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Rising Focus On Adoption Of Eco-Friendly Cars To Encourage Growth Of Global Hybrid Electric Vehicle Market

Press Release   •   Feb 02, 2017 05:39 EST

A new research study has been recently added by to its vast collection of research reports. The 93-page research study, “Global Hybrid Electric Vehicle Market 2016-2020,” offers a thorough analysis of the market. The key segmentation of the global hybrid electric vehicle market has been provided in the report to offer a clear picture for readers and market players. As per the research study, the global hybrid electric vehicles market is estimated to register an impressive 37.0% CAGR between 2016 and 2020.

The charging infrastructure for plug-in hybrid electric vehicle and the rising focus on the adoption of eco-friendly (green) vehicles are some of the key factors projected to encourage the growth of the global market in the next few years. In addition, the stringent regulations concerning the fuel efficiency and emissions and a significant reduction in Li-ion battery cost are projected to accelerate the growth of the market in the next few years. However, the difficulty in adapting in changing weather, the high cost of ownership, and issues concerning battery performance are anticipated to restrict the growth of the market in the near future.

On the basis of product type, the global hybrid electric vehicle market has been categorized into entry-level, SUV, luxury sedan, mid-luxury, and commercial. Among these key segments, the entry-level hybrid electric vehicle segment is estimated to lead the global market and account for a massive share in the forecast period. The easy availability of a wide range of models and the rising infrastructure for plug-in hybrid electric vehicle are some of the factors predicted to generate several opportunities for players operating in the global market.

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From a geographical perspective, Asia Pacific is expected to lead the global hybrid electric vehicle market and hold a large share of the market throughout the forecast period. The rising number of initiatives by governments for encouraging the adoption of hybrid and battery electric vehicles is one of the key factors estimated to fuel the growth of the hybrid electric vehicle market in Asia Pacific in the near future. In addition, the growing demand for alternative fuel vehicles is likely to contribute extensively towards the development of the market. Furthermore, the high contribution from India and China, owing to their rapid economic development are estimated to drive the overall market in the coming years.

The global market for hybrid electric vehicles is extremely fragmented in nature, thanks to the presence of a large number of players operating in it. With the rising number of players, the market is expected to witness a high level of competition throughout the forecast period. Key players in the market are making notable efforts to enhance their market presence and attract a large number of customers in order to create a niche for themselves in the global market. Some of the leading players operating in the global hybrid electric vehicle market are Hyundai, Volkswagen, BMW, Hyundai, Toyota, Honda, Nissan, Ford, Volkswagen, Lexus, Porsche, and Chevrolet.

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