Hybrid Electric Car Market Growth Strategies, Rising Trends and Revenue Analysis
Posted by Rahul Gautam on February 9th, 2021
Due to the increasing problem of air pollution, governments around the world are implementing stringent policies to control greenhouse gas (GHG) emissions from automobiles. For instance, the Euro 6 standards have been implemented in Europe and Bharat Stage VI standards in India to ensure the transition to cleaner variants of gasoline and diesel vehicles. Such policies have impelled automakers to change the technology of the engines, to make them compatible with the newer fuels. As a result, conventional automobiles are becoming more expensive, which is taking them out of the reach of an increasing number of people, especially in developing countries.
As per P&S Intelligence, cost issues with the conventional automobiles compliant with the new regulations will be a key factor in taking the hybrid electric car market at a 16.7% CAGR between 2018 and 2023. Though more-polluting than a battery electric vehicle (BEV), hybrid electric vehicles (HEVs) are cheaper than the former. This is because the battery, which is the most-important component of any EV, decides its final purchase cost. As the battery is not as important to an HEV as to a BEV, an HEV is a cost-effective option.
Till now, Asia-Pacific (APAC) has been the largest hybrid electric car market, as the emission norms here are quite strict, government support for cleaner vehicles is rather strong, and awareness among people regarding carbon emissions is increasing. Moreover, APAC is already the largest producer and buyer of passenger cars, which has been one of the biggest reasons behind the high sales of hybrid electric cars here. With the growing disposable income in India, China, South Korea, and Indonesia, the sales of hybrid electric cars are expected to burgeon in the years to come.
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Therefore, due to the stringent emission control norms and falling prices of batteries, the demand for hybrid electric cars is increasing around the world.
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About the AuthorRahul Gautam
Joined: June 14th, 2018
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