Hybrid Cars Market to Reach US$ 2.1 Trn by 2031, TMR Study – PR Newswire UK

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15 Apr, 2022, 06:30 BST
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ALBANY, N.Y., April 15, 2022 /PRNewswire/ — Analysts at TMR estimate the hybrid cars market to expand at a CAGR of 21.9% during the forecast period from 2021 to 2031. Increasing shift in demand from conventional gasoline powered engine vehicles to environment-friendly engine vehicles is a key factor fueling the growth of the hybrid cars market. Consistent effort of automobile manufacturers for improved designs until commercialization is promising for the growth of hybrid cars market.
Increasing consumer awareness for fuel-efficient vehicles and government regulations to curb vehicle emissions is leading to the rising demand for electric and hybrid vehicles. Hybrid vehicles receive power either from electric motor engine, natural gas engine, or internal combustion (IC) engine, with IC engines mostly used to power battery of electric vehicles and hybrid vehicles for their low emissions.
Several governments the world over are playing a key role to increase awareness about electric and hybrid vehicles to reduce the use of conventional fuel-based engine vehicles in an effort to conserve the environment. Governments are providing several benefits and subsidies to increase the production capacity of electric and hybrid vehicles, and tax incentives to users for purchase of these vehicles. For instance, the U.S. Government offers up to US$ 7,500 federal income tax credits for all electric and plug-in hybrid electric vehicles.
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Hybrid Cars Market – Key Findings of Report
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Hybrid Cars Market – Growth Drivers
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Hybrid Cars Market – Key Players
Some of the key players operating in the hybrid cars market are;
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The hybrid cars market is segmented as follows;
Hybrid Cars Market, by Type
Hybrid Cars Market, by Energy Source
Hybrid Cars Market, by Degree of Hybridization
Hybrid Cars Market, by Vehicle Type
Hybrid Cars Market, by Region
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