Technavio Publishes New Report Outlining Growth Drivers and Trends in the Hybrid Electric Vehicle Market 2015-2019
By Business Wire News
The global hybrid electric vehicle (HEV) market is expected to grow at a CAGR of 11% from 2015-2019, says research firm Technavio.
Hybrid cars lacked popularity among consumers when they were first introduced in the 1990s. However, increased marketing by vendors and widespread education about the benefits of HEVs have helped these vehicles gain popularity among end-users. Several initiatives are being taken to create awareness about the energy efficiency and environmental benefits offered by HEVs, like reductions in air and noise pollution.
“Increased consumer awareness has fueled the demand for HEVs in recent years, which will continue to boost market growth through the forecast period,” says Faisal Ghaus, Vice President of Technavio.
The latest industry analysis report by Technavio also draws attention towards advances in technology and new features that have led to increased use of battery-operated vehicles worldwide.
“HEVs are increasingly being equipped with innovative features like GPS navigation systems, modern powertrain systems, air-conditioning systems, power windows and displays that give real-time information about the battery charge level,” says Ghaus.
The market is also expected to witness the development of many innovative HEVs during the forecast period as a result of increased R&D efforts.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global Lithium-ion Battery Market for HEVs 2015-2019
- Global Hybrid Electric Vehicle Battery Market 2011-2015
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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