London, 06 January 2015 – According to a new report from research firm TechNavio, the Global Off-highway Hybrid Commercial Vehicle Components Market is expected to grow at a CAGR of 57.87 percent from 2014-2018.
The demand for hybrid vehicles is increasing day-by-day thanks to rising fuel prices and increased pressure from government authorities to reduce vehicle emissions. These days, hybrid technology is used in other segments as well like LCVs, medium-duty and heavy-duty trucks and off-highway vehicles.
“Demand for off-highway hybrid commercial vehicles is also on the rise and is expected to grow at a rapid rate during the forecast period,” says Faisal Ghaus, Vice President of TechNavio.
The latest report from TechNavio also emphasizes the rise in fuel prices worldwide that is driving the demand for fuel-efficient vehicles. Several innovations have been introduced to reduce fuel consumption, which would facilitate a significant reduction in carbon dioxide emissions.
“Governments worldwide have made it mandatory for all OEMs to send data regarding engine fuel consumption and obtain the necessary approvals from the competent authority, which has led to the invention of vehicles that have considerably higher fuel economy,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global Off-Highway Tire Market 2014-2018
- Global Off-Highway Hybrid Commercial Vehicles Market 2014-2018
https://www.technavio.com/%3Cp%3E%3Cstrong%3EAbout%20TechNavio%3C/strong%…
