Hybrid Cars Market
Hybrid Cars Market (Type - Series, Parallel, Plug-in, and Series-Parallel; Energy Source - ICE Hybrid, Fuel Cell Hybrid, Solar Hybrid, and Natural Gas Hybrid; Vehicle Type - Passenger Cars and Commercial Cars) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Global Hybrid Car Market: Snapshots
Alarming increase in level of air pollution has raised awareness among the consumers for environmental friendly product which are carbon free. Also, increasing awareness about the environmental friendly vehicles is likely to influence the demand of the global hybrid cars market in coming years.
On the other hand, the government are encouraging the use of the hybrid car in order to minimize the pollution through providing stringent emission standards for the car and also provides several incentives to the buys to support the growth. Highly expensive price of the car and easy availability of the hybrid car is another factor propelling the growth of this market in near future.
Strict implementation of policy is one of the important aspect driving growth. Also, high cost involved in the production of the hybrid car is one the key challenge faced by the manufactures operating in the hybrid car market. Imposing stringent rule and regulation for setting the standard of the emission is likely to exhibits lucrative opportunities for the key players.
The manufacturers are highly focused toward the research and development activities to enhance the technology capability in this market. Increasing government initiative toward installation of the electric charging station is another factor boosting the growth of the market in coming years.
Series Parallel Hybrids Cars Market Dominates in Terms of Demand
The global hybrid car market is categorized into plug-in hybrid, series parallel hybrid cars, and the series hybrid. Of these segment, demand of the series parallel hybrid dominates the market in terms of demand. The overall scenario of this market likely to remain same over the coming years.
Moreover, plug in hybrid cars is likely to register significant growth in terms of demand and the consumer awareness about the efficiency of the plug in hybrid cars. In addition, government initiatives toward the tax incentives is likely to propel the demand of this market in near future.
Rising Awareness Drives Towards Eco-Friendly Products Likely to Drive Growth
On the basis of geography, Asia Pacific dominates the market in terms of consumer awareness toward the environmental friendly vehicles. Also, the increasing government support toward the purchase of the hybrid cars in Japan and China, is another factor triggering the growth of this market in coming years. In contrast, the hybrid cars market in Europe and North America expected to register moderate growth rate, as the market attain maturity level in terms of demand.
On the other hand, high adoption rate of the fuel cars and electricity cars is another factor driving the growth negatively. The existence of the electricity car, act as the direct substitute of the hybrid cars is likely to impact the growth of this market in near future. On the other hand, rising number of charging booth likely to influence the growth of the global market for hybrid cars.
The report also offers few prominent market players operating in the hybrid cars market includes Volkswagen AG, Toyota Motor Corp., Nissan Motor Co. Ltd., Honda Motor Co. Ltd. And Hyundai Motor Co.
Growing Awareness Regarding Environmental Issues Drives Demand Avenues in Hybrid Cars Market
Hybrid cars refer to vehicles that utilize more than one propulsion techniques–that probably means the combination of a diesel or petrol engine and electric motor. These cars are gaining traction owing to a wide range of advantages they offer. Some of the key advantages of hybrid cars include lower wear and tear and better gas mileage. Thus, the global hybrid cars market is projected to show upward graph of sales owing to the cost-effectiveness of the products offered in it.
In recent few years, there is remarkable growth in awareness among worldwide population regarding environmental issues. As a result, people are inclined toward the use of products that are environmental-friendly in nature. This scenario is generating prominent demand for hybrid cars from all across the globe. Owing to this factor, the global hybrid cars market is likely to grow at promising pace in the forthcoming years.
The government bodies of many countries across the globe are growing initiatives to reduce the carbon footprints. As a result, they are encouraging people to use the vehicles that utilize less fuel and release less amount of CO2 than traditional diesel or petrol-engined vehicles. As hybrid cars fulfill all these criteria for the conservation of nature, there is remarkable growth in use of hybrid cars in several countries from all across the world.
The recent COVID-19 pandemic has showed adverse impact on the overall growth of the global hybrid cars market. The companies engaged in this market are dealing with many issues such as sudden drop in sales, stopped production activities, and thereby lowered revenues. Many players in the global hybrid cars market are strategizing their moves to regain their production activities by taking all necessary precautions stated by regional government authorities. As a result, the global hybrid cars market is expected to recover from the recent pandemic and show promising growth in the forthcoming years.
Global Hybrid Cars Market: Overview
Hybrid car is an eco-friendly vehicle which consists of combination of gasoline fuel and electric motor with battery pack as energy source. Conventional IC engine is main power source in hybrid car and it is also used to charge the batteries which can be used as an alternative energy source. Asia Pacific dominated the hybrid car market in terms of demand and is anticipated to grow at highest CAGR during the forecast period. High price and availability of electric car as strong is anticipated to hinder the growth of hybrid car.
Increase in government support by providing various incentives on purchase of hybrid car and implementation of stringent emission norms across all region to control the air pollution is estimated to offer major opportunities to the hybrid car market during the forecast period. Series-parallel is expected to be major hybrid type during the forecast period, however plug-in hybrid is anticipated to grow at highest CAGR in terms of demand compare to other hybrid types. ICE hybrid contributed the largest share of the energy source type and it is likely to dominate the market in next eight years. In terms of vehicle type, passenger car segment dominated the hybrid car market and is continue to dominate the market during the forecast period with highest CAGR.
Global Hybrid Cars Market: Scope of the Study
This report analyzes and forecasts the market for hybrid car market at the global and regional level. The market has been forecast based on volume (Units) and revenue (US$ Mn) from 2016 to 2024, considering 2015 as the base year. The study includes drivers and restraints of the global hybrid cars market. It also covers impact of these drivers and restraints on demand for hybrid cars market during the forecast period. The report also highlights opportunities in the hybrid cars market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global hybrid cars market. Porter’s Five Forces model for the hybrid cars market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, where in hybrid types, energy source and vehicle types are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global hybrid cars market by segmenting it in terms of type, energy source and vehicle type. In terms of type, hybrid cars is classified as series, parallel, plug-in, series-parallel. In terms of energy source, it is segmented into ICE hybrid, fuel cell hybrid, solar hybrid, natural gas hybrid and by vehicle type it is classified as passenger cars and commercial cars. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for hybrid cars in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Hybrid Cars Market: Research Methodology
The report provides the actual market size of hybrid cars for 2015 and estimated market size for 2016 with forecast for the next eight years. The global market of hybrid cars has been provided in terms volume and revenue. Market volume has been defined in units and revenue in US$ Mn. Market numbers have been estimated based on type, energy-source and vehicle type of hybrid cars. Market volume and size have been provided in terms of global, regional and country level markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, magazines and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market. We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Companies Mentioned in the Report
The report comprises profiles of major companies operating in the global hybrid cars market. Key players in the hybrid cars market are Toyota Motor Corporation, General Motors Company, Hyundai Motor Company, Ford Motor Company, Nissan Motor Company Ltd, Volkswagen AG, BMW, Honda Motor Co., Ltd., and FCA N.V.Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global hybrid cars market has been segmented as follows:
By Energy Source
By Vehicle Type