A rising awareness about causing less harm to the environment by minimizing consumption of fossil fuels that emit greenhouse gases is driving today's hybrid car market on a global scale, finds Transparency Market Research in a newly published report.
The Albany, New York-based market intelligence provider offers fact-based solutions to business leaders, consultants, and strategy professionals.
The TMR report has a tongue-twister of a title, "Hybrid Cars Market (Type - Series, Parallel, Plug-in, and Series-Parallel; Energy Source - ICE Hybrid, Fuel Cell Hybrid, Solar Hybrid, and Natural Gas Hybrid; Vehicle Type - Passenger Cars and Commercial Cars) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
A hybrid car uses more than one means of propulsion, combining a petrol or diesel engine with an electric motor. Hybrids consume less fuel and emit less carbon dioxide than comparable conventional petrol or diesel-propelled vehicles.
After their batteries run down, most hybrid cars are powered by biofuels and conventional fuels mixed with eco-friendly additives, while traditional internal combustion engines burn straight petrol or diesel, increasing carbon emissions and spreading toxic gases.
Strict policy implementation to minimize carbon emissions is boosting the demand for hybrid cars worldwide. Hybrids get better gas mileage and provide longer driving range than traditional petrol or diesel cars, increasing customer preference for hybrids, according to the Transparency Market Research report.
Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Company Ltd, Honda Motor Company, General Motors, Ford Motor Company, Volkswagen AG, BMW and Fiat Chrysler Automobiles N.V. are the key vehicle manufacturers in the global hybrid car market.
To strengthen their global position in the market, many of these companies are putting muscle into research and development to increase the quality of their products.
For instance, Fiat Chrysler in June signed with the European Investment Bank, a €420 million four-year loan to support research and development projects during 2018-2020 period. Key goals include electrification technology for hybrid and battery electric vehicles and the development of autonomous driving, said Fiat Chrysler in a statement.
Around the world, the name Toyota Prius is synonymous with hybrid. Almost two decades after the first Toyota Prius was introduced in the United States, hybridization has become common, and the Prius still leads in North American hybrid sales.
Every generation of the Prius has had one key element in common - it exceeded the fuel efficiency of the previous generation. The latest version of its Hybrid Synergy Drive combines the output of a 1.8-liter 4-cylinder gasoline engine and two motor/generators through an electronically controlled continuously variable transmission.
The fourth-generation Prius uses smaller, lighter hybrid components than before, including a lithium-ion hybrid battery that replaced the nickel-metal hydride battery. The Prius Two Eco grade provides the highest fuel efficiency due to its lighter weight and optimized aerodynamics.
The 2019 Nissan Rogue Hybrid, a compact SUV assembled in Smyrna, Tennessee, offers expanded technology, including standard lane departure warning, intelligent lane intervention and automatic emergency braking with pedestrian detection and high beam assist.
The 2020 Nissan Rogue will arrive with numerous changes, but all are minor as Nissan is planning to deliver a complete redesign of this hybrid in 2021.
Analysts with Transparency Market Research project that the global hybrid car market will reach a valuation of US$398.90 billion by the end of the forecast period in 2024. This is "decent growth" from an initial revenue valued at US$102.88 bn in 2015.
Such growth is projected to occur at a "stellar" compound annual growth rate (CAGR) of 16.50 percent between 2016 and 2024.
Regionally, Asia Pacific dominates the global market for hybrids by having more than 70 percent of the global share, the TMR analysis finds.
With several governments encouraging the sale of hybrid cars, TMR says the market is expected to grow in "leaps and bounds."
Many governments are providing subsidies on the purchase of hybrid cars, increasing their affordability. And automakers are enjoying incentives for enhancing the production of hybrid cars.
Yet the high developmental cost of hybrids is stunting progress, the report finds.
A high adoption rate of fuel-cell cars and rising demand for electric battery-powered vehicles is also responsible for driving growth in the global hybrid car market as the entire concept of environmentally-friendly cars becomes more popular.
By Sunny Lewis
Environment News Service (ENS)
October 8, 2018