Global Hybrid Vehicles Market

Hybrid Vehicles Market: Passenger Cars Segment Will Continue to Drive the Global Market Throughout the Forecast Period: Global Industry Analysis and Opportunity Assessment, 2016-2026

Passenger cars segment is expected to lead the global hybrid vehicles market in terms of revenue growth over the forecast period 

Passenger cars are the most technologically advanced of all the vehicle groups and manufacturers of passenger cars are focussed on providing comfort and luxury to passengers. The passenger cars segment is projected to gain more than 1000 BPS by 2026 as compared to that in 2016, expanding with a healthy CAGR of 22.8% over the forecast period. The passenger cars segment was estimated to account for more than 65% value share of the global hybrid vehicles market in 2016 and is estimated to reach more than 80% value share by the end of 2026. By vehicle type, the passenger cars segment is estimated to represent high incremental $ opportunity compared to the light commercial vehicles segment.

The passenger cars segment is expected to dominate the global hybrid vehicles market over the forecast period. 

Less availability of charging stations comes across as a roadblock to the progress of the passenger cars segment across the globe 

The development of plug-in hybrid vehicles such as passenger cars mainly depends on the availability of charging stations on the road network. The availability of gasoline stations is much higher than the availability of charging stations, which is a main restraint to the development of the passenger cars segment in the global hybrid vehicles market. Although manufacturers provide charging systems that are stationary and probably would be attached to the home or workplace, public charging stations are far less available to customers especially in emergency situations of low battery. Creating a hybrid vehicle friendly world is likely to be a big challenge for vehicle manufacturers as well as government authorities. 

Hybrid vehicles such as passenger cars are gaining popularity in North America, Europe and Asia Pacific, but these vehicles are not so popular in Latin America and the Middle East and Africa regions. High availability and supply of petroleum in these regions is one of the main reasons that hybrid passenger cars are not that popular. Another reason for the sluggish sales of hybrid passenger cars in Latin America and the Middle East and Africa is the lack of adequate public charging stations. Brazil in the Latin America region is a big user of flexible fuel, ethanol or methanol blend mixed with petrol, which can also be attributed to the poor sales of hybrid passenger cars in Latin America. On the other hand, Japan in the Asia Pacific region recorded high sales of hybrid vehicles in 2015, more than double the hybrid vehicle sales in the U.S. 

hybrid vehicles market

Demand for passenger cars is expected to increase at a steady pace over the forecast period in the North America region

The passenger cars segment is projected to gain more than 1000 BPS by 2026, expanding at a healthy CAGR of 18.9% over the forecast period in the North America hybrid vehicles market. In Latin America, the passenger cars segment is projected to gain more than 1000 BPS by 2026 as compared to that in 2016, expanding at a healthy CAGR of 18.9% over the forecast period. The passenger cars segment in the APEJ hybrid vehicles market is projected to gain over 1200 BPS by 2026 as compared to that in 2016 and expand at a healthy CAGR of 15.7% over the forecast period.

While identifying differentiating strategies of companies operating in the global hybrid vehicles market, Future Market Insights analysts have come to a conclusion that the reduction in prices and extension of hybrid vehicles range is the key strategy of major players to enhance customer base and market share. We have further found that the adoption of hybrid electric vehicles in key countries of Asia Pacific and the Middle East and Africa could further benefit players in the market. A well-structured and efficient supply chain network is another major growth strategy adopted by companies for reaching out to customers. These findings are published in a new report by Future Market Insights titled “Hybrid Vehicles Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.” While examining this market, our analysts have taken into consideration the overall market approach. North America, Asia Pacific and Europe hold the highest market potential in the global hybrid vehicles market; while Latin America and Middle East and Africa are expected to remain dormant in this market owing to lack of awareness among consumers and use of flex fuel as the fuel source in Latin America region. Passenger cars represent a significant market share in Japan in terms of volume and value. In a similar manner, hybrid vehicles with prices lower than their conventional counterparts and with higher driving range are observed to improve the overall market growth. 

The report uses an exclusive PESTE (Political, Economic, Social, Technology and Environment) analysis to forecast the global hybrid vehicles market. Hybrid vehicles are favoured by environmentalists, scientists, governments and consumers; and the market is supported environmentally, technologically and politically. However, a majority of customers are not ready to buy hybrid cars because of the premium price associated with hybrid vehicles. Also, several consumers do not have a great deal of trust in the new technology.   

Porter’s analysis: A unique market research approach

Porter’s analysis studies industry consolidation and globalisation where brand equity becomes an important factor when consumers want to purchase vehicles. While examining supplier power under Porter’s analysis, our analysts have come to the conclusion that the merchants’ power is growing due to rising diesel and gasoline charges, which will drive the cost of raw material for vehicle makers. Consumers have many options and choices when they buy cars. Buyers will always be cost sensitive. Porter’s analysis further explains that vehicle manufacturers are receptive to competitors’ tactical actions. The report covers the important factors driving the growth of the global hybrid vehicles market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the global hybrid vehicles market and other insights across various key segments. The report identifies the primary drivers and restraints impacting the growth of the global hybrid vehicles market. Changing trends are also analysed and incorporated in the report to equip clients with exhaustive information about the market resulting in better decision making. Macroeconomic factors that directly and indirectly affect the growth of the global hybrid vehicles market are also included in the report. 

Global Hybrid Vehicles Market: Segmentation 

To understand and assess opportunities in the global hybrid vehicles market, we have divided the report into five sections based on market segmentation as under:

By Product Type

By Engine Type

By Power Train Configuration

By Vehicle Type

By Region

  • Hybrid Vehicles

  • Plug-In Hybrid Vehicles

 

  • Gasoline Electric

  • Diesel Electric

  • Parallel Hybrid

  • Series Hybrid

  • Power Split Hybrid

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

 

  • North America

  • Latin America

  • Western Europe

  • Eastern Europe

  • Asia Pacific Excluding Japan (APEJ)

  • Middle East and Africa (MEA)

  • Japan

Our research methodology

Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and average market volume is deduced and reconfirmed prior to incorporating in the report. The price of hybrid vehicles is inferred across all the seven assessed regions. The market value of the global hybrid vehicles market is calculated from the data deduced from the average selling price and market volume. For the 10 year forecast of the global hybrid vehicles market, various macroeconomic factors and changing trends have been observed and studied, giving an idea about the future of the market. Other important factors considered to arrive at market forecast are the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the global hybrid vehicles market. In our compilation of the report, the forecasts are conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity analysis have been incorporated presenting clients with crystal clear insights into future opportunities in the global hybrid vehicles market.