ALBANY, New York, March 1, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Hybrid Cars Market By Type (Series, Parallel, Plug-in, Series-Parallel), By Energy Source (ICE Hybrid, Fuel Cell Hybrid, Solar hybrid, Natural Gas Hybrid), By Vehicle Type (Passenger Cars, Commercial Cars)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global hybrid cars market was valued at US$ 102.88 Bn in 2015 and is projected to reach US$ 398.90 Bn by 2024 at a CAGR of 16.5% from 2016 to 2024.
Hybrid car is an eco-friendly vehicle in which two different energy sources are used to drive the vehicle. One form of energy source is conventional internal combustion engine which act as a main power source coupled with electric motor provided with battery pack which act as an alternative energy source. Based on type, hybrid cars are classified as series hybrid, parallel hybrid, plug-in hybrid and series-parallel hybrid. Hybrid cars has been classified further based on energy source such as ICE hybrid, fuel cell hybrid, solar hybrid and natural gas hybrid. It is segmented further into passenger car and commercial car vehicle type.
Government support to hybrid car manufacturers coupled with increasing need of eco-friendly vehicle to control air pollution are the important drivers for the growth of hybrid cars market. However, higher price related to hybrid cars and availability of electric car as the substitute are the major challenge restricting higher adoption.
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Based on type, series-parallel is the major segment in hybrid car and it is expected to dominate the market during the forecast period in terms of value. However, plug-in hybrid is anticipated to grow at highest CAGR in terms of volume during the forecast period. It is expected to grow at CAGR of more than 15% during the forecast period. Government initiative related to providing tax incentives and subsidiaries on purchase of plug-in and electric vehicles coupled with increasing installation of electric charging unit stations are the main factors which are expected to fuel the demand of hybrid cars market during the forecast period.
ICE hybrid is prominent energy source that is used in hybrid car across all region. It is likely to dominate the market during the forecast period followed by fuel cell hybrid. Asia Pacific dominated the hybrid car market and same trend is likely to continue during the forecast period followed by North America and Europe. Increasing awareness related to hybrid cars followed by government initiative related to providing incentives on hybrid car purchase are the major factors contributed the growth of the hybrid car market. Implementation of stringent emission norms to control air pollution coupled with government incentive schemes are the important factors which are expected to drive the hybrid cars market in Asia Pacific region during the forecast period. Latin America and Middle East & Africa is expected to show sluggish demand for hybrid cars market during the forecast period.
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The global hybrid cars market is consolidated with very few players dominating the market. Key players in the global hybrid cars market are Toyota Motor Corporation, General Motors Company, Hyundai Motor Company, Ford Motor Company, Nissan Motor Company Ltd, Volkswagen AG, BMW, Honda Motor Co., Ltd., and FCA N.V.
The global hybrid cars market has been segmented as follows:
Hybrid Cars Market: By Type
- Series hybrid
- Parallel hybrid
- Plug-in hybrid
- Series-Parallel hybrid
Hybrid Cars Market: By Energy Source
- ICE hybrids
- Fuel cell hybrids
- Solar hybrid
- Natural gas hybrid
Hybrid Cars Market: By Vehicle Type
- Passenger Cars
- Commercial Car
Hybrid Cars Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
Rest of MEA
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research