiency, and fewer emissions.
Hybrid trucks are built for heavy-duty usage in off-road and on-highway situations, and generally feature flexible suspensions and larger tires. The key factors accelerating the growth of the global hybrid truck market include the adoption of advanced technologies in developed and developing
countries across the globe and the significant growth of the automotive industry.
COVID-19 Impact Analysis
- The COVID-19 outbreak has widely disrupted the automotive industry. It has resulted in the shutdown of manufacturing facilities and a decline in the sales volume. Furthermore, it has put a halt to transportation activities for a long time because of various trade restrictions across the globe. These all activities have adversely affected the hybrid truck market. The budget allocation for R&D on the other hand is likely to be lowered, which will hamper the further innovation of hybrid trucks. Companies, however are taking precautionary measures to tackle the adverse effects of the outbreak.
Top Impacting Factors
Rise in prices of fossil fuels, increase in scarcity of crude oil, increase in automation and government regulations and policies against diesel and gasoline powered vehicles due to surge in pollution drives the growth of the global hybrid truck market.
High cost and higher maintenance cost hinder the growth of the global hybrid truck market.
Adoption of advanced technology in developed and developing nations across the globe and growth of automotive industry provide lucrative opportunities for the global hybrid truck market.
Rechargeable Lithium-ion Batteries
- Most hybrid vehicles use batteries to store the energy captured while applying brakes. They use this energy to drive the vehicle to accelerate. The battery in a heavy electric vehicle (HEV), on the other hand can only store a small amount of energy and is too heavy. To improve the efficiency of their hybrid vehicles, manufacturers have developed lithium-ion batteries. Lithium batteries are the most suitable existing technology and is the upcoming trend in the hybrid truck market. It has the ability to provide a large quantity of energy and power per battery mass and while also making them lighter and smaller than other rechargeable batteries. Other advantages of lithium-ion batteries include high energy efficiency, no memory effect, and a relatively long-life cycle compared to lead-acid and nickel-metal hydride batteries. The self-discharge rate of lithium-ion batteries is also lower than that of other types of rechargeable batteries so once charged, they will last longer. Furthermore, the development of lithium-ion batteries provides synergy with other clean energy technologies, potentially improving the reliability of solar and wind power. The use of lithium-ion batteries in hybrid vehicles is the newest trend and is expected to propel the overall hybrid trucks market, which will directly boost the automotive industry.
Key Benefits of the Report:
- This study presents the analytical depiction of the hybrid truck industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of hybrid truck market.
- The current market is quantitatively analyzed to highlight the growth scenario of the hybrid truck market.
- The report provides a detailed hybrid truck market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Hybrid Truck Market Research Report:
- Who are the leading market players active in the hybrid truck market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the hybrid truck market?
- What are the future projections that would help in taking further strategic steps?
Hybrid Truck Market Report Highlights
By Hybrid Type
By Vehicle Type
Key Market Players
Liebherr Group, GeneralMotors, MAN, Nissan Motor Corporation, DAF, BYD MotorsInc., Daimler AG, AB Volvo, Toyota Motor Corporation, Azure DynamicsCorp, Fiat Chrysler Automobiles, Hino Motors, Ltd, FordMotor Company, Renault Light duty trucks, Danfoss, Dongfeng Motor Corporation, Nikola Motor Company, Volkswagen AG