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Hybrid Cars Market to Expand at a CAGR of 16.5% over 2016-2024

Global Hybrid Car Market: Snapshots

Alarming increase in level of air pollution has raised awareness among the consumers for environmental friendly product which are carbon free. Also, increasing awareness about the environmental friendly vehicles is likely to influence the demand of the global hybrid cars market in coming years.

On the other hand, the government are encouraging the use of the hybrid car in order to minimize the pollution through providing stringent emission standards for the car and also provides several incentives to the buys to support the growth. Highly expensive price of the car and easy availability of the hybrid car is another factor propelling the growth of this market in near future.

Strict implementation of policy is one of the important aspect driving growth. Also, high cost involved in the production of the hybrid car is one the key challenge faced by the manufactures operating in the hybrid car market. Imposing stringent rule and regulation for setting the standard of the emission is likely to exhibits lucrative opportunities for the key players.

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The manufacturers are highly focused toward the research and development activities to enhance the technology capability in this market. Increasing government initiative toward installation of the electric charging station is another factor boosting the growth of the market in coming years.

Series Parallel Hybrids Cars Market Dominates in Terms of Demand

The global hybrid car market is categorized into plug-in hybrid, series parallel hybrid cars, and the series hybrid. Of these segment, demand of the series parallel hybrid dominates the market in terms of demand. The overall scenario of this market likely to remain same over the coming years.

Moreover, plug in hybrid cars is likely to register significant growth in terms of demand and the consumer awareness about the efficiency of the plug in hybrid cars. In addition, government initiatives toward the tax incentives is likely to propel the demand of this market in near future.

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Rising Awareness Drives Towards Eco-Friendly Products Likely to Drive Growth

On the basis of geography, Asia Pacific dominates the market in terms of consumer awareness toward the environmental friendly vehicles. Also, the increasing government support toward the purchase of the hybrid cars in Japan and China, is another factor triggering the growth of this market in coming years. In contrast, the hybrid cars market in Europe and North America expected to register moderate growth rate, as the market attain maturity level in terms of demand.

On the other hand, high adoption rate of the fuel cars and electricity cars is another factor driving the growth negatively. The existence of the electricity car, act as the direct substitute of the hybrid cars is likely to impact the growth of this market in near future. On the other hand, rising number of charging booth likely to influence the growth of the global market for hybrid cars.

The report also offers few prominent market players operating in the hybrid cars market includes  Volkswagen AG, Toyota Motor Corp., Nissan Motor Co. Ltd., Honda Motor Co. Ltd. And Hyundai Motor Co.

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