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. The 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 the introduction and development of electric and hybrid versions of popular existing car models. The commercial transportation industry has gradually shown an inclination towards green cars. Manufacturers have begun to explore options for capitalizing efficiency opportunities for hybrid drive in heavy trucks.
Biofuels have the potential for being an energy alternative for powering cars in the near future, which is expected to provide a fillip to hybrid vehicles 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 the market growth.
The hybrid vehicle's 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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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.