Growing trend of using green vehicles and reducing consumption of fuel propelling growth of global hybrid vehicles market, says Transparency Market Research report
A new Transparency Market Research (TMR) report has predicted that the global hybrid vehicles market will reach US$193.29 bn in 2024 from the value of US$75.52 bn in 2015, growing with impressive CAGR of 10.3% during the forecast period from 2016 to 2024.
As per the report, the passenger vehicles segment dominated the global market for hybrid vehicles. Based on the region, Asia Pacific dominated the global market for hybrid vehicles in terms of revenue owing to growing investment in the developing countries such as India and China.
TMR observes that the global hybrid vehicles market has highly consolidative vendor landscape owing to dominance of handful of companies.
Some of the key players operating in the global market for hybrid vehicles are General Motors Company, Mercedes-Benz USA LLC, Ford Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation.
The TMR report further reveals that these players are trying to offer advanced products in order to gain substantial share in overall market, besides looking for strategic partnerships for their product advancements.
Key factors driving growth of global hybrid vehicles market
According to TMR, the demand for hybrid vehicles is expected to rise exponentially, owing to rising concerns regarding the environmental deterioration ingredients due to emissions of harmful gases from vehicles.
Additionally, the exhausting oil reserves is encouraging customers to adopt hybrid vehicles.
The growing trend of using electric vehicles and reducing consumption of fuel is propelling growth of hybrid vehicles market, concludes the TMR report.
Despite these growth prospects, TMR observes, high cost required in research and development (R&D) of hybrid vehicles leads to increase in cost price of vehicle. This is a key factor limiting sales of the hybrid vehicles.
Furthermore, some of the trust issues with hybrid vehicles among end users is also limiting growth of the market to some extent.
However, the report says, growing awareness about the environment coupled with growing initiatives for lowering emission is likely to offer lucrative opportunities for key players operating in the global market for hybrid vehicles over the forecast period.