Passenger cars are the most technologically advanced of all the vehicle groups and manufacturers of passenger cars are focussed on providing comfort and luxury to passengers. The passenger cars segment is projected to gain more than 1000 BPS by 2026 as compared to that in 2016, expanding with a healthy CAGR of 22.8% over the forecast period. The passenger cars segment was estimated to account for more than 65% value share of the global hybrid vehicles market in 2016 and is estimated to reach more than 80% value share by the end of 2026. By vehicle type, the passenger cars segment is estimated to represent high incremental $ opportunity compared to the light commercial vehicles segment.
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The development of plug-in hybrid vehicles such as passenger cars mainly depends on the availability of charging stations on the road network. The availability of gasoline stations is much higher than the availability of charging stations, which is a main restraint to the development of the passenger cars segment in the global hybrid vehicles market. Although manufacturers provide charging systems that are stationary and probably would be attached to the home or workplace, public charging stations are far less available to customers especially in emergency situations of low battery. Creating a hybrid vehicle friendly world is likely to be a big challenge for vehicle manufacturers as well as government authorities.
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Hybrid vehicles such as passenger cars are gaining popularity in North America, Europe and Asia Pacific, but these vehicles are not so popular in Latin America and the Middle East and Africa regions. High availability and supply of petroleum in these regions is one of the main reasons that hybrid passenger cars are not that popular. Another reason for the sluggish sales of hybrid passenger cars in Latin America and the Middle East and Africa is the lack of adequate public charging stations. Brazil in the Latin America region is a big user of flexible fuel, ethanol or methanol blend mixed with petrol, which can also be attributed to the poor sales of hybrid passenger cars in Latin America. On the other hand, Japan in the Asia Pacific region recorded high sales of hybrid vehicles in 2015, more than double the hybrid vehicle sales in the U.S.
Demand for passenger cars is expected to increase at a steady pace over the forecast period in the North America region
The passenger cars segment is projected to gain more than 1000 BPS by 2026, expanding at a healthy CAGR of 18.9% over the forecast period in the North America hybrid vehicles market. In Latin America, the passenger cars segment is projected to gain more than 1000 BPS by 2026 as compared to that in 2016, expanding at a healthy CAGR of 18.9% over the forecast period. The passenger cars segment in the APEJ hybrid vehicles market is projected to gain over 1200 BPS by 2026 as compared to that in 2016 and expand at a healthy CAGR of 15.7% over the forecast period.
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