Transparency Market Research includes new market research report "Hybrid Cars Market" to its huge collection of research reports.
Albany, NY -- (SBWIRE) -- 10/17/2014 -- The global automobile industry is churning and changing as a result of an intense global focus on reducing carbon emissions, especially in the automobile industry. The depleting environmental health of our planet has galvanized several governments, corporate and environmental groups alike to promote the use of hybrid cars. Hybrid cars are automobiles that run on conventional as well as alternative fuels. Hybrid vehicles are touted as the future of transportation, and with good reason. Conventional fuels are high on carbon emissions and a proving highly uneconomical because of their shrinking reserves, volatile supply and increasing cost of procurement.
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Governments across the world are largely in favor of promoting hybrid cars to reduce the level of pollution and to reduce dependence on conventional fuel sources.
According to estimates by leading market research firms, the global hybrid cars market will report a CAGR of over 20% between 2012 and 2018.
Several incentives and favorable policies by governments across countries will propel the hybrid car market to greater heights. The results of these positive policies are already visible in developed economies – and in developing economies to a certain extent – as the sales of hybrid cars have been on an upswing. Market estimates show that by 2020, the sales of hybrid cars globally will surpass the 4 million units mark.
The key markets for the hybrid cars market are ones where the automobile industry is already established, and a majority of consumers own automobiles. These markets mainly comprise North America and Europe. Here, the acceptance for hybrid cars is growing, and many consumers prefer to pay a higher price for such cars so as to save on fuel costs in the long term.
Segmentation of the global hybrid cars market
The global market for hybrid cars can be divided, by type, as: series hybrid cars, parallel hybrid cars, series/parallel hybrid cars, plug-in hybrid cars, and dual-mode (two-mode) hybrid cars.
The dynamics of the hybrid cars market
This industry primarily manufactures electric and hybrid vehicles – largely cars. A vehicle that features at least one electric motor for propulsion can be categorized as a hybrid vehicle. A hybrid electric vehicle, for instance, uses an electric propulsion system in combination with an internal combustion engine. Hybrid electric cars are the most popular product within the hybrid cars market. The demand for hybrid SUVs and trucks has also been witnessing healthy growth over the last few years.
Acceleration of the hybrid cars market
Over the last five years, the demand for hybrid cars has showed encouraging growth. This has been supported by heavy investments by leading automobile manufacturers. Consumers are also becoming more environmentally conscious, and are now showing more willingness to invest in hybrid cars. Rising conventional fuel costs have further contributed to the hybrid cars market.
The hybrid cars market is expected to show healthy growth over the foreseeable future, especially in the backdrop of rising oil prices and its volatile demand. However, the tax credits that are currently being offered to consumers will be phased out in the future. This aspect could dampen the growth of the market towards the beginning of the next decade. Hybrid models such as the Honda Civic Hybrid, the Toyota Prius Hybrid, the Chevrolet Volt, and the Ford Fusion Hybrid have placed themselves firmly in the global hybrid cars market.
At present, companies such as Nissan, Lexus, Honda, Toyota, Ford, Mercedes, and General Motors lead the worldwide market for hybrid cars.
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