ALBANY, New York, April 24, 2019 /PRNewswire/ -- The global hybrid vehicles market has a highly competitive vendor landscape, Transparency Market Research (TMR) predicted during the study period. Some of the prominent players including Audi AG, Ford Motor Company, MAN SE, Nissan Motor Co. Ltd., Renault SA., Mercedes-Benz USA, LLC, and General Motors Company are dominating in the global hybrid vehicles market.
The market features a large number of players. Additionally, a continuously growing number of players, which are estimated to expand their products offering in hybrid vehicles areas. In order to the expansion of their product portfolio, the key players are increasingly investing in research & development activities. Additionally, for achieving expansion of product portfolio these players are entering into mergers & acquisitions (M&A), partnership, and collaborations, which are expected to create numerous growth opportunities for key players in the hybrid vehicles market in coming years.
According to TMR, the global hybrid vehicles market is assessed to expand at a CAGR of 10.30% over the forecast period from 2016 to 2024. With this vigorous CAGR, the market is expected to attain a value of US$193.29 Bn by 2024-end from the revenue collected in 2015 of US$75.52 bn.
Based on the types, the passenger vehicles segment dominated the global hybrid vehicles market and is expected to expand at an impressive CAGR over the forecast period. Based on the region, Asia Pacific is projected to lead the pack in the global hybrid vehicles market over the forecast period. This growth of the region is attributable to the growing adoption of the passenger vehicles along with the booming automotive sector in the region.
Growing Demand for Eco-Friendly Alternatives to Propel Market's Growth
The hybrid vehicle's market is gaining grip due to the high demand for technologically advanced automotive globally and especially across developing countries. In order to reduce fuel consumption, as it is an exhausting source of energy, the consumers are preferring alternatives such as electric vehicles and hybrid vehicles. Further, the volatile prices of traditional fuels are also encouraging exploration of efficient alternatives. Additionally, growing norms over the reduction of the CO2 emission is leading to enhance demand for the eco-friendly or less harmful vehicles. These above-mentioned factors are driving the growth of the global hybrid vehicles market.
Furthermore, growing government support in terms of the favorable policies encouraging adoption of the biofuel is fuelling the growth of the global hybrid vehicles market. Other initiatives for ensuring the safety of the environment and lowering pollution due to emission of harmful gaseous in environment are supporting growth of the global hybrid vehicles market. The government is focusing to upgrade public transport by adopting eco-friendly and efficient transport facilities. This growth of the hybrid vehicles market is ascribed to the high demand for passenger vehicles across the globe.
High Time Required to Makeup Profits to Restrain Market's Growth
In addition, lack of efficient batteries in electric vehicles is resulting to high adoption of the hybrid vehicles market. However, low profitability is increasing concerns regarding high time consumption for makeup profit is hampering growth of the hybrid vehicles market to some extent. Nonetheless, European emission standards are gaining support from the other governments, which is expected to offer lucrative opportunities for growth. Additionally, the factors such as growing adoption and preference for biofuels over traditional fuel are also offering opportunities for growth of the hybrid vehicles market in the coming years.
This information is encompassed in the report by 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."
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