Automotive and Transportation Hybrid Electric Car Market Research Report, 2023 | Page 4

Hybrid Electric Car Market
Various nations are offering support, such as high-occupancy vehicle lane and emission inspection exemption, to
owners of hybrid cars. Further, the electric car battery cost reduced from $1000/kWh to $227/kWh during 2010–
2016. During the forecast period, the prices of lithium ion (Li-ion) batteries are predicted to witness a greater fall
compared to nickel-metal hydride (NiMH) batteries. As per industry experts, the cost of Li-ion batteries is
expected to drop below $120/kWh by 2020, which, in turn, would boost the hybrid electric car market as the
price of battery often decides the electric car cost.
Thus, stringent government regulations and a drop in the battery prices are predicted to augment the market
growth during 2018–2023.
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