Why Are Hybrid Electric Cars Gaining Popularity around the World?

-

Due to the increasing problem of air pollution, governments around the world are implementing stringent policies to control greenhouse gas (GHG) emissions from automobiles. For instance, the Euro 6 standards have been implemented in Europe and Bharat Stage VI standards in India to ensure the transition to cleaner variants of gasoline and diesel vehicles. Such policies have impelled automakers to change the technology of the engines, to make them compatible with the newer fuels. As a result, conventional automobiles are becoming more expensive, which is taking them out of the reach of an increasing number of people, especially in developing countries.



As per P&S Intelligence, cost issues with the conventional automobiles compliant with the new regulations will be a key factor in taking the hybrid electric car market to $138.0 billion by 2023 from $57.2 billion in 2017, at a 16.7% CAGR between 2018 and 2023. Though more-polluting than a battery electric vehicle (BEV), hybrid electric vehicles (HEVs) are cheaper than the former. This is because the battery, which is the most-important component of any EV, decides its final purchase cost. As the battery is not as important to an HEV as to a BEV, an HEV is a cost-effective option.

Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/hybrid-electric-car-market/report-sample

Till now, Asia-Pacific (APAC) has been the largest hybrid electric car market, as the emission norms here are quite strict, government support for cleaner vehicles is rather strong, and awareness among people regarding carbon emissions is increasing. Moreover, APAC is already the largest producer and buyer of passenger cars, which has been one of the biggest reasons behind the high sales of hybrid electric cars here. With the growing disposable income in India, China, South Korea, and Indonesia, the sales of hybrid electric cars are expected to burgeon in the years to come.

Therefore, due to the stringent emission control norms and falling prices of batteries, the demand for hybrid electric cars is increasing around the world.

 

Comments

Post a Comment

Popular posts from this blog

Demand for Electric Bike Set for Stupendous Growth in China and Post 2020, Buoyed by the Global COVID-19 Pandemic

-
In the 1950s, less than 20% of the Chinese people were urban dwellers, and by 2018, this percentage had soared to 59%, as per the World Urbanization Prospects 2018 report of the United Nations (UN). This has led to a massive rise in the number of automobiles on the roads of China, in part, making it the largest carbon emitter in the world. As a result, its government has been strongly encouraging the public to adopt electric vehicles (EV) by implementing stringent emission regulations and offering purchase subsidies and tax rebates. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/china-electric-scooters-and-motorcycles-market/report-sample P&S Intelligence says that the increasing urbanization level, which is expected to touch almost 70% by 2030, will drive the electric bike market in China from $7.7 billion in 2017 to $12.5 billion by 2025, at a 6.1% CAGR during 2018–2025 (forecast period). As per the Health Effects Institute and Tsing...
Read more

India Electric Car Market Will See Strong Expansion Through 2025

-
Image
The air pollution levels in India have risen rapidly over the past few years. As per the Environmental Pollution Index 2018, the country is among the bottom five countries when environment health category is considered and ranked 178 out of 180, in terms of air quality. India’s carbon dioxide emissions rose by 4.6% in 2017. This surging emissions of ultra-fine particulate matter from fuel-based vehicles has caused the death of approximately 1,640,000 people in the country. In order to reduce the pollution, the government of the country is focusing on encouraging the utilization of electric vehicles. Owing to these factors, the demand for electric cars in India has risen considerably. According to a report by P&S Intelligence, the Indian electric car market is expected to generate a revenue of $707.4 million by 2025, rising from $71.1 million in 2017, and is projected to progress at a 34.5% CAGR during the forecast period (2018–2025). The different types of electric cars are hybr...
Read more

Logistics Industry is Expecting Major Tech Revolution in Near Future

-
Image
 The impact of COVID-19on the logistics industry has been quite negative, as the growth of the industry has slowed down due to the nationwide lockdown in most of the affected countries. Owing to the growth in e-commerce activities, increase in the disposable income of customers, and rapid urbanization in emerging economies, such as India and China, the logistics industry had been growing in recent years. Seeing the rising need for the transportation of goods, many new companies were entering the logistics space before the pandemic arrived. TheCOVID-19 impact analysis on the  logistics industry  reveals that trading activities between nations were discontinued to contain the spread of the virus, which disrupted the supply chain. For instance, the supply chain of China is operational across countries including India, South Korea, Japan, Hong Kong, Singapore, the U.K., Spain, Italy, and Germany, all of which are badly jolted by the pandemic. Apart from China, all t...
Read more