Stringent emission norms are one of the major factors propelling the growth of the hybrid electric car market, globally.
New York, United State - November 25, 2019 /MarketersMedia/ —
The growing concerns regarding the deteriorating quality of the environment due to the rising vehicular pollution, have urged governments across the world to take stringent steps to address them. The European Commission has been proactive in taking measures to protect the environment; one of the targets set by the commission is to cut down on carbon dioxide emission by 20% by 2020 from the levels reported in 2008. Noticing the urgency of the situation, many other countries across the globe are also taking initiatives in curbing vehicular pollution, such as phasing-out of stage-IV vehicles and popularizing the use of electric vehicles.
Some countries have imposed higher taxes on conventional vehicles, which has resulted in their increased prices, to deter customers from buying conventional vehicles and are providing monetary incentives for encouraging them to buy electric vehicles. In some countries, the infrastructure which is required to support electric vehicles is still non-existent or in a nascent stage, and therefore, the inclusion of hybrid electric cars seems a much smarter choice. These cars have a combination of an internal combustion engine and an electric battery for propulsion. Hybrid electric cars are available in two versions — mild and full. In 2017, full hybrid cars were in higher demand. In the forecast period (2018–2023), the faster growth in demand is predicted to be witnessed by mild hybrid cars. These cars use the combustion engine as the main source of propulsion and the fitted electric motor can only assist the vehicle in acceleration. A P&S intelligence study has predicted the hybrid electric car market to advance at a 16.7% CAGR in the forecast period.
The popularity of mild hybrid electric cars is predicted to rise in the coming years, especially in emerging economies, such as India and China. The reason for this can be the low pricing of these cars compared to the fully hybrid ones. Even though the latter are comparatively more fuel-efficient, the mild hybrid cars offer a much better cost-to-benefit ratio, as they have a low upfront cost. To save on fuel costs and at the same time, abide by the stringent emissions laws of their respective countries, customers are finding it easier and economical to purchase a mild hybrid car instead of fully hybrid versions. Further, the mild hybrid versions offer several benefits, such as easier mechanical integration of powertrains and components, higher power-to-weight ratio due to the reduced battery weight, and lower cost, which are contributing in the growth of the hybrid electric car market.
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Virtually, almost all the developed nations have integrated electric vehicles in their transportation system, and therefore, to up their revenue generation, the key target areas for the manufacturers are the emerging economies. The adoption of electric vehicles in countries, such as India, South Korea, China, Brazil, and Indonesia, is still in the formative stage. Besides the high prices of gasoline, these countries are now implementing stringent emission laws and also have high prices of gasoline. With the increasing awareness about the health of the environment, many developing nations are working toward achieving EU emission standards and some are trying to completely ban diesel and petrol-run cars by 2030. Therefore, many automakers, such as Maruti Suzuki, are planning to come up with hybrid car models, and it is expected to launch several hybrid car models in India by 2020.
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