Hybrid System Market to Register Substantial Expansion by 2022
The Hybrid System Market was valued at USD 18.88 billion in 2016 and is projected to grow at a CAGR of 10.79% during the forecast period. The base year considered for the study is 2016 and the forecast period is 2017–2022.Factors such as decreased tail-pipe emission limits, potential fuel savings with adoption of mild hybrids, and tax benefits & incentives/subsidies for adoption of electric vehicles are the key factors fueling the growth of the hybrid system market. The hybrid system market is projected to grow at a CAGR of 10.79% during the forecast period and is projected to reach USD 40.99 billion by 2022. Owing to the benefits offered by hybrid system, such as elimination of mechanical linkages, improved fuel efficiency and, thereby, decreased tail-pipe emissions, the demand for these systems is projected to grow in near future. Also, secondary factors such as increase in demand for electric & hybrid vehicles, government subsidies for BEVs, and investments in chargi...