Published on : Feb 22, 2017
Albany, New York, February 22, 2017: The latest market analysis of the ever-increasing global market of hybrid vehicles can be found in the latest study added to the online repository of Market Research Hub (MRH). It is entitled, “Hybrid Vehicles Market- Global Industry Analysis, Market Trends, Size, Share, Growth and Forecast 2016-2024”, and offers a comprehensive analysis of the market by considering some of the major factors driving the market growth and growth prospects for coming years. Also, with a prime focus on some of the key regions such as Europe, North America, Asia-Pacific, Middle East and Africa (MEA) and Latin America; the report offers estimates in terms of income (US$ Billion) for the forecast period of 2015 to 2024.
According to the study findings, global hybrid vehicles market is expected to be worth US$193.29 billion by 2024 and between the forecast periods of 2016-24, the global market is anticipated to expand at a CAGR of 10.3%. One of the major reasons responsible for this growth is the combination of motor and generators present in the hybrid vehicles.
A Hybrid vehicle commonly uses two or more sources of power for its functioning such as internal combustion engine (using a variety of fuels, generally Diesel and gasoline engines) along with an electric motor. Due to huge pollution emitted by conventional vehicles run on diesel and gasoline, there has escalated a requirement to search for alternate sources of energy which are environment-friendly in nature. These motors and generators deliver a better performance, thus making hybrid vehicles greater as compared to conventional ones. Furthermore, another fact like pure hybrid vehicles emit lesser carbon dioxide and are environment-friendly is also thriving the growth of the market.
Moreover, the report segments the market on the basis of vehicle type, engine type and by regions. The hybrid vehicle's market is merged as there are few manufacturing companies of the hybrid vehicle among which Japanese automaker, Toyota Corp. holds the top position of the market share in the world. The global Hybrid Vehicles market is segmented as follows:
In terms of Vehicle type;
- Heavy Commercial Vehicles
- Light Commercial Vehicles and
- Passenger Vehicles
In terms of Engine type;
- Continuously Outboard Recharged Electric Vehicle (COREV)
- Fluid Power Hybrid
- Hybrid Electric-Petroleum Vehicles
- Hybrid Fuel (Dual Mode)
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Important companies of global hybrid vehicles market profiled in this report are: Toyota Motor Corp., General Motors Company (GM), Bayerische Motoren Werke (BMW) AG, Ford Motor Company, Mercedes-Benz USA, LLC, Audi AG, Hyundai Motor Company, MAN SE, Renault SA and Nissan Motor Co. Ltd.
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