According to Transparency Market Research has released a new market report forecasts industry trends, analysis, growth, share and size of the market. According to the research global hybrid cars market was valued at $ 102.88 Billion in 2015 and is expected to reach $ 398.90 Billion by 2024 with growth rate of 16.5% from 2016 to 2024.
Hybrid cars are classified into different types, based on type of the car, hybrid cars are classified as series hybrid, parallel hybrid, plug-in hybrid and series-parallel hybrid. The further classified based on energy source such as ICE hybrid, fuel cell hybrid, solar hybrid and natural gas hybrid. It is also segmented further into passenger vehicle and commercial vehicle type.
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Government support to hybrid car manufacturers is doubled with increased need of eco-friendly vehicle to control air pollution. These are the key drivers for the growth of hybrid cars market as a whole. However, higher price related to hybrid cars and availability of electric car as the substitute are the major challenges in the market growth.
According to the report Series-parallel type is the major segment in hybrid industry 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 growth rate in terms of volume during the forecast period. It is expected to grow at 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.
The global hybrid cars market is acquired by few players dominating the market. Big players in the global hybrid cars market are Toyota Corporation, General Motors, Hyundai Motors, Ford, Nissan, Volkswagen, BMW and Honda.