Global HEV Energy Management Market - 2023-2030

Global HEV Energy Management Market - 2023-2030

Global HEV Energy Management Market reached US$ 6.5 billion 2022 in 2022 and is expected to reach US$ 12.4 billion 2030 billion by 2030 growing with a CAGR 8.5% during the forecast period 2023-2030. A significant chunk of the global demand for HEV energy management today is generated by the emerging nations of Asia-Pacific, where a lot of the global economic growth is concentrated.

HEV energy management systems are trending as the substitution for gasoline engines as these engines release greenhouse gasses which is a concern for the global environment. HEV energy management uses the algorithms of a combination of internal combustion engine with the electric motor which increases energy-efficiency and energy management.

Furthermore, the global HEV energy management system market is dynamically focused due to various positive factors like this energy management system helping in reducing carbon emission and advancement in electrical vehicle technology. The market is much more focused by automotive manufacturers, technical businesses and suppliers of electric engine systems and hybrid engine systems.

Dynamics

Fuel Efficiency and Cost Savings

Advanced energy management systems are providing better fuel efficiency with their hybrid engine models which increase engine life and performance expectancy which is a preferred option in comparison to conventional engines which provides an edge to the market with cost saving and better experience for the consumers.

HEV energy management system is the key player in advancing fuel consumption and providing better mileage which helps in managing the power train and avoiding the frequent ongoing of customers to the gasoline fuel stations which provides the window for long term cost saving which is currently attracting more and more HEV companies and consumers to this market.

Changes In Government Policies

Governments globally are enacting tough emission limits in order to minimize greenhouse gas emissions and battle air pollution. HEV energy management systems are seen as a potential solution due to their capacity to cut fuel usage and emissions when compared to conventional automobiles, so governments all globally are making new policies for advancing these systems. The requirement for automakers to comply with these regulations and reach emissions standards drives the market.

New policies in accordance with environmental concerns are likely to expand the global number of HEVs as well as the number of HEV models available in the future years. With more HEVs on the road, it is projected that their cumulative environmental effect would be greater than that of conventional vehicles. Furthermore, the proliferation of HEVs is likely to encourage automotive industry innovation, leading to additional advancements in fuel efficiency and emissions reduction.

Technology Limitations of HEV Management

Technology is improving at a rapid pace but still there are limitations in significance of the capabilities of current technology. It can lead to limited performance of HEV energy management systems. Technology has immensely improved in rate of progress but there are limitations to the potential of current technology which led to an uncertain performance of hybrid electric vehicle energy management systems.

It is important to improve strategies to make the existing technology better in order to address the challenges associated with HEV energy management. Such strategies will include updated algorithms, advances in machine learning and artificial intelligence and advanced battery designs.

Complicated Framework of Engine Systems

Complicated framework of these engines consists of multiple components which directly affecting which takes time to manufacture this system as there is lot of computation is required in providing the solution for energy management and also the manufacture cost and price of HEV will rise, which is a major drawback for implanting the energy management system.

Main components need an amount of time and an adequate selection of parameters to regulate a hybrid powertrain. It makes them suitable for short speed cycles and single trials, but it makes them difficult to employ in other contexts due to the difficulties in tweaking parameters and adapting them to model changes

Segment Analysis

The global HEV energy management market is segmented based on management strategies, end-user and region.

Automotive Manufacturers Benefit from HEV Energy Management

Automotive manufacturers account for more than half of the global market. HEV energy management makes a significant transformation in the automotive industry and contributes to the decarbonization of the planet. Advanced energy management systems in HEVs can offer substantial benefits to both manufacturers and consumers which increase demand and receive encouragement from governments for the management systems.

The value proposition for manufacturers lies in the opportunity to install better energy management solutions in HEVs. By incorporating advanced technologies manufacturers can create more efficient and sustainable vehicles which will attract the attention for environmentally conscious consumers. As demand for cleaner transportation options increases, HEVs with robust energy management systems can capture a significant market share.

Geographical Penetration

Asia-Pacific is a Growing Market For HEV Energy Management

Asia-Pacific is experiencing significant growth in the manufacturing of electric vehicles including HEVs particularly in countries like China, Japan and India and also actively establishing manufacturing units to meet the demand. The growth in HEV production directly increases the need for advanced energy management strategies for these vehicles.

