Falling battery prices, low price compared to other electric cars, and increased fuel economy, are some of the major factors driving the growth of Hybrid Electric Car market globally.
Hybrid electric cars are the combination of chemically fueled (gasoline, diesel, or alternative) internal combustion engine, electric motors, battery, and regenerative braking. Altogether, the combination of above components improves the vehicle efficiency, increase fuel economy, and decrease emissions.
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Full hybrid electric vehicles (HEVs) dominated the hybrid Electric Car Market during the historical period. However, mild HEVs are expected to register faster growth of 39.4% during the forecast period, mainly due to their low price compared to full HEVs. Other factors contributing to the increasing demand for mild hybrid cars are easy mechanical integration of components and powertrains, electric power steering, electric turbocharger/supercharger, and electric air conditioning, at a low cost.
Nickel–metal hydride (NiMH) batteries powered hybrid electric cars accounted for a larger share in the market during the historical period, owing to their lower cost, higher durability, and more safety features than lithium-ion (Li-ion) batteries. These cars are estimated to contribute close to 60% share to the market in 2017.
Hybrid hatchbacks have largely dominated the hybrid electric car market, owing to consumer preference toward small cars in major HEV markets, such as Japan. Hatchback HEVs are expected to continue their dominance in the hybrid electric car market with a CAGR of 16.6%, owing to their low cost compared to other car types and the upcoming launch of several new hatchback HEV models during the forecast period.
The increased fuel economy offered by hybrid electric cars compared to conventional cars, owing to the incorporation of a battery and associated electric systems, is driving the growth of hybrid electric car market.
The penetration of the hybrid electric car market in emerging economies, such as China, India, Indonesia, Brazil, and South Korea, is in the formative stage.
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The above mentioned factors are anticipated to provide potential growth opportunities to the hybrid electric car market in the forecast period.
Some of the major players operating in the global hybrid electric car market are Toyota Motor Corporation, Honda Motor Co. Ltd., Bayerische Motoren Werke (BMW) Group, Ford Motor Company, Volkswagen AG, General Motors Company, and Hyundai Motor Company.
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