Transparency Market Research in its new report titled, “Hybrid Off-road Vehicles Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the hybrid off-road vehicles market. The TMR report anticipates that the increase in demand and production of electric powertrain for off-road vehicles will drive the hybrid off-road vehicles market during the forecast period i.e, 2018-2026. Stringent emission regulation imposed by governments of various nation across the globe in order to curb emission caused due to vehicles is a key factor boosting the hybrid off-road vehicle market during the forecast period. Off-road vehicles burn a large amount of fuel and generate more carbon emission as compared to normal vehicles. This, in turn, is likely to propel the hybrid off-road vehicle market during the forecast period, says the report.
The TMR report has segregated the hybrid off-road vehicle market based on hybrid type, vehicle type, components, components, sales channel, and geography. In terms of hybrid type, the hybrid off-road vehicles market is divided into mild hybrid and full hybrid. The full hybrid segment is projected to account for a prominent share of the market owing to stringent norms and regulation regarding emission concerns during the forecast period. In terms of vehicle type, the hybrid off-road vehicles market is divided into passenger vehicle and commercial vehicle. The passenger vehicle segment accounts for a significant share of the market. This is due to the high demand for sports utility vehicles owing to their better comfort and ability to ride in off-terrain regions.
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Based on components, the hybrid off-road vehicles market is bifurcated into electric motor, batteries, and others. Among components, the batteries segment held a higher share of the market as compared to the other segments. Batteries supply electric energy to automobiles and provide power to vehicle accessories. Batteries also serve as voltage stabilizers by absorbing abnormal transient voltages in vehicle electrical systems. This, in turn, is expected to boost the hybrid off-road vehicles market during the forecast period. On the basis of sales channel, the hybrid off-road vehicles market is divided into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment accounts for a larger share of the market as compared to the aftermarket segment. Rise in preference by the auto industry toward hybrid vehicles is projected to drive the OEMs segment of the hybrid off-road vehicle market during the forecast period.
On a geographical stand, the hybrid off-road vehicle market is split into North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for a prominent share of the global hybrid off-road vehicles market, owing to the high adoption rate of off-road vehicles. Expansion of the mining industry followed by the construction industry and the agricultural sector is fueling the demand for hybrid off-road vehicles in the region. Some of the prominent players operating in the global hybrid off-road vehicles market include General Motors, Toyota Motor Corporation., Nissan Motor Corporation., Ford Motor Company, Fiat Chrysler Automobiles, Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Delphi, Toyota Motor Corporation., Denso Corporation., Panasonic Corporation., Toshiba Corporation., Mitsubishi Motors Corporation, and Infineon Technologies.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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