Hybrid vehicles often use two or more sources of power to function efficiently. In order to curb high levels of global pollution levels created by diesel and gasoline, there was an imminent need to come up with alternate sources of energy, which would prove to be beneficial to the environment in the long run. Hybrid vehicles have shown to be eco-friendly, they consume less power and rank low on emission.
Since hybrid vehicles are tuned to work on gasoline and diesel alike, they are garnering a lot of attention all over the world. For example, hybrid cars which run on gasoline are witnessing a stupendous rate of growth in areas of North America and Europe while diesel based hybrid cars are famous in the Asia Pacific and African regions.
The hybrid cars market trends
The hybrid car market is rather consolidated, as a few key players are ruling the roost. Even though market entry is not restricted, there is not a lot of scope for functioning, given the high capital needs and endless resources. For this very reason, a lot of middle sized companies restrain from entering into production, in order to avoid over utilization of capital and resources needed for production.
The global market for hybrid cars was trending at US$102.88 bn in the year 2015; it is anticipated to reach a whopping US$398.90 bn by 2024.
Currently, there are different categories of hybrid cars available in the market. These include hybrid, plug-in hybrid, parallel hybrid, and series-parallel vehicles. Amongst these, there is an ongoing high demand for parallel hybrid cars in the global market, which is adding to the revenues of the production companies. There is not a very high level of change expected in the oncoming years, which is clearly evident from the superiority of the series-parallel hybrid cars when it comes to efficiency.
However, at the same time, plug-in hybrid cars are likely to step in and steal the show, as the demand for these cars is expected to skyrocket in the forthcoming years. This can be considered possible, given the series of government initiatives, tax initiatives, and subsidies being made available for hybrid plug-in cars.
As these cars become a trend slowly, there are high chances of them entering the binary market as well. Since binary options are traded keeping in mind the prices of underlying assets, these hybrid vehicles might soon become a talk of the trading town.
Hybrid manufacturing companies like Tesla, Volvo etc. are an active part of the binary trading market, which makes them one of the most lucrative stock options in the trading market.
Asia-Pacific emerges as a prominent leader in the hybrid cars market
Asia Pacific, North America, the Middle East, Europe, Africa and Latin America are the top regional players in the hybrid car market. In the year 2015, Asia Pacific was leading the hybrid car market with a market share of more than 70%. As more and more people are gaining awareness of the benefits of these eco-friendly cars, there is a rise in the market share being contributed by China and Japan. This is a clear indicator of success and dominance, which will keep Asia Pacific on the leadership pedestal.
On the contrary, the hybrid cars market in Europe and North America is going to continue to progress at a moderate rate shortly. As the charging units increase over time, the demand for such cars is also bound to see an increase slowly and steadily.