- Substantial income tax credits offered by governments in some developed countries for electric and plug-in hybrid electric vehicles propels the hybrid cars market
- Design of hybrid cars for reduced engine size and reduced car weight translating into increased mileage to favor the demand for these vehicles
ALBANY, N.Y., April 15, 2022 /PRNewswire/ -- Analysts at TMR estimate the hybrid cars market to expand at a CAGR of 21.9% during the forecast period from 2021 to 2031. Increasing shift in demand from conventional gasoline powered engine vehicles to environment-friendly engine vehicles is a key factor fueling the growth of the hybrid cars market. Consistent effort of automobile manufacturers for improved designs until commercialization is promising for the growth of hybrid cars market.
Increasing consumer awareness for fuel-efficient vehicles and government regulations to curb vehicle emissions is leading to the rising demand for electric and hybrid vehicles. Hybrid vehicles receive power either from electric motor engine, natural gas engine, or internal combustion (IC) engine, with IC engines mostly used to power battery of electric vehicles and hybrid vehicles for their low emissions.
Several governments the world over are playing a key role to increase awareness about electric and hybrid vehicles to reduce the use of conventional fuel-based engine vehicles in an effort to conserve the environment. Governments are providing several benefits and subsidies to increase the production capacity of electric and hybrid vehicles, and tax incentives to users for purchase of these vehicles. For instance, the U.S. Government offers up to US$ 7,500 federal income tax credits for all electric and plug-in hybrid electric vehicles.
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Hybrid Cars Market - Key Findings of Report
- Design encompassing environment-friendly compact size engines, improved aero dynamics, and reduced car weight as compared to IC engine cars elevates the fuel efficiency of hybrid vehicles
- Demand for series-parallel hybrid cars is at the fore among other leading product segments in the hybrid cars market. Superior functionality of series-parallel hybrid cars allows to split power, wherein power is routed from IC engine to the wheels of the vehicle. Nonetheless, plug-in hybrid cars are anticipated to witness high demand during the forecast period. The commercialization of plug-in hybrids that is attracting consumers to own battery-operated vehicles is providing substantial opportunities to this product segment of the hybrid cars market.
- Hybrid car manufacturers in developed countries are leaning toward local production to strengthen their manufacturing capacity. This is proving to be beneficial to serve substantial demand in regional markets, and reduce cost of shipping of several raw materials used.
- Exponential rise in vehicle ownership in several parts of the world leading to rise in pollution has alerted governments to adopt measures to reduce pollution. Several governments offer tax benefits for environment-friendly vehicles, and thus stimulate demand for hybrid cars market
- Asia Pacific led the hybrid cars market in terms of revenue in 2020 due to the substantial demand for of IC engine and electric motor powered vehicles. Rising awareness among consumers for the adoption of low emission vehicles and incentives provided by several governments for use of electric and hybrid cars fuels the hybrid cars market in the region.
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Hybrid Cars Market - Growth Drivers
- Growing consumer awareness about fuel-efficient vehicles and government regulations to curb vehicular emissions drives the hybrid cars market
- Array of benefits and incentives offered by governments to vehicle manufacturers to increase the production capacity of electric and hybrid vehicles stimulates the hybrid cars market
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Hybrid Cars Market - Key Players
Some of the key players operating in the hybrid cars market are;
- Volkswagen AG
- Nissan Motor Co. Ltd.
- Hyundai Motor Co.
- BorgWarner Inc.
- Volvo Group
- Allison Transmission
- Toyota Motor Corp.
- Honda Motor Co. Ltd.
- Continental AG
- Ford Motor Company
- Daimler AG
- ZF Friedrichshafen AG
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The hybrid cars market is segmented as follows;
Hybrid Cars Market, by Type
- Series
- Parallel
- Plug-in
- Series-Parallel
Hybrid Cars Market, by Energy Source
- ICE Hybrid
- Fuel Cell Hybrid
- Solar Hybrid
- Natural Gas Hybrid
Hybrid Cars Market, by Degree of Hybridization
- Full Hybrid
- Micro-Hybrid
- Mild Hybrid
Hybrid Cars Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicle
Hybrid Cars Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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