Hybrid Vehicle Market Growth, Growth, Size, Segments and Future Forecast To 2023
Overview
Also, the increasing pollution from automotive emissions has posed a serious challenge for the environmentalists, which has increased the emphasis on the adoption of greener vehicles. To promote hybrid and electrical vehicles, the governments are readily acting towards the installation of remote charging stations, which will boost the market and increase hybrid vehicles' adoption. Rising awareness among the masses regarding the pollution has also boosted the market growth globally.
Competitive Landscape
In 2019, Ferrari launched their new hybrid car SF90 Stradale with their first model to include plug-in technology. The vehicle comes with 769 horsepower and can switch from 0 to 62mph in just 2.5 seconds with a top speed of 211 mph. The car also boasts the presence of 3 additional electric motors that contributes extra 217 horsepower.
Segmentation
Based on the component type, the Hybrid Vehicle Market Growth, comprises electric motor, transmission, and battery.
Based on the hybridization, the Hybrid Vehicle Market Growth, includes micro hybrid, mild hybrid, and full hybrid vehicle. The full hybrid segment has the widest expansion with the highest sales record.
Based on the vehicle type, the Hybrid Vehicle Market Growth consists passenger car and commercial car. The passenger car segment is quite happening as growing concern regarding eco-friendly productions have led to the easy acceptance of such cars among clients. At the same time, major car makers are increasing their investment for the sector which can inspire easy growth.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are the four regions that have been included in the study of the Hybrid Vehicle Market Growth,. MRFR, in their study, emphasized on finding out various growth opportunities across the globe as per the revelations made by region-specific figures.
The APAC region is expected to ensure their dominance during the forecast period with their extraordinary growth rate. China is providing much traction to the global market. The region has adopted this technology to get rid off the pollution which has riddled the country. Europe is also expected to gain substantial growth during the forecast period. Stringent eco-friendly laws are expected to make the case strong for the incorporation of hybrid vehicles, ensuring a smoother movement ahead.
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