Global Hybrid Cars Market: Overview
Efficient fuel energy resources are limited in nature, whereas growing population across the globe is forever escalating the demand for vehicles. Consequently, the need for vehicles that can run on alternate energy or increases the fuel efficiency is on the rise. This has led to the growth of the hybrid car market, particularly in developing automobile hubs. Hybrid cars utilizes more than one form of onboard energy to achieve propulsion, reusing the energy that normally goes wasted in standard cars. Currently, gasoline-burning hybrid cars are being manufactured, although diesel-electric hybrids would be even more fuel-efficient. However, high cost associated with hybrid systems and diesel engines makes them a prohibitively expensive concept, as of now. The global hybrid cars market is estimated for a healthy growth rate during the forecast period of 2016 to 2024.
Global Hybrid Cars Market: Trends and Opportunities
Though hybrid cars currently occupy a negligible share in the global automobile market, the future is anticipated to be very lucrative due to several following factors. The Kyoto Protocol, which is an international agreement linked to the United Nations Framework Convention on climate change, is one the primary factor that is motivating the adoption of hybrid cars. In addition to it, the increasing adoption of hybrid cars has inspired many major automobile companies to invest aggressively for the development of new models of hybrid cars. Currently, variety of hybrid car models are available in the market, although Toyota Prius has managed to catch most of the attention. Ford Fusion is another popular hybrid car model.
The growing awareness for eco-friendliness is quickly gaining attention of end-users. Hybrid cars run on twin powered engine (gasoline engine and electric engine) which not only cuts the fuel consumption and thus conserves energy, its exhaust is much cleaner and eco-friendly. Many national agencies have enforced rules for pollution control and are providing concessions on purchasing hybrid cars. Fluctuations in crude oil prices is another driving factor for this market. However, since the concept of hybrid cars is still in the process of technological advancements, the high cost associated is a major restraint over the growth rate.
The global market for hybrid cars can be segmented on the basis of topologies used for the designing of the car. The major topology segments of this market are parallel hybrids, series or parallel hybrids, plug-in hybrids, series hybrids, and dual mode hybrids. Presently, the models that utilize battery power besides gasoline engine under emergency conditions are most in demand.
Global Hybrid Cars Market: Region-wise Outlook
Geographically, the global hybrid cars market can be divided into North America, Europe, Asia Pacific, and rest of the world. Currently, North America serves most of the demand for hybrid cars due to robust buying potential of the consumers and high adoptability rate of new technology. Moreover, presence of several pioneer companies in this emerging market for hybrid cars in the region, particularly in the country of the U.S., is driving the North American market. The stringent environmental regulations implemented by several European countries, coupled with attractive rebates, are augmenting the demand in for hybrid cars in Europe. The regional markets of Asia Pacific and Middle East are also projected for substantial growth during the forecast period.
Companies Mentioned in the Research Report
The global market for hybrid cars is progressive in nature and innovation will decide the leader in time to come. The players that are currently have hybrid cars in the market include Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Corporation, Ford Motor Company, Chevrolet, and Nissan Motor Company.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments