Hybrid Cars Market - Global Industry Analysis & Size | 2024
Global Hybrid Cars Market: Snapshot
The
alarming increase in the levels of air pollution has raised concerns of
people regarding carbon emissions, leading to their shift towards
carbon-free products. Hybrid cars, which are eco-friendly vehicles that
use electricity for their functioning, meet their demand perfectly. The
increasing awareness about these eco-friendly vehicles among consumers
is driving the global market for hybrid cars exponentially.
This
204 page report gives readers a comprehensive overview of the Hybrid
Cars Market. Browse through to unlock the hidden opportunities in this
market @
The
governments in various countries are also encouraging the adoption of
hybrid cars by mandating stringent emission standards and providing
various incentives and subsidies to buyers, which is likely to reflect
positively on the sales of these vehicles in the near future. However,
the high prices of hybrid cars and the easy availability of electric
cars may restrain the overall growth of this market to some extent over
the years to come.
The
global market for hybrid cars, which stood at US$102.88 bn in 2015, is
anticipated to touch US$398.90 bn by 2024, rising at a CAGR of 16.50%
between 2016 and 2024.
Demand for Series Parallel Hybrid Cars to Remain Strong
The
main types of hybrid cars available in the global hybrid market are the
series hybrid, parallel hybrid, plug-in hybrid, and series parallel
hybrid cars. Among these, the demand for series parallel hybrid cars is
higher than others at present. The scenario is expected to remain so
over the forthcoming years, thanks to the superiority of series parallel
hybrid cars in terms of efficiency.
However,
over the next few years, plug-in hybrid cars are likely to steal the
limelight and witness the demand at a higher cumulative average growth
rate, i.e. of more than 15% between 2016 and 2024. The increase in
government initiatives providing tax incentives and subsidies for the
purchase of plug-in cars, together with a surge in the installation of
electric charging stations are predicted to fuel the demand for plug-in
hybrid cars in the years to come.
Asia Pacific to Continue as Global Leader
North
America, Asia Pacific, the Middle East and Africa, Europe, and Latin
America are considered as the key regional market for hybrid cars. In
2015, Asia Pacific dominated the global market with a share of more than
70%. Over the forthcoming years, the increasing awareness among
consumers regarding the benefits of eco-friendly vehicles, especially in
China and Japan, coupled with various governments’ initiatives to
promote their usage, is likely to ensure the dominance of Asia Pacific
hybrid cars market.
On
the other hand, the hybrid car markets in North America and Europe are
expected to progress at a moderate rate in the near future due to their
mature states. However, the rising number of charging units may boost
both the markets to some extent over the next few years.
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@
Toyota
Motor Corp., General Motors Co., Hyundai Motor Co., Ford Motor Co.,
Nissan Motor Co. Ltd., BMW, Volkswagen AG, FCA N.V., and Honda Motor Co.
Ltd. are the key manufacturers of hybrid cars across the world.
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