Global Hybrid cars Market: Overview
The global hybrid cars market is envisaged to be benefited by the growing awareness about clean and eco-friendly cars amongst the common people. An alarming rise in the level of air pollution across the globe has resulted in the rise of temperature worldwide. As such, people are now more concerned and hence are adopting products that are carbon-free. Such awareness amongst people coupled with government initiatives for the increased adoption of such vehicles are the underlying causes for the exponential growth of the market for hybrid cars.
Global Hybrid cars Market: Key Trends
The demand for hybrid cars is anticipated to be propelled by the fact that most of manufacturers are increasingly focusing on extending their support for eco-friendly vehicles at the backdrop of such high level of environmental pollution. Apart from that, stringent government regulations have been put into place to contain carbon emissions. New emission standards are in favor of such hybrid vehicles that use electricity as opposed to gasoline or diesel thereby helping in the control of carbon emissions.
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Lighter engines and lighter materials comprise hybrid cars and as such they are light in weight. Lightweight vehicles use less of power to function. Furthermore, resale value of the hybrid cars have increased as more and more consumers are opting for hybrid cars. Higher resale value is also motivating the buyers to go for hybrid cars. The segment of plug-in hybrid cars are expected to witness a surge in demand owing to government backing for the usage of plug-in hybrid cars. Furthermore, more and more electric charging stations have been installed to trigger the future demand for such plug-in hybrid cars.
However, there could be some challenges that stunt the growth of the market players operating in the global hybrid cars market. Hybrid cars come with high cost, which is anticipated to mar its growth worldwide. Apart from high cost, electric cars are in direct competition with the hybrid cars. Electric cars are easily available, as such, it is going to restrain the market for hybrid cars.
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Global Hybrid cars Market: Market Potential
Furthermore, various governments are providing various incentives, subsidies, and tax incentives in a bid to encourage manufacturers to produce such environment-friendly vehicles for the common people. For example, as per the 2009 norms of European Union, the limit of emission level for new passenger vehicles have been set to 130g per kilometer. In 2014, Euro VI norm was introduced which set the nitrogen oxide emission level to be below 0.4 g/kWh and various other emissions should not exceed 0.01g /kWh. It is expected that other countries like Mexico, Russia, Australia, and Brazil will also follow suit and implement such stringent measure.
With such government initiatives and increasing awareness amongst the common people about the adverse effects of carbon emissions on the environment, the market for hybrid cars is estimated to gain momentum and move with a positive graph of growth.
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Global Hybrid cars Market: Regional Outlook
As per the analysis of the report, the world hybrid cars market could see a geographical classification of the market into North America (Canada and US), Europe (France, Italy, Germany, Spain, then U.K and rest of Europe), Middle East and Africa (GCC, South Africa and rest of MEA), and Asia Pacific (ASEAN, India, Japan, China and rest of Asia Pacific). According to the experienced and qualified researchers, Asia Pacific is expected to secure a leading position in the market because of the growing prominence of hybrid cars in the region due to increasing environmental awareness. Furthermore, increasing disposable income of the people of the regions is also responsible for such a growth of the market for hybrid cars.
Global Hybrid cars Market: Competitive Landscape
The worldwide hybrid cars market is expected to witness the presence of prominent players such as BMW, Nissan, Volkswagen, Hyundai, Toyota, General Motors, and the like. Market leaders could adopt some common business strategies, such as new product launches, and acquisitions to bolster their market growth.