Automotive and Transportation Hybrid Electric Car Market Research Report, 2023 | Page 3

Hybrid Electric Car Market
Furthermore, several initiatives are being taken by the European Commission to ensure a cleaner and greener
environment. For instance, it targets to lower CO 2 emissions by 20.0% by 2020 from the levels registered in 2008.
Similarly, various nations have proposed motor vehicle carbon emission or fuel efficiency policies. The increasing
concern in the light of CO 2 emissions around the globe is wiping out conventional vehicles. These strict emission
policies would ultimately raise the price of traditional cars and impel customers and automobile organizations to adopt
low-emission hybrid electric vehicles (HEVs).
Geographically Outlook
Geographically, the Asia-Pacific region led the hybrid electric car market in the historical period (2013–2017), wherein
it made a revenue contribution of more than 57.0%, and it is expected to maintain its lead in the market till 2021. This
is attributed to the rising government incentives, increasing environmental awareness among customers, and strict
emission policies in various countries, including Japan, which is a hub for giant hybrid electric vehicle makers, such as
Honda, Toyota, Nissan, and Mitsubishi.
P&S Intelligence