A gradual decline reported in oil & gasoline prices across the globe won’t suffice to drag down the global sales of electric and hybrid vehicles.
A recent research report published by Future Market Insights projects that the global revenues emanating from sales of hybrid vehicles will be soaring at an exponential CAGR of 20.4% between 2016 and 2026. The global hybrid vehicles market, which is presently valued at almost US$ 60 billion, will bring in over US$ 430 billion in revenues by the end of 2026. Future Market Insights also anticipates that world’s leading hybrid vehicle manufacturers will keep focusing towards development of passenger cars and increasing their production capacity to meet the surging demand for compact hybrid SUVs.
Passenger cars are expected to be the top-selling vehicle segment in the global hybrid vehicle market. By the end of 2026, more than US$ 350 billion revenues are likely to be amassed by global sales of hybrid passenger cars. The report also reveals the impact of electric propulsion motor’s alignment to internal combustion engine in driving the sales of hybrid vehicles in the world. According to the report, power train configurations of hybrid vehicles will remain to be a crucial deciding factor for customers. During the forecast period, at least six out of every ten hybrid vehicles being sold in the world will be equipped with a power-split hybrid configuration. Contrarily, the demand for parallel hybrid and series hybrid configurations will drop, and will collectively be worth just over 20% of global revenues by the end of 2026.
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Gasoline Hybrid vs. Diesel Hybrid
Apropos the type of engines installed in these hybrid vehicles, people are undoubtedly inclined towards buying a gasoline-hybrid vehicle. Performance and fuel efficiency of gasoline hybrid engines has been evaluated to be higher compared to diesel hybrid engines. Moreover, diesel engines tend to be heavier than gasoline engines, thereby lowering the fuel efficiency and adding the unwanted torque to hybrid vehicles. In 2016, approximately 318,000 units of diesel hybrid engines were sold in the world. But, the consumption of gasoline-hybrid will keep imposing an unmatched imprint on global sales of diesel hybrid vehicles. Through 2026, close to US$ 400 billion worth of gasoline-hybrid engines have been anticipated to be sold in the global hybrid vehicle market.
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Key research findings in the report, titled “Hybrid Vehicles Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” include:
- Lack of charging stations is observed to be the greatest challenge for adoption of hybrid vehicles
- Around 20% of global hybrid vehicle revenues throughout the projected period will be accounted by global sales plug-in hybrid vehicles.
- Japan will register the highest revenue growth for hybrid vehicles, procuring more than US$ 270 billion by 2026-end
- After Japan, North America and Western Europe will collectively account for more than 30% value share in the global hybrid vehicle market
- Silent operability of hybrid vehicles also promotes its consumption among regions riddled with rising noise pollution levels
Toyota’s Prius – Best-Selling Hybrid Car of All Time
Leading automaker, Toyota Motor Corporation, continues to be one of the largest players in the global hybrid vehicle market. Its flagship hybrid model – Prius – has recorded sales of more than 200,000 units in 2015. Giving it a run for its money is Nissan’s Leaf, and Clarity and Fit EV by Honda. While Nissan Motor Corporation continues to consolidate its position in North America, Honda Motor Co. Ltd. is proliferating across the Japanese hybrid vehicle market. Other companies partaking in the growth of global hybrid vehicle market include, Bayerische Motoren Werke, AG, Daimler AG, Groupe Renault, General Motors Company and Ford Motor Company.