The is characterized by the prevalence of intense competition among the prominent vendors such as Volkswagen, BMW, Honda, Nissan, Ford, Hyundai, General Motors, and Toyota. A report by Transparency Market Research (TMR) estimates that this competition is further going to be magnified owing to the innovations by the leading market vendors. The companies are constantly trying to launch new products in manner to lead the competition. It is expected that companies with global presence and huge product portfolio will dominate the market in the coming future.
Consumers are adopting carbon-free products due to the alarming rise in the level of air pollution, which is continuously increasing the global temperature. Hybrid cars use electricity for their functioning instead of gasoline or diesel, helping to control carbon emission. This augmenting ecological awareness among consumers is expected to fuel the growth of the global market of hybrid cars.
Furthermore, governments in various countries have implemented strict rules to curb carbon emissions, which is motivating manufacturers to increase investment in the production of hybrid cars. Some governments are also providing various subsidies and incentives to buyers of hybrid cars, which is expected to fuel the demand for hybrid vehicles. For instance, for new passenger cars, the European Union norms of 2009 has set CO? emission level at 130g/km.
The Euro VI norm introduced in 2014, suggests new cars to keep the nitrogen oxide emission below 0.4g/kWh and other emissions below 0.01g/kWh. Analysts forecast that the countries such as Brazil, Russia, Mexico, and Australia will also implement stringent emission standards in the near future, which is most likely to increase the global sale of hybrid cars.
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