The global hybrid vehicles market is poised for substantial growth over the forecast period owing to the need for addressing consumers’ needs pertaining to fuel expenditure reduction and mandatory compliance with CO2 emissions norms. Plying of hybrid vehicles and electric drive trains are expected to become a common sight with growing awareness levels among consumers. Internal combustion engines are projected to dominate the automotive market, but electric and hybrid vehicles are expected to make significant in-roads.
Growing eco-friendly initiatives pertaining to fuel emissions is expected to be a significant driving force for the hybrid vehicles market. Consumer base for green cars in the U.S. has considerably expanded as a result of increased focus on electric and hybrid vehicles. Buyers’ increased emphasis on enhanced fuel efficiency and demand for environmentally friendly vehicles has led to introduction and development of electric and hybrid versions of popular existing car models. The commercial transportation industry has gradually shown inclination towards green cars. Manufacturers have begun to explore options for capitalizing efficiency opportunities for hybrid drive in heavy trucks.
Biofuels have a potential for being an energy alternative for powering cars in the near future, which is expected to provide a fillip to market growth. Factors such as European emission standards support from the governments of several countries, shrinking fuel reserves, and volatile oil prices are expected to drive the hybrid cars market. Vehicle manufacturers are expected to face the challenge of achieving profitability in hybrid vehicles’ sale. Concerns regarding the time duration required to make up for the cost difference between a hybrid and its compact equivalent is expected to hamper market growth.
The hybrid vehicles market can be segregated into dual-mode hybrid cars, series/parallel hybrid cars, series hybrid cars, plug-in hybrid cars, and parallel hybrid cars. Key automotive companies offering hybrid versions of popular car models include Volvo Group, Volkswagen Group, Toyota, Tata Motors Limited, Suzuki Motor Corporation, Renault, PSA Peugeot Citroen, Nissan, Hyundai-Kia, Honda, General Motors, Ford, Fiat, Daimler AG, Chrysler, and BYD.
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