The governments in the region know the importance of sustainable and environmentally friendly transportation, which makes them to continuously evolve in the strategies and policies for this technology. Also, they are implementing policies and regulations that encourage the adoption of electric vehicles and support the development of associated technologies.

COVID-19 Impact Analysis

COVID-19 had a significant impact on the HEV energy management market due to the shutdown of work in companies and only the limited work has been done for several months. It led to a delay in the work updating and advancement of the HEV energy management system, which eventually impacted the HEV energy management market.

The pandemic has majorly impacted the automotive industry, with many plants temporarily shutting down to reduce the spread. It has caused major disruptions in the production of HEV energy management systems. However, the market is expected to bounce back soon, with many countries gradually opening their economies and restarting their automotive businesses.

Russia-Ukraine War Analysis

The conflict between Russia and Ukraine has a major impact on the overall disruption of supply chains for HEV materials and energy management systems. The local suppliers of potential raw material are unable to provide and fulfill the demand of the consumers which leads to potential production delays and increased costs.

The conflict also affected the availability of raw materials required for the production of HEVs in other countries. Ukraine is one of the major global producers of essential metals and other materials which are used in the manufacturing of batteries, electric motors and other components for electric vehicle which affected some major companies that import the material from Ukraine.

AI Impact

AI is having a major impact on the HEV energy management market, with AI algorithms more advanced experiments performed on energy usage and managing vehicle conditions to maximize efficiency. AI algorithms are trained on vast amounts of data to enable the optimization of operations and decisions for electric and hybrid vehicles.AI-based algorithms are continuously used to optimize the performance and fuel efficiency of hybrid electric vehicles, which provides them with the most efficient and effective combination of fuel and electricity.

AI green technology is a fast-expanding subject providing significant advancements in energy management systems. AI is used in many applications, like as renewable energy forecasting, energy storage optimization, demand response and energy efficiency, by using the charging and discharging cycles with the compatibility of energy demand and supply

By Management Strategy
• Optimal Based Energy Management Strategy (OBEMS)
• Rules Based Energy Management Strategy (RBEMS)

By End-User
• Automotive Manufacturers
• Fleet Operators
• Government and Public Transportation Agencies
• Individual HEV Owners

By Region

● North America
U.S.
Canada
Mexico

● Europe
Germany
UK
France
Italy
Spain
Rest of Europe

● South America
Brazil
Argentina
Rest of South America

● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific

● Middle East and Africa

Key Development
• On April 24, 2022, RMA Group declared that it will be expanding its services and launching both Hybrid Electric Vehicle and Plug-In Electric Vehicle Conversion Programs. To power this venture, RMA Group has secured the use of innovative EV (Electric Vehicle) technology from XL Fleet (Spruce Power) located in Wixom, MI, USA.
• On october,2022 Global Wheel Manufacturer (GWM) has seen its new energy products, which includes hybrid electric vehicle, plug-in hybrid electric vehicle and electric vehicle power forms, experiencing a sales breakthrough in the global market. In 2021(YOY), the HAVAL H6 PHEV saw a growth of up to 14%, well beyond the average market expectations. To capitalize on this momentum, GWM has launched more models for the global market, such as the HAVAL H6 PHEV, which was officially released in China and Thailand.
• On Wednesday, May 17th, 2023, Kia Corporation hosted a launch event in Riyadh, Saudi Arabia at the Intercontinental Durrat Al Riyadh Resort. The event sought to display Kia's commitment to advancing sustainable mobility and its latest offering of hybrid electric vehicles (HEVs) gave attendees a sneak peek into what eco-friendly driving looks like. With this event, Kia set the stage for a greener future and continues to demonstrate its dedication to environmentally conscious transportation solutions.

Competitive Landscape

The major global players in the market include Toyota Motor Corporation, Honda Motor Co, Ltd. Ford Motor Company, General Motors Company, Hyundai Motor Group, Nissan Motor Co., Ltd. BMW Group, Volkswagen Group, Tesla Inc, Daimler AG.

Why Purchase the Report?
• To visualize the global HEV energy management market segmentation based on management strategies, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of HEV energy management market-level with all segments.
• The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global HEV energy management market report would provide approximately 53 tables, 51 figures and 188 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies