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The rising environmental concerns coupled with the endeavors directed at reduction of carbon footprints have paved the way for the growth of the Hybrid Vehicle Industry. It has motivated the governments to offer incentives to the manufacturers of vehicles for boosting the production of hybrid cars. A similar trend is expected to be witnessed over the next couple of years, thus, favoring the proliferation of the Hybrid Vehicle Industry over 2023.
Market Segmentation
By electric powertrain, the global Hybrid Vehicle Industry has been segmented into parallel hybrid and series hybrid.
By propulsion, the Hybrid Vehicle Industry has been segmented into Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Natural Gas Vehicle (NGV).
By vehicle type, the global Hybrid Vehicle Industry has been segmented into passenger vehicle and commercial vehicle.
Regional Analysis
The global Hybrid Vehicle Industry, by region, has been segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is likely to secure a dominant position in the global market. The growth of the middle-class section of the society coupled with increasing disposable income is projected to drive the expansion of the Hybrid Vehicle Industry in the region. Australia, China, and India are essential country-level markets forecasted to boost the growth of the market over the next couple of years.
North America and Europe are important growth pockets presumed to grow significantly in the foreseeable future. The stringent regulations framed by the governments in these regions for the protection of the environment has led to an expansion of the market presence of hybrid cars in the region.
Competitive Dashboard
Some of the key players profiled in the report are The Ford Motor Company (U.S.), AB Volvo (Sweden), Toyota Motor Corporation (Japan), Continental AG (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea)
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