Hybrid Cars Market
REPORT DESCRIPTION
Hybrid Cars Market( Type- Series, Parallel, Plug-in, and Series-Parallel; Energy Source- ICE Hybrid, Fuel Cell Hybrid, Solar Hybrid, and Natural Gas Hybrid; Vehicle Type- Passenger Cars and Commercial Cars)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016- 2024
The global hybrid cars market witnesses a high degree of competition between the leading players, namely, Toyota, General Motors, Hyundai, Ford, Nissan, Honda, BMW, and Volkswagen, finds a new study by Transparency Market Research( TMR). Researchers anticipate this rivalry to intensify further in the near future as companies will try to take center stage by introducing new products constantly.
Browse Market Research Report @ http:// www. transparencymarketresearch. com / hybrid-cars-market. html
As per the research report, the global market for hybrid cars stood at US $ 102.88 bn in 2015. Rising at a CAGR of 16.50 % during the period from 2016 to 2024, the opportunity in this market is likely to reach a value of US $ 398.90 bn by the end of the forecast period. Currently, series parallel hybrid cars are registering a higher demand than other vehicles. Analysts expect the scenario to continue being so over the next few years, thanks to the unmatched efficiency offered by series parallel hybrid cars.
Continued Strong Demand for Hybrid Cars in Asia Pacific
The report also presents a regional analysis of the worldwide market for hybrid cars that includes its performance in North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Asia Pacific has acquired the dominance in this market. It led the overall market in 2015 with a share of more than 70 % and is projected to continue to dominate at a high cumulative average growth rate throughout the forecast period. The rise in the awareness level pertaining to the benefits offered eco-friendly vehicles as compared to conventional vehicles among consumers in Asian economies, especially in Japan and China and the increase in various governments’ initiatives to encourage the uptake of hybrid cars are anticipated to ensure the leadership of Asia Pacific market for hybrid cars over the forthcoming years.
On the flip side, Europe and North America are likely to record a moderate progress in their respective markets for hybrid cars in the near future due to motorization. The markets in Latin America and the Middle East and Africa are expected to
Transparency Market Research
2