Hybrid Truck Global Market Report 2023

Hybrid trucks are heavy vehicles with a hybrid propulsion system have either one or more electric motors powered by batteries in addition to an internal combustion engine. These vehicle has larger tires, flexible suspension, and a high ground clearance ratio enable these high-traction trucks to operate over unpaved and forest roads with uneven low-traction surfaces.

The main technology types used in hybrid trucks include parallel hybrid, series hybrid, series-parallel hybrid and plug-in hybrid. A series hybrid is a hybrid-powered vehicle with a basic drive train design that relies on a battery to power the motor that drives the wheels. The various vehicle types include light-duty trucks and heavy-duty trucks for applications in construction and pick-up and delivery vehicles.

The global hybrid truck market is expected to grow from $21.11billion in 2022 to $22.65 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hybrid truck market is expected to reach $29.06 billion in 2027 at a CAGR of 6.4%.

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Technological advancement is a key trend in the hybrid truck market. Major companies operating in the market are developing advanced technology engines and motors, such as zero-emission hybrid powertrain technology, to sustain their position in the market. For instance, in May 2022, US Hybrid, a USA-based company that manufactures power conversion systems, launched near-zero-emission natural gas-powered parallel hybrid powertrain technology for drayage and long-haul trucks. This new technology delivers more power, consumes less fuel, increases efficiency, and has near-zero emissions. This advanced technology will provide near-zero-emission roadside charging assistance to standard long-haul fleet operators, providing versatility and convenience to fleet customers.

In May 2021, Ideanomics, Inc., a US-based electric vehicle company, acquired US Hybrid for an undisclosed amount. The acquisition is expected to enable Ideanomics to diversify its business with the addition of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications of US hybrid. US Hybrid is a US-based manufacturer of hybrid trucks.

North America was the largest region in the hybrid truck market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hybrid truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the hybrid truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A surge in government regulations and policies against diesel and gasoline-powered vehicles is expected to propel the growth of the hybrid truck market. Emerging government regulations for the emission of greenhouse gases and pollution control policies are encouraging truck manufacturers to develop vehicles with alternate fuel-powered consumption vehicles. These government regulations and policies are helping the hybrid truck market expansion. For Instance, in December 2021, the Environmental Protection Agency (EPA), a US-based organization responsible for protecting the environment, approved federal greenhouse gas (GHG) emissions standards for Model Years (MY) 2023 through 2026 for cars and light trucks. The final regulations will reduce pollution, enhance public health, and cost-effectively fuel drivers, resulting in net benefits to Americans of $190 billion. Therefore, the surge in government regulations and policies against diesel and gasoline-powered vehicles is driving the growth of the hybrid truck market.

The hybrid truck market consists of sales of full hybrid, micro hybrid and mild hybrid trucks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the hybrid truck market are AB Volvo, Daimler Truck Holding AG, Nissan Motor Co., Ltd., Volkswagen AG, DAF Trucks N.V., BYD Auto Co. Ltd., Danfoss, Dongfeng Motor Corporation Ltd., Hino Motors, Ltd., Chevrolet, Nikola Corporation, Toyota Motor Corporation, Ford Motor Company, Mitsubishi Motors Corporation, and Liebherr.



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