Global Hybrid Vehicles Market

Global Hybrid Vehicles Market to Register 10.30% CAGR from 2016 to 2024
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.
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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.
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.

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