Passenger Cars to Retain Dominance in Hybrid Vehicle Market to 2026
While hybrid vehicles have not gained traction in regions such as Africa, Latin America and Middle East, they are likely to find growth opportunities in Asia-Pacific, Europe, and North America.
The global hybrid vehicle market is projected to grow at a 20.4% compound annual growth rate (CAGR) over the next 10 years, according to a recent report from Future Market Insights. Features that enable end users to charge batteries using gasoline-powered motors will significantly impact growth of the global hybrid vehicle market over the following decade. In addition, the alignment of electric propulsion motors to internal combustion engines will drive sales of hybrid vehicles globally. Leading worldwide hybrid vehicle manufacturers are expected to mainly focus on increasing production capacity and developing passenger cars in order to meet escalating demand for compact hybrid SUVs.
Passenger cars will gain over 1,000 basis points (bps) and register a CAGR of 22.8% in the global market over the next 10 years. Among various regions, Japan is expected to grow and account for over $270 billion in the hybrid vehicle market through the following decade.
Nearly 318,000 diesel hybrid engines were sold globally in 2016. Future Market Insights anticipates that nearly $400 billion in gasoline hybrid engines will be sold in the hybrid vehicle market globally over the following decade. In addition, sales of hybrid vehicles globally will account for nearly 20% of market revenues during that timeframe.
While hybrid vehicles have not gained traction in regions such as Africa, Latin America and Middle East, due to the high availability of petroleum, they are likely to find growth opportunities in Asia-Pacific, Europe, and North America. In North America, passenger cars will gain over 1,000 bps and grow at a healthy 18.9% CAGR in the hybrid vehicle market over the next 10 years. One major global challenge is the lack of charging stations, which is likely to inhibit hybrid vehicle adoption.
For more information, visit www.futuremarketinsights.com.