Browse The Report:
http://www.transparencymarketresearch.com/hybrid-vehicles-market.html
According to the research report, the global hybrid vehicles market
was valued at US$75.52 bn in 2015. However, by the end of 2024, the
global market is estimated to reach US$193.29 bn, as the market
expands at a CAGR of 10.3% between 2016 and 2024.
Flourishing
Automotive Industry of Asia Pacific Boosts Regional Market
Geographically, the global hybrid vehicles market is categorized into
North America, Asia Pacific, Europe, Latin America, and the Middle
East and Africa. Of these regions, Asia Pacific has held a dominant
share in the global market and is estimated to continue its stance
over the next few years. The flourishing automotive industry in the
region and the growing sales of automobiles are expected to keep the
Asia Pacific hybrid vehicles market at the forefront during the
forecast period.
On the basis of type of vehicle, the global market is segmented into
passenger vehicles, light commercial vehicles, and heavy commercial
vehicles. Of these, the passenger vehicles segment made a significant
contribution to the soaring revenue of the global market. By the end
of forecast period, the passenger vehicles segment is expected to
account for a share of 56.6%. Design and development of eco-friendly
passenger vehicles is expected to boost this segment in the coming
years.
Increasing
Concerns Pertaining to Environment Encourage Consumers to Opt for
Hybrid Vehicles
Hybrid vehicles are known to have superior performance as compared to
conventional vehicles as these do not require separate alternators
and engine. The hybrid engines operate on multiple motors and
generators, which offer improved performance as compared to regular
vehicles. Hybrid vehicles have been gaining traction over the past
few years as they are being specifically designed to have low
emission and thus environment-friendly. The rising concerns
pertaining to the environment amongst consumers and governments have
augmented the demand for hybrid vehicles across the globe. The
soaring prices of fuel as also expected to lure consumers toward
hybrid vehicles as they are known to be fuel efficient.
High
Cost of Developing Hybrid Engines Results in Unaffordable Selling
Price
Though the hybrid systems are exceptionally sophisticated and being
positioned as the future of the automotive industry, their future
remains dependent on the high research and development costs. The
report states that the high cost of researching and developing hybrid
vehicles is expected to hamper the global market in the coming years.
This cost eventually adds up to the selling price, which is makes the
new-age vehicles unaffordable for consumers. The market is also
likely to be restrained by the lack of awareness about hybrid
vehicles amongst end users. Furthermore, the
handful users who are aware continue to be skeptical about investing
and using hybrid vehicles. Thus, hesitant outlook toward spending on
hybrid vehicles is likely to challenge the growth of the global
market.
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