The rise of eco-friendly transportation expected to drive growth in Hybrid Vehicles Market

 

Hybrid Vehicles market


The Hybrid Vehicles Market is estimated to be valued at US$ 465.39 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Hybrid vehicles are powered by both conventional combustible fuel as well as electricity or alternative fuel. They contain a battery pack, electric motor in addition to conventional internal combustion engine. Hybrids provide enhanced fuel-efficiency compared to gasoline-only vehicles while reducing harmful emissions. Major hybrid vehicles available are hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and micro hybrid vehicles. Key OEMs offer hybrid variants for passenger cars as well as commercial vehicles.

Market Dynamics:
The Hybrid Vehicles Market is primarily driven by stringent emission regulations across nations aimed at curbing vehicle pollution. Several countries have outlined plans to phase out combustion engine vehicles and promote electric based vehicles in coming years. For instance, the UK and Germany have announced ban on new diesel and petrol vehicles by 2030 and 2035 respectively. This is prompting automakers to accelerate development of hybrid and electric vehicle programs. Additionally, higher fuel efficiency of hybrids allowing savings on fuel costs is encouraging consumers to opt for these over conventional vehicles. However, high initial costs of hybrid and electric vehicles compared to petrol/diesel variants continue to restrain broader consumer acceptance to some extent. OEMs are focusing on lowering battery prices to make electric vehicles more affordable.

Segment Analysis
The hybrid vehicles market can be segmented into parallel hybrid, series hybrid, and plug-in hybrid. Among these, parallel hybrid is the dominating segment as it uses both an internal combustion engine and electric motor to propel the vehicle. They seamlessly switch between gasoline and electric power depending on factors like speed and power requirements. This makes parallel hybrid vehicles more efficient compared to conventional vehicles without compromising performance.

PEST Analysis

Political:Strong government support through subsidies and tax credits promote the adoption of hybrid and electric vehicles in various countries. For instance, the US provides a tax credit of up to $7,500 for purchases of qualifying electric vehicles.

Economic: Rising fuel prices and cost of ownership make hybrid vehicles an attractive option. Their higher upfront costs versus gasoline vehicles get offset over time through savings on fuel.

Social: Growing environmental awareness among consumers is driving the preference for green vehicles. More people are accepting hybrids as a sustainable mobility solution to reduce emissions.

Technological: Continuous advancements in battery technology boost the capacity and lifespan of batteries in hybrids. This enhances their electric range and makes hybrid powertrains more viable and affordable.

Key Takeaways

The Global Hybrid Vehicles Market Demand is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing stringent emissions standards worldwide. The zero-emission criteria of countries are compelling automakers to shift towards electrified vehicles, thereby supporting the hybrid vehicle demand.

The Asia Pacific region is expected to dominate the hybrid vehicles market owing to the large production and sales volumes in major countries like China, Japan, and South Korea. China has emerged as the largest hybrid car market globally primarily due to supportive FDI policies and government initiatives such as subsidies on purchases.

Key players operating in the hybrid vehicles market are Toyota Motor Corporation, Nissan Motor Co. Ltd., Honda Motor Company Ltd., Hyundai Motor Company, Kia Motors Corporation, Daimler AG, Volvo Group, Volkswagen Group, BMW AG, Ford Motor Company, Mitsubishi Motors Corporation, and BYD Co. Ltd. Toyota is the leader in hybrid vehicles and has strong brand recognition for popular models like Prius, Camry Hybrid, and RAV4 Hybrid.

Read More:

https://www.pressreleasebulletin.com/hybrid-vehicles-market-trends-size-and-share-analysis/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more

Global Synthetic Biology Market Analysis: Size and Share

Image
Synthetic Biology Market  Synthetic biology encompasses the design, construction, and redesigning of biological parts, devices, and systems, either non-existent in nature or reengineered from existing biological systems. The market is experiencing significant growth, driven by the increasing demand for personalized medicine and healthcare. Applications of synthetic biology span pharmaceuticals, chemical production, agriculture, environmental protection, and renewable energy. Advancements in synthetic biology contribute to the rapid manufacturing of biotherapeutics, fostering the development of personalized medicine and more cost-effective healthcare solutions. The Synthetic Biology Market is projected to be valued at US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast period from 2023 to 2030, according to a newly published report by Coherent Market Insights. Key Market Trends: A prominent trend in the Global Synthetic Biology Market is the escalat...
Read more