Report says hybrid market slows, but still growing and will rebound

Jan. 1, 2020

Consumers are more in-tune with hybrid vehicles than they were a decade ago, but when sales should be increasing, economic factors have slowed this market. But it is still growing.

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Consumers are more in-tune with hybrid vehicles than they were a decade ago, but when sales should be increasing, economic factors have slowed this market. But it is still growing.

NextGen Research, in its report “Consumer Hybrid Vehicles: Series, Parallel, Mild, Full Parallel and Assist Hybrid Cars,” forecasts the market for consumer hybrid vehicles will grow slightly from the 550,000 units sold worldwide in 2008 to just over 600,000 units in 2009. However, the report observes that once the economy starts to rebound in 2010, so will the consumer hybrid vehicle market, which will grow to nearly 2 million vehicles in 2013.

The US will continue to account for more than half of global consumer hybrid vehicle sales, in unit terms, over the forecast period, as it has every year since 2007 (when sales were at 352,000); by 2013, the U.S. market will see a million hybrids sold.

The economic crisis has hurt automotive markets; car sales have slowed, auto dealers can’t obtain financing for new showroom vehicles, and major manufacturers have had to beg for government bailouts to keep from going out of business. Once the economy begins to recover, fuel prices will start to rise as well, which will push consumers to seek more fuel-efficient means of transportation, according to the research company. The result will be growing demand for hybrid and other alternative-fuel vehicles. Luckily, automakers and automotive component suppliers are working on advancements in hybrid powertrain and battery technologies that will make hybrid light vehicles for consumers increasingly fuel-efficient, clean and quiet.

“At its simplest, hybrid technology just means you have more than one method of propulsion in the same car, often an internal combustion engine and a battery-powered electric motor,” says Larry Fisher, research director of NextGen Research. “At low speeds, the electric motor drives the vehicle, using no fuel and emitting no harmful pollutants at all. If you’re only driving in the city, it’s possible the only time your car uses any fuel is when it has to recharge the battery.”

For more information, visit www.NextGenResearch.com.