DUBLIN, February 26, 2016 /PRNewswire/ --
The global HEVs market is forecast to grow at a CAGR of 10.53% over the period 2015-2019, according to a report published on Research and Markets. The report states that increased marketing by vendors and widespread education about the benefits of HEVs have helped these vehicles gain popularity among end-users. Honda Motors have become the latest automaker to branch into electric vehicles, announcing Wednesday that it expect EVs to account for two-thirds of its lineup by 2030.
The Japanese automobile company says it will release a plug-in hybrid in North America by 2018, and will then make plug-in versions of its major models. It expects its petrol-battery hybrid, plug-in hybrid, battery electric and fuel cell vehicles to collectively outnumber its petrol-only vehicles in less than 15 years.
The electric vehicle market in North America is expected to grow at a rate of 24.02% by 2019. The state governments are providing various incentives and rebates to consumers and businesses to install EVSE and the promotions for customers to have their personal charging station will have a positive impact on the market.According to the report, both consumers and the government are concerned about the environment and this has resulted in increased demand for EVs in the US. But limited infrastructure, such as charging stations, and high maintenance costs are expected to hinder the sales of EVs.
However, a recent report on the global wireless charging market expects the market to grow at an impressive CAGR of more than 33% by 2020 as a result of this demand. It says the high growth potential of wireless charging has compelled many automobile companies to implement wireless charging systems for EVs and plug-in hybrid electric vehicles (PHEVs).
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SOURCE Research and Markets