Alarming increase in level of air pollution has raised awareness among the consumers for environmental friendly product which are carbon free. Also, increasing awareness about the environmental friendly vehicles is likely to influence the demand of the global hybrid cars market in coming years.
On the other hand, the government are encouraging the use of the hybrid car in order to minimize the pollution through providing stringent emission standards for the car and also provides several incentives to the buys to support the growth. Highly expensive price of the car and easy availability of the hybrid car is another factor propelling the growth of this market in near future.
Strict implementation of policy is one of the important aspect driving growth. Also, high cost involved in the production of the hybrid car is one the key challenge faced by the manufactures operating in the hybrid car market. Imposing stringent rule and regulation for setting the standard of the emission is likely to exhibits lucrative opportunities for the key players.
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The manufacturers are highly focused toward the research and development activities to enhance the technology capability in this market. Increasing government initiative toward installation of the electric charging station is another factor boosting the growth of the market in coming years.
Series Parallel Hybrids Cars Market Dominates in Terms of Demand
The global hybrid car market is categorized into plug-in hybrid, series parallel hybrid cars, and the series hybrid. Of these segment, demand of the series parallel hybrid dominates the market in terms of demand. The overall scenario of this market likely to remain same over the coming years.
Moreover, plug in hybrid cars is likely to register significant growth in terms of demand and the consumer awareness about the efficiency of the plug in hybrid cars. In addition, government initiatives toward the tax incentives is likely to propel the demand of this market in near future.
Rising Awareness Drives Towards Eco-Friendly Products Likely to Drive Growth
On the basis of geography, Asia Pacific dominates the market in terms of consumer awareness toward the environmental friendly vehicles. Also, the increasing government support toward the purchase of the hybrid cars in Japan and China, is another factor triggering the growth of this market in coming years. In contrast, the hybrid cars market in Europe and North America expected to register moderate growth rate, as the market attain maturity level in terms of demand.
On the other hand, high adoption rate of the fuel cars and electricity cars is another factor driving the growth negatively. The existence of the electricity car, act as the direct substitute of the hybrid cars is likely to impact the growth of this market in near future. On the other hand, rising number of charging booth likely to influence the growth of the global market for hybrid cars.
The report also offers few prominent market players operating in the hybrid cars market includes Volkswagen AG, Toyota Motor Corp., Nissan Motor Co. Ltd., Honda Motor Co. Ltd. And Hyundai Motor Co.
Growing Awareness Regarding Environmental Issues Drives Demand Avenues in Hybrid Cars Market
Hybrid cars refer to vehicles that utilize more than one propulsion techniques–that probably means the combination of a diesel or petrol engine and electric motor. These cars are gaining traction owing to a wide range of advantages they offer. Some of the key advantages of hybrid cars include lower wear and tear and better gas mileage. Thus, the global hybrid cars market is projected to show upward graph of sales owing to the cost-effectiveness of the products offered in it.
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In recent few years, there is remarkable growth in awareness among worldwide population regarding environmental issues. As a result, people are inclined toward the use of products that are environmental-friendly in nature. This scenario is generating prominent demand for hybrid cars from all across the globe. Owing to this factor, the global hybrid cars market is likely to grow at promising pace in the forthcoming years.
The government bodies of many countries across the globe are growing initiatives to reduce the carbon footprints. As a result, they are encouraging people to use the vehicles that utilize less fuel and release less amount of CO2 than traditional diesel or petrol-engined vehicles. As hybrid cars fulfill all these criteria for the conservation of nature, there is remarkable growth in use of hybrid cars in several countries from all across the world.
The recent COVID-19 pandemic has showed adverse impact on the overall growth of the global hybrid cars market. The companies engaged in this market are dealing with many issues such as sudden drop in sales, stopped production activities, and thereby lowered revenues. Many players in the global hybrid cars market are strategizing their moves to regain their production activities by taking all necessary precautions stated by regional government authorities. As a result, the global hybrid cars market is expected to recover from the recent pandemic and show promising growth in the forthcoming years.
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