Global Hybrid Vehicles Market Snapshot
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.
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.
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.
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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 world.
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.
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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.
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.