Global Hybrid Cars Market Estimated to Reach US$ 398.90 Bn by 2024: Transparency Market Research

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.

A car which operates on more than one form of onboard energy source to achieve desired momentum is called hybrid car. In practice, hybrid vehicles feature traditional internal combustion engine along with fuel tank and one or more electric motors and battery packs. Rising concern related to air pollution due to vehicle emissions coupled with government initiative towards use of eco-friendly vehicle across all regions are the major factors that drives the hybrid cars market.

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In terms of volume and revenue, Asia Pacific held the largest share of more than 70% of the global hybrid cars market in 2015. Government initiative towards use of hybrid cars coupled with increasing awareness related to eco-friendly vehicle especially in countries such as Japan and China are the major factors contributed the growth of hybrid car market in this region. Asia Pacific is anticipated to grow at highest CAGR compare to other regions during the forecast period. It is estimated to grow at CAGR of more than 16% in terms of value during the forecast period. Japan contributed the largest share and is likely to remain dominant market in next eight years.

North America followed by Europe estimated to grow at moderate rate during the forecast period. Government support for the purchase of hybrid car and expanding charging units across regions are major drivers of the hybrid car market in North America and Europe. Penetration of hybrid cars in Latin America and Middle East & Africa is least compare to other regions. These regions are expected to grow at sluggish rate during the forecast period. Flexi-fuel cars still dominated the hybrid car market in Latin America and penetration is very less for hybrid car in this region. Within Middle East, oil is readily available at affordable price for obvious reasons due to which hybrid car penetration is minimal.

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
    • U.S.
    • Canada
  • Europe
    • Germany
    • Italy
    • U.K.
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA)
    • GCC
    • 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.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.


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