An increasing demand for alternative fuels has led to the growth of the hybrid car market, especially in the developing automobile hubs. Hybrid vehicles provide efficient fuel options when compared to conventional fuels such as petrol and diesel. The implementation of Kyoto Protocol is one of the motivating forces driving the adoption of vehicles running on alternative fuel sources. The increasing pace of adoption of vehicles running on alternative fuels has encouraged many major automobile companies to invest in developing new models for the hybrid car segment. Though there is a range of hybrid models available in the car market, Toyota Prius occupies the major market share in this market. Ford Fusion is another popular hybrid car model which is available in regions across the world. Currently, hybrid cars account for a small share of the overall automobile market, but the market for these cars is anticipated to increase in the future owing to their increasing efficiency.
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Decreasing crude oil reserves and concerns regarding degradation of the environment are the major factors that have encouraged automobile companies to invest in the hybrid car market. With decreasing crude reserves the demand for economical transportation technologies has attracted investment in this market. The national governments of many major countries have encouraged adoption hybrid vehicles. Many national agencies have enforced rules and provide attractive concessions on purchasing hybrid cars. Stringent environmental regulations in the European Union nations have encouraged wide adoption of the hybrid vehicles in this region. The fluctuating crude oil prices are another major factor bolstering consumers to adopt hybrid vehicles. Less carbon deposits are produced in the engine while combustion which makes the engine more efficient than the conventional fuel engine. The replacement of expensive batteries is a major restraint for the growth of the hybrid cars market. Other economical fuel options such as CNG and LPG also act as restraint for the adoption of hybrid cars.
The market for hybrid cars can be segmented based on the topologies used while designing the car. Parallel hybrids, series hybrids, series/parallel hybrids, plug-in hybrids and dual mode hybrids are the major segments in this market. The most popular models are those which utilize battery power along with a gasoline engine in certain emergency conditions. Another segment is the plug-in vehicle segment that runs on electric power alone for a fixed distance. One new segment of hybrid vehicle is recently launched in the automobile market which focuses more on improving performance of the vehicle rather than providing fuel efficiency.
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Currently, the developed economies are the major market for hybrid cars. North America is a major segment for the growth of the hybrid car segment in the future. Many vehicle companies have developed efficient models that attract consumers towards this automobile segment. The stringent environmental regulation in European countries and attractive government rebates has encouraged automobile companies to invest in this market. Sports car manufacturer, Ferrari has also developed a hybrid vehicle model to attract more consumers to invest in hybrid cars. Asia Pacific and Middle East are the prospective regions and are expected to provide substantial growth opportunities to hybrid car market.
Some of the major automobile companies involved in the hybrid car market are Toyota Motor Corporation, Honda Motor Corporation, Hyundai Motor Company, Chevrolet, Ford Motor Company and Nissan Motor Company.
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