Technology - - May 05,2017
In recent times, the rising consciousness among people about the benefits of environment friendly cars, coupled with various governments’ initiatives is likely to encourage the adoption of hybrid cars.
Hybrid car is an environment friendly vehicle which contains both gasoline and electric engine with battery pack as the energy source. Conventional engine is main source of power in a hybrid car, which can also be used to charge the battery pack that can be used as an alternative energy source.
Given this scenario, a recent informative report on Market Research Reports Search Engine (MRRSE) predicts that the global market for hybrid cars will rise at a healthy CAGR of 16.50% between 2016 and 2024. Expanding at this pace, the market valuation is expected to reach a value of US$398.90 billion by 2024 from US$102.88 billion in 2015.
The alarming increase in the level of air pollution has elevated concerns among people about carbon emissions, resulting in increased tendency to buy carbon-free products. This inflated awareness regarding the eco-friendly vehicles among people is fueling the market for hybrid cars significantly.
Several governments in different countries are also boosting the adoption of eco-friendly cars by enforcing strict emission standards and providing numerous subsidies and incentives to consumers, which is expected to have a positive effect on the sales of these cars over the coming years. On the other hand, the easy availability of gasoline cars and the high prices of hybrid cars could hinder the growth of the market.
Asia Pacific region is the largest market of this industry with a market share of more than 70 percent. Over the upcoming years, the rising consciousness among people about the benefits of environment friendly cars, especially in Japan and China, together with various governments’ initiatives to encourage their adoption, is likely to make sure that the dominance of Asia Pacific continues over the coming years. However, the hybrid vehicular markets in Europe and North America are likely to grow at a moderate pace due to their mature states in the near future.
For more information on this report visit - http://www.mrrse.com/hybrid-cars-market