Global Hybrid Electric Vehicle market will grow at a CAGR of 20.86 percent over the period 2013-2018, forecasts Global Hybrid Electric Vehicle Market study.
This report goes through the present situation and the growth prospects of the Global Hybrid Electric Vehicle market for the period 2014-2018.
The market size of the hybrid vehicles is calculated with the help of revenue generated through the unit shipment of, hybrid electric cars, hybrid electric trucks, and other hybrid electric vehicles.
The report has been compiled based on a deep market analysis with feedbacks from experts in the industry.
The report includes the Global Hybrid Electric Vehicle market details and its future growth prospects.
The report also gives an idea of the major players operating in this market.
The key trend seen for the hybrid vehicle market is the increase in research and development advancements. Retailers put effort on efficiency and functionality up gradations to enhance the performance that guarantees customer satisfaction.
One of the key drivers in this market is countless government initiatives declared and reformed from time to time. Free parking along with attractive tax exemptions, subsidies and incentives are announced by many countries to lure customers.
Further, the report states that one of the major challenges in the market is the high cost of hybrid electric vehicles. The use of advanced technology is considered to be the main reason for the high cost. The cost increases with the size of the battery pack.
A hybrid electric vehicle combines mechanical as well as electrical energy sources. The size of the gasoline engine in hybrid electric vehicles is smaller and the combined power sources activate better fuel economy and performance.
Hybrid electric vehicles are equipped with efficiency improving technologies such as regenerative braking and start-stop systems.