The demand within the global market for hybrid car has been rising on account of advancements in the field of automotive manufacturing, finds TMR. The cumulative revenue share of the leading marker vendors in the global market for hybrid cars is expected to surpass all previous marks. This is a key manifestation of the consolidated nature of the global market for hybrid cars. The technology used for manufacturing hybrid cars is extremely intrinsic and complex, and hence, only a handful of manufacturers have been able to incorporate this technology. Furthermore, the need for a seamless automobile sector has also gathered momentum in recent times. This factor shall enhance the prospects of growth for the vendors operating in the global hybrid cars market.
The market for hybrid cars has been expanding at a stellar pace in recent times. This has led to the creation of lucrative opportunities for the market vendors. Moreover, there is a possibility of new vendors entering into the global market for hybrid cars in the forthcoming years. Hence, the global market for hybrid cars is expected to undergo rapid fragmentation over the next decade. Some of the key vendors in the global hybrid cars market are Toyota Motor Corp., Honda Motor Co. Ltd., Hyundai Motor Co., and Nissan Motor Co. Ltd.
Transparency Market Research (TMR) finds that the global market for hybrid car would expand at a boisterous CAGR of 16.5% over the period between 2016 and 2024. Furthermore, the market for hybrid cars is expected to touch a value of US$ 398.9 bn by the end of the forecast period. On the basis of vehicle type, commercial hybrid vehicles are gradually gathering popularity. Based on geography, the market for hybrid cars in Europe has been expanding at a starry rate in recent times.
Environmental Factors to Propel Market Demand
The need for a sustainable future has led to rapid changes and transformations in multiple industries. Environmental degradation caused by the automotive sector has come under the spotlight of negative attention in recent times. Hence, there is a dire to ensure that the pollution caused by vehicles is reduced. Considering these dynamics, it is legit to assert that the global market for hybrid cars would expand at a starry rate in the years to come. Furthermore, the presence of a seamless automotive sector that focuses on its corporate social responsibility has also created demand within the global market for hybrid cars.
Commercial Vehicles to Push Market Growth
The use of hybrid cars as commercial vehicles is a trend that has been gathering momentum over the past decade. Hence, there is commendable scope for growth within the global market for hybrid cars in the forthcoming years. However, the main concern of the manufacturers of hybrid cars is to bring passenger vehicles under the ambit of hybrid cars. Hence, there is immense scope for growth within the global market for hybrid cars in the years to come. Moreover, the presence of an ever-improving automotive sector in key regional pockets shall also drive market demand.
The review is based on TMR’s report titled, “Hybrid Cars Market (Type – Series, Parallel, Plug-in, and Series-Parallel; Energy Source – ICE Hybrid, Fuel Cell Hybrid, Solar Hybrid, and Natural Gas Hybrid; Vehicle Type – Passenger Cars and Commercial Cars) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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The global market for hybrid cars is segmented as:
- ICE Hybrid
- Fuel Cell Hybrid
- Solar Hybrid
- Natural Gas Hybrid
- Passenger Cars
- Commercial Cars
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