The alarming increase in the levels of air pollution has raised concerns of people regarding carbon emissions, leading to their shift towards carbon-free products. Hybrid cars, which are eco-friendly vehicles that use electricity for their functioning, meet their demand perfectly. The increasing awareness about these eco-friendly vehicles among consumers is driving the global market for hybrid cars exponentially.
The governments in various countries are also encouraging the adoption of hybrid cars by mandating stringent emission standards and providing various incentives and subsidies to buyers, which is likely to reflect positively on the sales of these vehicles in the near future. However, the high prices of hybrid cars and the easy availability of electric cars may restrain the overall growth of this market to some extent over the years to come.
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The global market for hybrid cars, which stood at US$102.88 bn in 2015, is anticipated to touch US$398.90 bn by 2024, rising at a CAGR of 16.50% between 2016 and 2024.
Demand for Series Parallel Hybrid Cars to Remain Strong
The main types of hybrid cars available in the global hybrid market are the series hybrid, parallel hybrid, plug-in hybrid, and series parallel hybrid cars. Among these, the demand for series parallel hybrid cars is higher than others at present. The scenario is expected to remain so over the forthcoming years, thanks to the superiority of series parallel hybrid cars in terms of efficiency.
However, over the next few years, plug-in hybrid cars are likely to steal the limelight and witness the demand at a higher cumulative average growth rate, i.e. of more than 15% between 2016 and 2024. The increase in government initiatives providing tax incentives and subsidies for the purchase of plug-in cars, together with a surge in the installation of electric charging stations are predicted to fuel the demand for plug-in hybrid cars in the years to come.
Asia Pacific to Continue as Global Leader
North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America are considered as the key regional market for hybrid cars. In 2015, Asia Pacific dominated the global market with a share of more than 70%. Over the forthcoming years, the increasing awareness among consumers regarding the benefits of eco-friendly vehicles, especially in China and Japan, coupled with various governments’ initiatives to promote their usage, is likely to ensure the dominance of Asia Pacific hybrid cars market.
On the other hand, the hybrid car market in North America and Europe are expected to progress at a moderate rate in the near future due to their mature states. However, the rising number of charging units may boost both the markets to some extent over the next few years.
Toyota Motor Corp., General Motors Co., Hyundai Motor Co., Ford Motor Co., Nissan Motor Co. Ltd., BMW, Volkswagen AG, FCA N.V., and Honda Motor Co. Ltd. are the key manufacturers of hybrid cars across the world.