According to the report analysis, ‘Global Hybrid Vehicle Market Size study, by Electric Power train Type (Parallel Hybrid and Series Hybrid) by Propulsion (HEV, PHEV and NGV) by Degree of Hybridization (Micro Hybrid, Mild Hybrid and Full Hybrid Vehicle) Component Type (Electric Motor, Transmission and Battery) by Vehicle Type (Passenger Car and Commercial Vehicle) and Regional Forecasts 2018-2025’ the worldwide hybrid vehicles market is controlled for the substantial growth over the review duration due to the desire for the addressing customers’ requirements pertaining to propel to fuel spending deduction and mandatory amenability with CO2 emanations norms.
In addition, the worldwide hybrid vehicle market worth approximately USD 333 billion in 2017 and is predicted to augment with a healthy growth rate of more than 12.5% over the review period of 2018-2025. The effective augment in the demand of fuel-efficient vehicles, government regulations and increasing requirement of low carbon emission vehicle involving e-vehicle are encouraging the growth of the market. The Government across the world have ongoing implementing rigorous regulation to control carbon emission. For instance, the European Union (EU) directives and associated legislation restrict the amount of structured pollutants that can be produced by fresh motor vehicles and engines promoted in the EU. Thus, the effective increase in the government norms and rules is anticipated to boom up the market growth.
Furthermore, the plying of hybrid vehicles and electric drive trains are anticipated to become a communal sight with the effective increase in the awareness levels among consumers. Internal combustion engines are anticipated to account the automotive market, but electric and hybrid vehicles are anticipated to create the significant in-roads.
Although, the Biofuels have an impending for being an energy unconventional for powering cars in the coming future, which is predicted to deliver a fillip to market growth. The aspects such as European emission standards support from the governments of numerous regions, shrinking fuel reserves, and volatile oil prices are predicted to propel the hybrid cars market. Vehicle manufacturers are anticipated to face the challenge of obtaining the effectiveness in hybrid vehicles’ sale. Apprehensions concerning the time duration demanded to make up for the cost difference between a hybrid and its dense equivalent is anticipated to restricted the market growth.
However, the report also states that in the worldwide hybrid vehicle market there are numerous players which presently working more actively for leading the fastest market growth and registering the wide value of market share throughout the short span of time while augmenting the specifications and applications of the such, spreading the awareness related to such, accepting the profitable strategies and policies and examine the competitive strategies of the competitors includes Toyota, Ford, Volvo, Continental, ZF, Daimler, Hyundai, Honda, Schaefler, Borgwarner, Delphi Technologies, Allison Transmission and several others.
Not only has this, based on the region, the market of hybrid vehicles is spread around the globe which majorly involves Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia Pacific is the registering region across the globe in terms of market share region over the review period of 2018-2025 due to the emerging market players in this economy. Therefore, in the coming years, it is anticipated that the market of hybrid vehicle will increase around the globe over the near future more progressively.
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Ankur Gupta, Head Marketing & Communications