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Global Market Analysis of Plug in Hybrid Electric Vehicles
Frost & Sullivan, Dec 2007, Pages: 100
This Frost & Sullivan research service titled Global Market Analysis of Plug in Hybrid Electric Vehicles offers a comprehensive overview of market restraints, drivers and challenges, coupled with strategic recommendations for plug in hybrid electric vehicles. Technology roadmaps, adoption timescales, market size and forecasts, detailed breakdown by regions and OEMs, together with product portfolio and competitive analysis for plug in hybrids are also provided.
Market Overview
Breakthrough in Lithium Ion Battery Technology to Revolutionise the PHEV Market
Benefits offered by various environmental and governmental legislations, regulations and utilities paralleled by partial zero emissions are boosting the prospects of plug in hybrid electric vehicles (PHEVs). The ability to cut operating costs – estimated at nearly 75 cents/gallon – thereby resolving the steep increase in oil prices is also poised to drive the global market for plug in hybrid and fuel cell electric vehicles. Accordingly, the market for PHEVs is set to transform from being a niche segment to becoming more mainstream, with major vehicle manufacturers focusing their efforts on advancing this technology. PHEVs will emerge as a major solution by limiting greenhouse gas emissions and depleting fossil fuel sources. Experts have identified plug in hybrid technology as being critical to achieve sustainable mobility.
Breakthroughs in lithium ion battery technology are set to revolutionise the PHEV market. 'Vehicle manufacturers have agreed that lithium ion battery technology is the most viable to ensure the effective performance of PHEVs in the market,' explains the analyst of this research. 'Issues related to battery size, temperature management, reliability, durability, material and production costs will, however, pose hurdles in the implementation of this technology.' Therefore, suppliers should focus on innovative research and development in order to overcome these challenges and optimise battery performance. To this end, battery suppliers and vehicle manufacturers should work in tandem.
Co-operative Endeavours of Battery Suppliers, Vehicle Manufacturers and Governmental Authorities Crucial to Sustaining Market Expansion
The global market for PHEVs is estimated to reach 130,000 vehicles by 2015. North America will emerge as a strong market for PHEVs due to the high uptake rates for hybrid drives. In general, strict emission norms and pressure from environmental advocates will be the principal factors motivating EOMs to adopt plug in hybrids. Europe and Japan are anticipated to witness more restrained introduction of PHEVs initially, and be influenced by the success of plug ins in North America.
However, the high cost of PHEVs and fuel cell vehicles (FCVs), primarily due to battery and fuel cell stacks, is increasing the price gap between PHEVs and FCVs on one side and conventional vehicles on the other. In addition, the lack of advancement in battery technology to promote the commercialisation of plug in and fuel cell hybrids poses a challenge to market expansion. Achieving economies of scale will also be a critical concern that needs to be addressed. 'Vehicle manufacturers should join hands with promotional organisations to push for governmental incentives to accelerate the commercialisation of plug in hybrid technology,' advises the analyst. 'Moreover, vehicle manufacturers should tie up with battery suppliers and energy utilities to develop and integrate the technology.' Governments will play a pivotal role in ensuring market expansion through the provision of legislations, rebates and benefits.
The following technologies are covered in this research:
- Plug in hybrid electric vehicles
- Lithium ion batteries
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