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Dec. 13, 2019, 10:58 p.m. EST

Hybrid Vehicle Market Insights, Rising Trends and Global Demand 2019 to 2024

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Dec 13, 2019 (Market Insight Reports via COMTEX) -- Hybrid Vehicle markethas been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2019 to 2024 are profiled in this report.

The global hybrid vehicle market is anticipated to register a CAGR of about 10.23% during the forecast period (2019 – 2024).

The Hybrid Vehicle market is highly competitive and consists of a number of major players: Toyota Motor Corporation, Nissan Motor Co. Ltd., Honda Motor Company Ltd., The Hyundai Motor Company, Kia Motors Corporation, Mercedes- Benz, Volvo Group, Volkswagen Group, BMW, Ford Motor Company, Mitsubishi Motors Corporation, BYD Co. Ltd. and others

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Scope of the Report

The global hybrid vehicle market has been segmented by type, vehicle type, and geography.

Key Market Trends

Government Initiatives around the World Fueling the Hybrid Vehicle Demand

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.

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Europe – Leading the Hybrid Vehicle Market

Sales of new energy passenger cars in Western Europes 17 markets sold an impressive 900,000 units in 2018 with a growth rate of 27% YoY. In 2018, a full hybrid vehicle registered a total sales of 515,000 cars. A full hybrid vehicle has been growing significantly, adding 300,000 sales since 2015 and clearly a beneficiary of the regions recent move away from diesel.

The European market is highly dominated by Japanese and Korean brands, with European OEMs resisting the temptation to compete for head-on with the likes of Toyota and Hyundai/Kia. Instead, the European vehicle manufacturers are focusing on their non-plug-in efforts on Mild-Hybrid Electric Vehicle (MHEV) systems, increasingly with 48V electrical architecture.

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