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Hybrid Vehicles Market is expected to be worth US$193.29 bn by 2024

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Hybrid Vehicles Market is expected to be worth US$193.29 bn by 2024

June 29
19:10 2021
Hybrid vehicles operate without separate alternators and engines and usually have multiple combined motor or generators, which is used for starting internal combustion engine.

The global market for hybrid vehicles is gaining traction and is projected to enjoy a high level of competition among the prominent players over the next few years, states a new market study by TMR. The rise in the number of players that are estimated to expand their product horizon into hybrid vehicles and the rising investments by the prominent players are projected to support the development of the global hybrid vehicles market over the next few years. The key players in the market are further projected to focus on mergers and acquisitions, which is predicted to create potential growth opportunities for the new entrants in the coming years. The prominent players engaged in the hybrid vehicles market across the globe include Audi AG, MAN SE, Ford Motor Company, Nissan Motor Co. Ltd., Hyundai Motor Company, Renault SA., Mercedes-Benz USA, LLC, General Motors Company, Toyota Motor Corporation, and Bayerische Motoren Werke (BMW) AG.

As per the market study by TMR, in 2015, the global market for hybrid vehicles stood at US$75.52 bn and is projected to reach a value of US$193.29 bn by 2024. The market is estimated to register a healthy 10.30% CAGR between 2016 and 2024. Geographically, Asia Pacific is projected to embrace a large share of the global hybrid vehicles market and continue its dominance over the next few years. The strong development of the automobile sector and the rising investments by several foreign companies are expected to ensure a rapid growth of this region in the coming years. In terms of type of vehicles, the passenger vehicles segment is predicted to witness a high growth in the next few years.

hybrid vehicles market

Reduction in Battery Prices to Propel Hybrid Vehicles Market in Coming Years

In the last few years, the automobile industry has been developing at an alarming rate in developed as well as developing economies. The rise in the awareness among consumers related to the decreasing fuel reserves has encouraged the growth of hybrid vehicles market across the globe. Thanks to this, several prominent players are launching hybrid vehicles, which is likely to attract a large number of consumers over the next few years. In addition to this, the strict norms pertaining to the emission of vehicles is predicted to enhance the overall development of the market in the near future.

Furthermore, there has been a constant reduction in the prices of battery and the optimum efficiency of fuel are some of the other factors that are likely to support the development of the global hybrid vehicles market in the next few years. Also, the key players in the hybrid vehicles market are targeting the emerging economies around the world, as they hold immense growth opportunities. Thanks to these factors, the market is projected to observe a positive growth in the near future.

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High Cost of Vehicles to Inhibit Market Growth in Near Future

The global market for hybrid vehicles, on the other hand, is projected to face a few challenges while operating in the market, which may hinder the growth in the near future. The growing demand for FCEVs and BEVs is considered to restrict the market growth across the globe. In addition to this, the lack of required infrastructure and the high cost of development are further estimated to curtail the development of the hybrid vehicles market in the coming years. Also, the high cost of hybrid vehicles is predicted to curb the market growth in the near future. Nonetheless, the rising number of initiatives by government organizations for encouraging the use of hybrid vehicles is likely to support the development of the market in the coming years.

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Hybrid Vehicles Market (Engine Type – Hybrid Electric-Petroleum Vehicles, Continuously Outboard Recharged Electric Vehicle (COREV), Hybrid Fuel (Dual Mode), Fluid Power Hybrid and Others; Vehicle Type – Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) – Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2016 – 2024.”

Key Takeaways:

  • The reducing cost of batteries is predicted to propel the global hybrid vehicles market in the next few years.
  • Asia Pacific is anticipated to hold a large share of the market and register a promising growth rate in the coming few years.

The global hybrid vehicles market has been segmented as below:

Global Hybrid Vehicles Market, by type

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Global Hybrid Vehicles Market, by Geography

  • North America
  • Latin America
  • Asia Pacific
  • Europe
  • Middle East and Africa

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Country: United States
Website: https://www.transparencymarketresearch.com/


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