The global hybrid vehicles market has been gaining momentum over the past few years as vehicles available in this market are known to have a sophisticated performance. Hybrid vehicles operate without separate alternators and engines and usually have multiple combined motor or generators, which is used for starting internal combustion engine. These motor and generators deliver a better performance as compared to others, making hybrid vehicles superior as compared to conventional ones. Furthermore, the fact that pure hybrid vehicles are emit lesser carbon dioxide and are environment friendly is also driving the growth of the global market.
Owing to these reasons, the global hybrid vehicles market is expected to be worth US$193.29 bn by 2024 as compared to US$75.52 bn in 2015. Between the forecast years of 2016 and 2024, the global market is estimated to expand at a CAGR of 10.3%.
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Growing Concerns Pertaining to Rising Air Pollution Shift Demand toward Hybrid Vehicles
The report states that the demand for hybrid vehicles will rise against the backdrop of rising concerns pertaining to pollution. The shocking rise in air pollution and its adverse effects on human health and the environment has coaxed governments and the consumers to opt for environment-friendly vehicles. Furthermore, the soaring fuel prices has also augmented the demand for pure hybrid, pure electric hybrid, and battery driven hybrid vehicles across developed regional of North America and Europe.
Though the demand for hybrid vehicles seems to be consistent, the market is likely to face a few tough challenges on the way. The high cost of research and development of hybrid vehicles is seen to be percolating to the selling price, which is discouraging several end users from making purchases. Furthermore, the skepticism surrounding the usage of hybrid vehicles amongst end users is also likely to hamper the growth of the overall market in the coming years.
On the basis of type of vehicles, the global hybrid vehicles market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Of these, the passenger vehicles segment is expected to grow at a significant pace in the coming years due to the high demand for passenger vehicles across the globe. Furthermore, the introduction of technologically advanced passenger vehicles that are eco-friendly and are powered with sophisticated engines is expected to shape the trajectory of the overall segment in a positive manner in the coming years.
Asia Pacific Emerges as Leading Regional Market as Fuel Prices Rise
In terms of geography, the global market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these, Asia Pacific is expected to lead the pack. This regional market will be driven by the booming automotive industry in the region and the growing investments by foreign companies in the emerging economies. The Asia Pacific hybrid vehicles market is likely to be fueled by the improving disposable incomes of rising nations such as India and China. Changing lifestyles, higher fuel prices, and increasing awareness about benefits of hybrid vehicles is also expected to have a positive impact on this regional market.
Key players operating in the global market are General Motors Company, Bayerische Motoren Werke (BMW) AG, Ford Motor Company, Audi AG, Mercedes-Benz USA, LLC, Hyundai Motor Company, Toyota Motor Corporation, MAN SE, Nissan Motor Co. Ltd., and Renault SA.