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Global Hybrid Electric Vehicle (HEV) Market 2013-2023

Global hybrid electric car market: 2 million sales in 2013

The total number of hybrid electric vehicle sales in the passenger car market in 2013 will reach 2.07 million. The global market for hybrid electric vehicles from 2013 to 2023 is set to grow as consumers across the globe seek to lower their fuel expenditure and manufacturers are compelled by regulation to decrease vehicle CO2 emissions. Hybrid vehicles and their electric drivetrains will become more commonplace and consumers will become more familiar with the technology.

As they do so vehicle manufacturers will need to find ways to profitably sell these new technologies. The internal combustion engine (ICE) will still be the dominant power source for vehicles but low emission ICEs, hybrid and electric vehicles will result in manufacturers taking a portfolio approach to vehicles.

Hybrid vehicles are a growth market as they offer opportunities to satisfy consumer needs and also government emission regulations. The rising price of oil and the current economic climate have made consumers more conscious about fuel efficiency. Modern technologies enable manufacturers to obtain better fuel efficiency and lower emissions from hybrid vehicles without sacrificing engine performance.

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