Global Hybrid Vehicles Market to be Worth of US$193.29 Bn by 2024 due to Growing Trend of Using Green Vehicles and Reducing Consumption of Fuel: Transparency Market Research

Global Hybrid Vehicles Market to be Worth of US$193.29 Bn by 2024 due to Growing Trend of Using Green Vehicles and Reducing Consumption of Fuel: Transparency Market Research

PR Newswire

ALBANY, New York, November 5, 2018

ALBANY, New York, November 5, 2018 /PRNewswire/ --

The global hybrid vehicles market has highly consolidative vendor landscape owing to dominance of handful of companies, observes Transparency Market Research (TMR) in the new report. Some of the key players operating in the global market for hybrid vehicles are General Motors Company, Mercedes-Benz USA LLC, Ford Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation. These players are trying to offer advanced products in order to gain substantial share in overall market. Also, these players are trying to enter into the strategic partnerships for their product advancements.

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According to TMR, the global hybrid vehicles market is expected to attain value of US$193.29 bn by the end of forecast period from the value of US$75.52 bn in 2015, expanding with impressive CAGR of 10.3% during the forecast period from 2016 to 2024. Based on the type of vehicle, the passenger vehicles segment dominated the global market for hybrid vehicle. Based on the region, Asia Pacific dominated the global market for hybrid vehicles in terms of revenue owing to growing investment in the developing countries such as India and China. Additionally, sales of the hybrid vehicles in Japan registered double than the US in the year 2015.

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Initiatives for Lowering Harmful Emission to Propel Growth 

Demand for hybrid vehicles is expected to rise exponentially owing to rising concerns regarding the environmental deterioration ingredients due to emissions of harmful gaseous from vehicles. The exhausting oil reserves is encouraging customers to adopt hybrid vehicles. Electric vehicles operate on power obtained from vehicle batteries. Also, the batteries employed in the automotive can be charged at charging points that are either private or open. Additionally, some of the hybrid vehicles can work on both fuel and power mode as desired and can switch between these modes. The aforementioned factors are boosting adoption of hybrid vehicles and likely to fuel growth of the market.

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The trend of using electric vehicles and reducing consumption of fuel is augmenting growth of the hybrid vehicles market. Demand for green vehicles is growing globally and especially in the developed countries such as US and Canada. In these countries, the demand is expected to increase over the forecast period and likely to propel growth of the global hybrid vehicles market. In addition, the customers are preferring the vehicles with higher productivity with reduction of the emission; thus, the adoption of electric vehicle is growing. These factors are propelling growth of the global hybrid vehicles market.

Performance Improvement of Hybrid Vehicle to Offer Opportunities 

The companies operating the hybrid vehicles market are trying to improve performance of the vehicles. These hybrid motor functions on parts such as engines and generators which are responsible for its performance. By enhancing these parts of automotive, the hybrid vehicles improve its performance than conventional vehicles.

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Despite these growth prospects, high cost required in research and development (R&D) of hybrid vehicles is leading to increase the selling price of vehicle, which is key factor limiting sales of the hybrid vehicles. Furthermore, some of the trust issues with hybrid vehicles among end users is also limiting growth of the market to some extent. Nonetheless, growing awareness about the environment coupled with growing initiatives for lowering emission is expected to offer lucrative opportunities for key players operating in the global market for hybrid vehicles over the forecast period.

This information is based on the new report by TMR, titled "Hybrid Vehicles Market (Engine Type - Hybrid Electric-Petroleum Vehicles, Continuously Outboard Recharged Electric Vehicle (COREV), Hybrid Fuel (Dual Mode), Fluid Power Hybrid and Others; Vehicle Type - Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2016 - 2024"

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The global Hybrid Vehicles Market has been segmented as presented:

By Engine Type: 

By Vehicle Type:  

By Geography: 

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