A Look at the Hybrid Vehicle Market for the Aspiring Hybrid and Electric Vehicle Mechanic
As we enter a new year, it’s worth taking a look at what the future has in store for the hybrid vehicle industry. If you’re passionate about hybrid and electric vehicles, you might already know that they have been growing in popularity and demand in recent years. This growth has served as a catalyst for more manufacturers to start developing their own hybrid models, altering the availability of hybrid models around the world.
While COVID-19 has temporarily slowed the expansion of the market, given the negative economic impacts and supply chain problems posed by the pandemic, it has recovered significantly as lockdowns have lifted. If you’re entering a career in the hybrid vehicle industry, read on to take a closer look at hybrid vehicles, the current hybrid market and the trends you’ll want to watch in the future.
The Hybrids in the Market: What You Need to Know as a Future Hybrid and Electric Vehicle Mechanic
Unlike electric vehicles, which are fully powered by a rechargeable battery, hybrid vehicles are instead powered by both an electric motor and an internal combustion engine. The battery obtains charge via the engine, as well as the regenerative braking mechanism. As those who have completed hybrid and electrical mechanic training may already know, there are a few different types of hybrid vehicles, which the hybrid market is segmented by in turn. Common hybrid types include:
- Micro-hybrid: Uses only an internal combustion engine but stores braking energy in a starter battery
- Mild-hybrid: Electric motor is only used during acceleration and cruising
- Full-hybrid: Can drive short distances using only their electric motor
- Plug-in hybrid: Battery pack can be recharged by accessing an external source of electric power
The market is currently composed of these various hybrids, and is further segmented by Commercial or Passenger vehicles, as well as the geography of where hybrids are manufactured and sold.
Driving Factors in the Growth of the Hybrid Vehicle Market
Multiple different factors are contributing to the increased popularity of hybrid vehicles. For one, countries all over the world are incentivizing buyers to opt for hybrid or electric vehicles. Governments are offering subsidies, tax exemptions and favorable policies to drive growth, boosting the hybrid vehicle market in many countries. Additionally, emission regulation standards, especially in developing countries, are encouraging drivers to consider hybrid vehicles over their gasoline-powered counterparts.
At an individual level, increased visibility of the effects of global warming, as well as environmental consciousness, have all motivated consumers to reduce their fuel consumption and overall carbon footprint. This means that more buyers are choosing to purchase hybrid vehicles on their own. Lastly, there is greater competition in the hybrid vehicle market, with a greater amount of manufacturers making their own hybrid models. The major players in the market currently include Honda, Nissan, Toyota, Kia and BYD.
What We Can Expect for the Future of Hybrid Vehicles
If you’re entering a career as a hybrid and electric vehicle mechanic, there are a few trends you can expect to see in the hybrid vehicle market of the future. The global hybrid market size is expected to reach US$645 billion by 2026, and demand is projected to remain consistent. In the future, government policies will be formative in shaping the popularity of hybrid vehicles, as they have been already. As climate change becomes more pressing, we can expect favorable government subsidies, exemptions and tax credits to continue. Given the increased competition in the field, you can also expect to see more and more manufacturers moving into the hybrid and electric vehicle industry, bringing more diversity to the market.
These are just a few of the trends and drivers of growth that can be seen in today’s hybrid vehicle market. If you’re entering a career in the industry, keep an eye on these factors when looking at what’s to come.
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