Hybrid Cars Market- Global Industry Analysis, Size, Share,Trends & Forecast :2024
Despite being a relatively niche market in a thriving automotive
industry, the hybrid cars market presents astounding potential. And this
can be seen in the way auto bigwigs such as Volkswagen, General Motors,
Nissan, Hyundai, BMW, Ford, Honda, and Toyota have jumped on the hybrid
bandwagon.
According
to findings by a report published by Transparency Market Research, the
global hybrid cars market is anticipated to expand from a value of
US$102.88 bn in 2015 to US$398.90 bn by 2024. If these values hold true,
the market is poised to register an impressive CAGR of 16.50% over the
course of the forecast period.
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What is the main reason behind the introduction of hybrid cars and what continues to drive their adoption?
For
over a decade now, countries around the world have raised serious
concerns regarding the alarming rise in air pollution levels and a surge
in carbon emissions, mainly emitted by vehicles. This has resulted in a
growing interest in ways of curbing these emissions and governments in
various countries have begun encouraging people to turn to
environment-friendly ways of commuting. This led to the introduction of
hybrid cars. These eco-friendly vehicles are powered by electricity,
enabling them to emerge as the perfect solution to solving air pollution
on a global scale.
Governments
around the world continue to play a major role in the expansion of the
hybrid cars market as they have not only mandated the adherence of
stringent emission norms and regulations but have also been offering
various subsidies and incentives to get more and more people to opt of
hybrid cars. This factor presently accounts for a major part in the
development of the market and is slated to reflect positively in terms
of sales in the coming years.
How did Asia Pacific emerge as the leading market for hybrid cars?
China
and Japan have been exhibiting a high level of consumer awareness when
it comes to carbon emissions and adopting environment-friendly vehicles.
The innumerable benefits offered by hybrid cars are not lost on
consumers in these countries and an increasing number of people have
been switching from conventional to unconventional means of
transportation. This can also be supplemented by immense support shown
by the governments in Japan and China. Various initiatives to encourage
as well as promote the uptake of hybrid cars has boded well for these
countries.
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It
is, therefore, no surprise that Asia Pacific dominates the global
market for hybrid cars and in 2015, accounted for a massive 70.0% share.
If ongoing trends continue to impact this regional market the way they
have in the past, the APAC hybrid market is poised to exhibit a strong
cumulative average growth rate over the course of the next seven years.
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