Call for Environmentally-friendliness to drive the Plug-In Hybrid Electric Vehicles Market
With an ever-increasing awareness regarding emissions, the regulatory bodies have implemented stern rules. As such, OEMs are compelled to go for electric and hybrid vehicles. It is a known fact that hybrid vehicles emit less percentage of gases as compared to diesel and gasoline vehicles.
It has been observed that the governments all across the Europe and US are emphasizing on lowering the limits of emission for decreasing greenhouse gas effect and enhancement in fuel economy of the vehicles. For example – the US Department of Transportation has come up with CAFÉ (Corporate Average Fuel Economy) standards for the vehicles.
At the same time, it needs to be noted that fuel cell electric vehicles and battery electric vehicles could act as a restraint to plug-in hybrid electric vehicles market.
On the other hand, the developing countries could be looked upon as a lucrative market for hybrid vehicles with handsome support offered by the governments therein. For instance – the government of India has provided incentives for purchasing electric and hybrid vehicles. The MMRDA (Mumbai Metropolitan Region Development Authority) has contracted with Tata Motors to supply 25 Tata Starbus Diesel Series Hybrid Electric Buses. Also, the government of Brazil has reduced the tax rate by encouraging purchase of plug-in hybrid vehicles. Persistence Market Research has entailed these findings with subsequent measures to be taken in its latest market study entitled “Plug-In Hybrid Electric Vehicles Market”.
How about dispersion of Plug-in Hybrid Electric Vehicles Market?
The global plug-in hybrid electric vehicles market, by power source, spans on board electric generator and stored electricity. By powertrain, it’s parallel hybrid, series hybrid, and combined hybrid. By type of vehicle, it’s two wheelers, commercial vehicles, passenger cars, and likewise (golf cart and others). By type of component, it’s transmission, electric motor, and battery. By propulsion, it’s NGV, PHEV, and HEV. By degree of hybridization, it’s mild hybrid, micro-hybrid, and full hybrid. Out of these, passenger cars hold the largest market share, followed by commercial vehicles. Persistence Market Research has mentioned these details with probable calls to action in its latest market study entitled “Plug-in Hybrid Electric Vehicles Market”.
North America and Europe are going steady as far as the plug-in hybrid electric vehicles market is concerned. However, the Asia-Pacific is the region to watch out for in the near future. Japan dominates the market, which could be attributed to growing sales of the hybrid vehicles in South Korea, China, and Japan. Also, the Asia-Pacific houses the key players like Nissan, Toyota, Honda, BYD, Kia, and Hyundai. China and Japan are also known for adoption of hybrid vehicle technology at a large scale. Persistence Market Research has sketched the facts and insights on this count in its latest market study entitled “Plug-in Hybrid Electric Vehicles Market”.
The Competitive Stint
Persistence Market Research has profiled the key players in plug in hybrid electric vehicles market as Nissan Motor Corporation, Bayerische Motoren Werke AG, Honda Motor Co., Ltd., Mitsubishi Motors Corporation, Toyota Motor Corporation, Volkswagen AG, Tesla Motors, Inc., Groupe Renault, Ford Motor Company, Daimler AG, and likewise. It has also mentioned the line of expertise of these players. For instance – Honda offers the following hybrid cars – Honda Clarity Plug-In Hybrid, Honda Accord Hybrid, Honda CR-Z Hybrid, and Honda Civic Hybrid. Passenger hybrid cars offered by Daimler include E-class saloon E 350e and C-class saloon C 350e. Bus product lines from Volvo include Volvo 7900 hybrid bus, Volvo FE, and 8400 hybrid city bus. Ford has its Fusion Energi SE, Fusion Hybrid SE, and C-Max Hybrid. Product portfolio of Toyota includes Highlander Hybrid, Avalon Hybrid, Prius, Camry Hybrid, and likewise.
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