A vehicle that
utilizes two or more different fuel sources to operate and to move
the vehicle is known as a hybrid vehicle. Such term is often referred
to the electric hybrid vehicles, which merge one or more electric
motors to an internal combustion (IC) engine. There are also other
several mechanisms to utilize the captured energy such as
human–hybrid (human-electric) vehicles. These vehicles are
environmentally friendly and are being promoted by automobile &
automotive manufacturers and local governments. Hybrid vehicles are
often powered by a number of sources such as solid combustibles,
human powered, CNG, LNG, hydrogen, electricity, electromagnetic
fields, petrol, diesel wind and solar power. These vehicles are
designed according to the power source and its availability. Light
duty vehicles are mainly used for city transport of as a personal
vehicle. Current hybrid light duty vehicle designs are an extension
of electric vehicles. In current development stage electric powered
vehicles don’t provide long run in a single charge. Similarly,
bio-fuel powered vehicles have constrained of power output. Light
duty hybrid vehicles provide an advantage over these problems
and provide more power as well as a good range in single go.
There are various
design modifications of hybrid vehicles such as light duty and heavy
duty. Light duty vehicles are further classified as hatchback cars,
bikes and others. According to the technology, light duty hybrid
vehicles can further be classified as human-electric powered
vehicles, petroleum-electric powered vehicles, bio-fuel-petroleum
powered vehicles and others. These vehicles are becoming a trend in
the North America and Europe industry. Thus, North America and Europe
automotive industries are leading in the light duty hybrid vehicle
market. However, considering the future possibility of cost reduction
in this market, Asia Pacific and RoW are likely to capture a
considerable market share in light duty hybrid vehicle market.
One of the major
driving factors of this market is growing awareness regarding the use
of emission free vehicles. However, current green powered vehicle
designs don’t allow producing the same power as that of petroleum
powered. Thus, such factors are creating the need of hybrid vehicles
in the light duty applications. Nevertheless, government initiatives,
incentive schemes and subsidies to promote less polluting vehicles
are also propelling the market. Conversely, higher cost of
manufacturing, unavailability of spare parts globally and market
domination by petroleum powered vehicles are holding back the market
in some areas. The market has been in a growing phase yet and is
likely to widen up the opportunities in the forecast period.
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The product
development in light duty hybrid vehicle market takes a lot of
technological advancement and requires high amount of capital.
Additionally, the research and development activities, employing high
skilled manpower and patent related issues hindered the new entrants
of small players in the market. Strategic joint ventures,
technological agreements can be seen among the big automakers come up
with the advance vehicles.
Some of the major
players dealing in light duty hybrid vehicles market include Volvo
(Geely), National Electric Vehicle Sweden AB, Toyota Motor
Corporation, BYD Auto Co., Ltd., Bayerische Motoren Werke AG (BMW),
Chrysler Group LLC, Ford Motor Company, Daimler-Benz AG, General
Motors Company, Nissan Motor Co., Ltd., Hyundai Motor Group- Kia
Motors Corporation (Hyundai-Kia), Porsche (Volkswagen Group), PSA
Peugeot Citroën, Audi – Bentley (Volkswagen Group), Changan
Automobile Company Limited, Honda Motor Company, Ltd, TATA (Jagaur
Land Rover), Mazda Motor Corporation, Mitsubishi Corporation
(Mitsubishi Motors) and Chery, Faw, Geely among others.
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