The global hybrid cars market witnesses a high degree of competition between the leading players, namely, Toyota, General Motors, Hyundai, Ford, Nissan, Honda, BMW, and Volkswagen, finds a new study by Transparency Market Research (TMR). Researchers anticipate this rivalry to intensify further in the near future as companies will try to take center stage by introducing new products constantly.
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As per the research report, the global market for hybrid cars stood at US$102.88 bn in 2015. Rising at a CAGR of 16.50% during the period from 2016 to 2024, the opportunity in this market is likely to reach a value of US$398.90 bn by the end of the forecast period. Currently, series parallel hybrid cars are registering a higher demand than other vehicles. Analysts expect the scenario to continue being so over the next few years, thanks to the unmatched efficiency offered by series parallel hybrid cars.
Continued Strong Demand for Hybrid Cars in Asia Pacific
The report also presents a regional analysis of the worldwide market for hybrid cars that includes its performance in North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Asia Pacific has acquired the dominance in this market. It led the overall market in 2015 with a share of more than 70% and is projected to continue to dominate at a high cumulative average growth rate throughout the forecast period. The rise in the awareness level pertaining to the benefits offered eco-friendly vehicles as compared to conventional vehicles among consumers in Asian economies, especially in Japan and China and the increase in various governments’ initiatives to encourage the uptake of hybrid cars are anticipated to ensure the leadership of Asia Pacific market for hybrid cars over the forthcoming years.
On the flip side, Europe and North America are likely to record a moderate progress in their respective markets for hybrid cars in the near future due to motorization. The markets in Latin America and the Middle East and Africa are expected to register sluggish growth in the near future, as the penetration of these cars is minimal in these regions, states the research report.
Increasing Level of Air Pollution due to Carbon Emission to Fuel Need for Hybrid Cars
“The increase in air pollution to alarming levels has influenced the uptake of hybrid vehicles remarkably,” says an analyst at TMR. Carbon emission from vehicles is the most prominent factor behind the rising air pollution across the world. The surge in concerns of people regarding this has shifted their interests towards hybrid cars, which are eco-friendly and utilize electricity as the main source of power for their functioning. This, as a result, is reflecting amazingly on the sales of these cars, leading to a thriving future for the global hybrid cars market.
Apart from this, the increasing enforcement of regulations mandating strict emission standards is also anticipated to promote the uptake of hybrid cars substantially over the next few years. However, the high costs associated with hybrid cars, together with the availability of electric cars at much lower rates may limit the market’s growth in the near future, notes the study.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Hybrid Cars Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024.”
The global hybrid cars market has been segmented as follows:
By Energy Source
-Fuel cell hybrids
-Natural gas hybrid
By Vehicle Type
-Rest of Europe
-Rest of Asia Pacific
-Rest of South America
-Middle East & Africa (MEA)
-Rest of MEA