Published: Aug, 2018
According the Transparency Market Research (TMR) the global hybrid cars market is projected to experience high competition among the leading manufacturers present in the market. It has been anticipated that the competition among these manufacturers is going to intensify with upcoming innovative techniques used by them. These manufacturers are also getting into strategic alliances and collaborations to increase their global presence and diversify their product portfolio. Volkswagen AG, Toyota Motor Corp., Ford Motor Co., General Motors Co., Hyundai Motor Co., Nissan Motor Co. Ltd., BMW, and Honda Motor Co. Ltd. are some of the key manufactures operating the global hybrid cars market. To strengthen their global position in the market, manufactures are putting efforts in research and development activities to increase the quality of the product.
The author of the report, states that the global hybrid cars market is estimated to reach a valuation of US$ 398.9 bn by the end of the forecast tenure in 2024. The market is expected to rise at a CAGR of 16.5% during the forecast period 2016 to 2024.
On the basis of type of hybrid cars, series and parallel hybrid cars having higher demand as compared to the others under the same category. In coming years, the market is expected to stay favorable for series and parallel hybrid cars, as they are termed to be highly efficient in nature. According to the regional analysis, Asia Pacific dominates the global market by having more than 70% of the global share.
Environment-Friendly Nature of Hybrid Cars to Rise its Demand
One of the major reasons favorable for the hybrid cars market is the increasing awareness for carbon free and environment friendly products. Rising carbon emission and toxic gases have increased the pollutants and carbon content in the environment, demand for products that are environment friendly are growing across nations. Moreover, hybrid cars provide higher fuel efficiency and support in decreasing carbon emission.
Government initiatives such as providing higher subsidies on the purchase of the hybrid cars by increasing its affordability. The government also provides incentives to the manufacturers to enhance the production of hybrid cars. Strict policy implementation on minimizing carbon emission is also boosting the demand for hybrid cars in the global market. These cars have better gas mileage and gives longer driving range, which increased the customer preference towards hybrid cars.
Readily Available Electric Cars Impeding Market Growth
High adoption rate of fuel cell cars and increasing demand for battery electric cars are developing difficulties for the market. The presence of electric cars, acting as a direct substitute for the hybrid cars may also lead the market through a rough track in coming years. In addition, high manufacturing and developmental costs involved in hybrid cars are also creating challenges for market players.
However, imposing strict emission standards creates favorable environment for the hybrid market to progress. Thus, it will result in increasing the demand for hybrid cars in coming years. The resale value is high for hybrid cars making it a lucrative option of its customers when compared to traditional cars. Manufacturers are putting constant efforts in research and development activities to increase the technological capability in hybrid cars. The above-mentioned factors and developments will boost the for hybrid cars market globally in no so distinct future.
The information presented in this review is based on a TMR report, titled “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”
For the study, the Global Hybrid Cars Market has been segmented into:
Global Hybrid Cars Market - By Type
- Series hybrid
- Parallel hybrid
- Plug-in hybrid
- Series-Parallel hybrid
Global Hybrid Cars Market - By Energy Source
- ICE hybrids
- Fuel cell hybrids
- Solar hybrid
- Natural gas hybrid
Global Hybrid Cars Market - By Vehicle Type
- Passenger Cars
- Commercial Car
Global Hybrid Cars Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific Excluding Japan
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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