Advancement in Technology Foreseen To Drive the Global Hybrid Cars Market from 2021 to 2031 May 16, 2022
According to the report, the global hybrid cars market is projected to surpass US$ 2.1 Trn by 2031, expanding at a CAGR of 21.9% during the forecast period. Hybrid vehicles can use either an electric motor, internal combustion, or natural gas engine as their power source. The plug-in hybrid vehicles fall under zero-emission vehicles, which uses external power to charge their battery and other hybrid engines use IC engine to power their batteries.
The rising demand for fuel-efficient vehicles and increasing government regulations to curb vehicle emissions lead to rising in demand for electric and hybrid vehicles. The hybrid vehicles work on both electric motor engine as well as IC engine, as IC engines are mostly used to power the battery of the vehicles, which cause very less emission from the vehicles and hence, follows the government’s emission regulations. Whereas, plug-in hybrid vehicles powers their vehicle batteries by plugging batteries into external power sources and are considered a feasible solution in the zero-emission vehicle.
Due to the onset of the COVID-19 pandemic, the designing and manufacturing processes of IC engines, and hybrid and electric vehicles have halted. Moreover, due to lockdowns, the adoption rate of hybrid and plug-in hybrid vehicles has also reduced, which restrains the growth of the hybrid cars market. There was a scarcity of raw material supply for most of the industries to carry out their manufacturing processes, which also impacted the market growth. However, the markets are reinitiated, as the global restrictions are relieved, and research, designing, and manufacturing processes are started which is further anticipated to propel market growth.
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Expansion of Global Hybrid Cars Market
Increasing government support and benefits to the manufacturers to produce zero-