London, 08 May 2015 –The global hybrid electric vehicle (HEV) market is expected to grow at a CAGR of 11% from 2015-2019, says research firm Technavio.
Hybrid cars lacked popularity among consumers when they were first introduced in the 1990s. However, increased marketing by vendors and widespread education about the benefits of HEVs have helped these vehicles gain popularity among end-users. Several initiatives are being taken to create awareness about the energy efficiency and environmental benefits offered by HEVs, like reductions in air and noise pollution.
“Increased consumer awareness has fueled the demand for HEVs in recent years, which will continue to boost market growth through the forecast period,” says Faisal Ghaus, Vice President of Technavio.
The latest industry analysis report by Technavio also draws attention towards advances in technology that have led to increased use of various battery-operated devices worldwide.
“HEVs are increasingly being equipped with innovative features like GPS navigation systems, modern powertrain systems, air-conditioning systems, power windows and displays that give real-time information about the battery charge level,” says Ghaus.
The market is also expected to witness the development of many innovative HEVs during the forecast period as a result of increased R&D efforts.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global Lithium-ion Battery Market for HEVs 2015-2019
- Global Hybrid Electric Vehicle Battery Market 2011-2015
https://www.technavio.com/%3Cp%3E%3Cstrong%3EAbout%20Technavio%3C/strong%…
