WILMINGTON, DE / ACCESSWIRE / August 24, 2022 / Transparency Market Research Inc. - Hybrid car sales have proliferated on the back of widening consumer awareness about their environmentally friendliness. Ceaseless focus on unveiling new designs by automobile companies and automotive firms are expanding the target market for hybrid cars. The study projects the hybrid cars market to advance at a CAGR of 21.90% from 2021 to 2031 (forecast period).
The adoption of plug-in hybrid cars is expected to rise considerably in the coming years. The sales of plug-in hybrid cars will create incremental opportunities for players during the forecast period. New and better designs will open up new frontiers in the segment, opines the TMR study. Stridently, the demand for series parallel hybrid is the most attractive in the hybrid cars market.
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Key Findings of Hybrid Cars Market Study
- Environmental-Friendliness of Hybrid Cars Spurs Commercialization: Mounting concerns of the greenhouse gas emissions from use of fossil fuels has spurred the attractiveness of hybrid cars. Companies are therefore making a conscious effort in shifting away from conventional gasoline powered engines. This has generated profitable avenues for automobile manufacturers and automotive firms in the hybrid cars market.
- Vast Adoption of ICE Hybrid Cars Underpins Profitable Opportunities: The ICE hybrid car segment held a major share of the hybrid cars market, in relation to revenue, in 2020. Widespread adoption of ICE vehicles in recent years has boosted the commercialization of products in this segment, found the study by TMR.
- Automotive Companies Focus on Diversifying Product Portfolio to Maximise Revenues: A scrutiny of hybrid car sales statistics worldwide has found that their demand directly competes with that of electric vehicles (EVs). Thus, firms are gearing toward diversifying their revenue streams by focusing on commercialization of both, the study on the hybrid cars market found. In the coming years, emphasis on affordability of these will enrich the future of hybrid cars market prospects.
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Hybrid Cars Market: Key Drivers
- Hybrid cars are gaining popularity among consumers on the back of the need to reduce the cost of fuels required in ICE-based vehicles. Additionally, environmentally conscious consumers are attracted toward the proposition of reduced tailpipe emissions and lower pollution effects of hybrid cars. These are the key underpinnings of the expansion of avenues in hybrid cars market.
- Continued government support in the form of subsidies on plug-in hybrids in various developed and developing countries has propelled revenue generation in hybrid cars market.
Hybrid Cars Market: Regional Growth Dynamics
- In Europe and North America, the product demand is expected to mature, thus these markets will expand at a moderate growth rate during the forecast period.
- Asia Pacific held a key share of the global hybrid cars market in 2020, and is projected to stay immensely lucrative during the forecast period. The growth is likely to fuelled by growing commercialization of plug-in hybrids on the back of rising environmental awareness among consumers, particularly in emerging economies. Coupled with this, governments in China and Japan have extended support toward making hybrid cars affordable.
Hybrid Cars Market: Key Players
Some of the prominent companies in the hybrid cars market are Ford Motor Company, Allison Transmission, Daimler AG, Volvo Group, BorgWarner Inc., Honda Motor Co. Ltd., Hyundai Motor Company, Continental AG, Nissan Motor Co. Ltd., Toyota Motor Corp., and Volkswagen AG.
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Hybrid Cars Market Segmentation
Type
- Series
- Parallel
- Plug-in
- Series-Parallel
Energy Source
- Series
- Parallel
- Plug-in
- Series-Parallel
Degree of Hybridization
- Full Hybrid
- Micro-Hybrid
- Mild Hybrid
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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