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.
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.
This 204 page report gives readers a comprehensive
overview of the Hybrid cars market. Browse through 41 data tables and
75 figures to unlock the hidden opportunities in this market@
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.
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Hybrid cars market. Request a sample to stay abreast on the key
trends impacting this 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.
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 Type
- Series hybrid
- Parallel hybrid
- Plug-in hybrid
- Series-Parallel hybrid
By Energy Source
- ICE hybrids
- Fuel cell hybrids
- Solar hybrid
- Natural gas hybrid
By Vehicle Type
- Passenger Cars
- Commercial Car
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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