Hybrid Electric Vehicle Market Research Reports, Industry Analysis and Trends
Hybrid electric vehicles (HEV) are the vehicles that run with internal combustion engine that run with supplement of energy stored in the battery from electric motors for different benefits, such as better economy and low emissions. Although HEVs are costlier than conventional vehicles, the majority of saving is done through fuel economy. HEVs are increasing in demand as the important part of automotive market for all the benefits and results they produce; from leaving no carbon footprint that contributes in greenhouse gas (GHG) effects in atmosphere to large amount of spending saved on fossil fuels.
HEVs are slowly gaining acceptance with the large consumer base even though the majority still prefers conventional vehicles. The most beneficial factor companies that manufacture HEVs is that the prospective growth estimated for the next decade. With the support from government and organizations that promote and advocate nature friendly products to be manufactured; HEVs manufacturers see the growth to be immense and successful in the near future. In addition, the components manufacturers are beginning to expect a great demand as the production of HEVs is expected to increase rapidly.
Technology has provided an impeccable assistance to HEV manufacturers. There has been a shift of focus on less contribution to the air pollution and GHG but to a low carbon and greener economy by the way the energy is produced and used. Transport sector uses. The transport sector uses over 25% of the world’s energy and is responsible for a comparable share of global carbon emissions from burning of fossil fuels. A more systematic and specific technological solutions such as smart urban growth planning, public transport will be efficient and utilization of both technology and natural resources will prove to be more significant to the global health and economy.
Hybrid Electric Vehicle Market Current Trends
Currently HEVs account for 2% of global light duty vehicle sales and are expected to grow to almost 4% by 2020. Vehicles that are powered by electronic technology help reduce harmful gases because of being 99% cleaner than gasoline powered cars. As many benefits associated with EV's such include, greater than 96% reduction in carbon emissions, and a 90% reduction in non-renewable fuels and a 350% increase in energy efficiency.
While most potential buyers are still sceptical of adapting to HEVs and Electric Vehicles (EV); an effective addressing and marketing for promotion of HEVs is being carefully planned. With incentives such as, tax exemptions, special parking privileges, utility rate reductions, and other rebates, there is growth of prospective customers that are getting attracted to the benefits such as little to no emissions, and reduced consumption of fossil fuels vehicles.
There are many various sectors that are benefiting from the promotion of HEVs, such as electric motor manufacturers, electric battery and electric vehicle charging stations that are all necessary and integral part of manufacturing an HEV. Global HEV manufacturers are vying for maximum market share with innovative and advanced hybrid technology introduction. Having sold over 200,000 hybrid cars in 2010, HEV sector is estimated to grow 4.2 times in the next decade. There is an incredible growth potential as the technical aspects of productions are improving. Apart from producing nature friendly vehicles, there is a necessary shift in focus to design and produce vehicles that are efficient with higher performances; higher performances include, longer duration of batteries, faster vehicles, innovative designs. Now, with concept cars being one of the driving factors to bring potential customers, vehicles with unimaginable features, high-performance engines are being showcased in exhibition events conducted worldwide. HEV manufacturers are leaving no stone unturned to match the quality, performance and delivery of conventional vehicle manufacturers.
Major Hybrid Electric Vehicle Industry Players
Major players in HEV manufacturing industry are Ford, Hyundai, Sonata, Honda, Toyota, and Kia.