- The overall Global Hybrid Electric Vehicle Market is expected to grow at a CAGR of 20.86 percent during the forecast period of 2013-2018.
London, 12 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Hybrid Electric Vehicle Market 2014-2018. Increase in Research and Development innovations is one of the major emerging trends in the market. Lots of improvements are being initiated to refine the efficiency and functionality of hybrid electric vehicles to enhance their performance and improve customer satisfaction.
A hybrid electric vehicle combines two energy sources, mechanical (ICE) and electrical. The combination of the two power sources helps to achieve better fuel economy and performance. Hybrid electric vehicles use efficient technologies such as regenerative braking that charges the battery by converting kinetic energy into electric energy.
“The market is witnessing a significant growth because of the increased cost of petroleum and the health and environmental benefits offered by hybrid electric vehicles despite their high cost,” says Faisal Ghaus, Vice President of TechNavio Research.
“The market is witnessing the emergence of hybrid electric vehicles with remote monitoring systems in recent years. These systems enable consumers to map the location and set a start and end points, while informing them about the traffic in the busy areas. It also helps in assessing energy cost and consumption.”
The key vendors in the market are Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Toyota Motor Corp. and Volkswagen AG.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
