Hybrid Vehicles Market- Analysis, Size, Share, Trends, and Forecasts, 2015 To 2022:Grand View Research

The global hybrid car market is expected to witness substantial growth over the forecast period, which can be attributed to increased fuel efficiency coupled with low CO2 emission offered by hybrid cars. Rising demand for efficient alternative fuel paired with implementation of Kyoto protocol is expected to drive the hybrid car market growth. Growing environmental awareness and concerns along with depleting crude oil reserves are further expected to drive market growth. Favorable government initiatives such as monetary benefits on purchase of hybrid cars are also expected to fuel market growth over the next few years. Increasing research and development efforts by automakers towards efficient utilization of fuel is further expected to drive the global hybrid car market growth.

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Stringent environmental regulations by national agencies in Europe have led to increased adoption of hybrid cars, which is expected to favorably impact the hybrid car market growth. In addition, fluctuating crude oil prices is another factor driving growth in this market. However, replacement of expensive batteries in hybrid cars is expected to hinder market growth. In addition, high cost of hybrid cars are also expected to act as an inhibitor to market growth. Furthermore, fuel injected cars as against hybrid cars exhibit high acceleration, and may hinder the market growth over the next few years. Several economical and alternative fuel options such as CNG and LPG pose a challenge to market growth in coming years. Scarcity of re-filling stations, particularly in developing countries such as India and China is also expected to pose a challenge to the hybrid car market.

Asia-Pacific is expected to provide significant opportunities to market growth over the forecast period owing to increase in automotive production, growing need for fuel efficient vehicles, and rising fuel costs in the region. Developing countries such as China, India, and Brazil are expected to emerge as promising growth markets due to substantial automotive production coupled with rise in per capita income of individuals in these countries.

Key market participants include Nissan Motor Company, Ford Motor Company, Hyundai Motor Company, Honda Motor Corporation, Lexus, Mercedes, General Motors, and Toyota Motor Corporation.

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