DUBLIN, Nov 28, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Hybrid Electric Vehicle Market 2016-2020" report to their offering.
The report forecasts the global hybrid electric vehicle market to grow at a CAGR of 37.16% during the period 2016-2020.The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. One of latest trends in the market is international ZEV alliance by countries. The international Zero-Emission Vehicle (ZEV) alliance originated because of the EV and HEV production and the need to reduce GHG emissions in the transport sector. This alliance works in line with international and national emission reduction goals to counter consequences of climatic changes. This trend is rising due to the development and adoption of vehicle technologies that emit no tailpipe pollutants and can be powered by zero or near-zero emission levels. ZEVs in use today include battery-electric, plug-in hybrid, and fuel cell vehicles. These vehicles help improve the air quality and increase low-carbon development.According to the report, one of the primary drivers in the market is push toward adoption of green (eco-friendly) vehicles. On-road vehicles are one of the biggest contributors to air pollution, due to their immense CO2 emissions. The CO2 emission has been listed as the number one GHG that has been causing global warming and climatic changes. The main focus is reducing vehicular fuel consumption that contributes to the major GHG emissions. This measure is to curb unfavorable environmental impact. The development and adoption of green cars or vehicles are considered to be major solutions to reduce GHG levels in the atmosphere to an acceptable level. These vehicles run on only electricity, hybrid energy, and other power sources such as solar or wind energy or biofuels.