DUBLIN--(BUSINESS WIRE)--The "Hybrid Vehicle Market - Analysis of Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global hybrid vehicle market is anticipated to register a CAGR of about 10.23% during the forecast period (2019 - 2024)
Some of the major factors driving the growth of the market are the enactment of stringent emission and fuel economy norms, government incentives for the promoting purchase and adoption of hybrid vehicles.
Asia-pacific is expected to witness high growth rate during the forecast period. However, with countries like India and China, lifting subsidies for the purchase of electric vehicles may hinder the growth of the market in the region. For instance, in India, the government in 2017, lifted subsidies on mild-hybrid vehicles under FAME scheme. According to the Norwegian Road Federation (NFR), a public road infrastructure administration in Norway, more than half of the new vehicle sales are accounted by pure electric cars and hybrid cars in the country in 2017 whereas in 2016 the share was only 40%. Norway's parliament has set a resolution goal that by 2025 all cars sold should be zero emissions.
There has been tremendous growth in electric vehicles all over the world. China remains the dominant player globally in the pure electric vehicles market with more than 47% of the global market share followed by the US. Regarding the year on year growth.
The government around the world are offering many subsidies for the customers purchasing electric and hybrid vehicles. For instance, in April 2016, a scheme worth USD 1.13 billion was introduced for plug-in electric vehicles. About USD 678 million was reserved for the purchase of subsidies, which is expected to run until 2019. Another USD 339 million was allotted to finance the deployment of charging stations in cities and on autobahn highway. Nearly, USD 113 million was allocated for purchasing electric cars in the federal government fleet.
The Dutch government reduced the registration fees up to 4% for an electric vehicle and 7% for a plug-in hybrid vehicle. Also, the Ministry of Infrastructure and Environment gives a subsidy of USD 3,574 on the purchase of all-electric taxis or delivery vans and this value has been increased to USD 5957 per vehicle in the main cities, like Amsterdam, Rotterdam, the Hague, Utrecht, and Arnhem-Nijmegen.
With the government taking stringent action, in the form of regulation and incentives, along with the increased initiatives for the provision of the public charging stations for the electric vehicles, the market for these vehicles is expected to grow at a high rate.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.4 Plug-in Hybrid
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 North America
5.3.3 Asia Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Toyota Motor Corporation
6.2.2 Nissan Motor Co. Ltd.
6.2.3 Honda Motor Company Ltd.
6.2.4 The Hyundai Motor Company
6.2.5 Kia Motors Corporation
6.2.7 Volvo Group
6.2.8 Volkswagen Group
6.2.10 Ford Motor Company
6.2.11 Mitsubishi Motors Corporation
6.2.12 BYD Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6w1tmh