Since 2011, the price of crude oil has doubled and the amount of carbon emissions in our atmosphere has become a very immediate threat. These factors haven’t exactly painted a pretty picture for the floundering automotive industry. However, huge auto manufacturers like Ford and Tesla have rallied, thrown money into research and come up with electric vehicle offerings that are not only emissions-friendly, but also pretty sleek.
But not every consumer is ready to make the jump to a strictly electric vehicle. This is where hybrid electric vehicles shine—hybrids have both an internal combustion engine and an electric motor, which offers fuel economy as well as the flexibility and power of conventional vehicles.
This flexibility is propelling some strong growth in the Global Hybrid Electric Vehicle Market, leading to a CAGR of 20.86 percent from 2013-2018 for the overall market.
Concern over the environmental impact of carbon emissions and the financial impact of rising petrol prices is driving consumers to shun gas guzzling monsters in favour of electric, or hybrid electric vehicles. This transition has been aided by an increasing number of government initiatives worldwide, geared at both consumers and manufacturers.
TechNavio analysts have pared down the relatively long list of manufacturers with electric and hybrid electric offerings, in order to present a quick side-by-side comparison of some of the biggest names in electric vehicles.
Top Selling Hybrid Electric Vehicle Models in the US, 2013
Toyota
Toyota has been one of the major player in the Global Hybrid Electric Vehicle market since the Prius first entered the market in 1997. It is one of the largest companies to produce and sell hybrid vehicles and is a world leader in providing environmental friendly cars. Additionally, Toyota holds the title of the world’s first automobile manufacturer to produce more than 10 million units of vehicles per year.
Ford
As the granddaddy of the automotive industry, Ford seeks to constantly innovate to offer new, up-to-date products. The company is currently expanding its product line with modern engines that use advanced technologies to deliver high power output with smaller displacements, thus providing big gains in terms of fuel economy and emissions.
Hyundai
Hyundai has also made a big market impact with some little cars. In 2013, it was one of the leading players in the Global Hybrid Electric Vehicle Market. Some of the well-known brands of the company include i10, Eon, i20, i30, i40, Elantra, Santa Fe, Accent, and Veloster.
