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Environmentally Friendly Driving
Are Hybrid Cars just a fashion statement?
- Product Code:RBY00006
- Publication Date:January 2007
- Publisher:Report Buyer
- Product Type: Report
Over the last decade, both demand and supply of Alternative Fuelled Vehicles (AFVs), - in particular, Hybrid Electric Vehicles (HEVs) - has risen. HEVs are vehicles that are powered by two or more energy sources, most commonly gas and electricity.
In the US, Hybrid Electrical Passenger Vehicle (HEPV) sales reached 212,000 in 2005 compared with about 9,500 HEPVs sold in 2000. HEV sales accounted for 1.2% of US auto sales for 2005, doubling its market share over 2004.
According to a recent study by the Freedonia Group, worldwide demand for light HEVs is expected to reach 4.5 million units in 2013 (representing over 6% of world light vehicle demand). The primary markets should still be in the following areas: NAFTA, Western Europe and Japan. In developing Asia, demand is forecast to be most significant in China and South Korea.
With rising Hollywood stars recently endorsing HEVs, hybrids not only managed to build a more "glamorous" image but attracted increased media interest and customer attention. Increased coverage for HEVs has also stemmed from sponsorship of major events, such as the Environmental Media Awards (EMA) in November 2004.
Although environment friendly cars are fuel efficient and cheaper to run over time, they still remain prohibitively expensive to the average customer, as most critics have emphasised. In fact, a hybrid car costs more than the same version of a standard fuel model.
This report considers the likely future development of the HEV market and whether environmentally friendly vehicles will become more and more integrated into the mainstream.
In particular, it aims at answering the following questions:
- What is the consumers' major drive into purchasing HEVs?
- What are the main market drivers and restraints faced by manufacturers?
- What are the new technologies developed?
- What is the role played by governments / regulatory institutions?
- Are there other alternative fuelled vehicles being developed or under development?
The study is limited to the North American and European markets. As very few studies have been conducted on potential HEV market opportunities as such, it is our hope that this report will contribute to the literature already present and shed a light on the forthcoming trends to the interested reader.
- 1. Consumers / Drivers
- Conscience awakening
- Growing concern over continued high oil prices
- Environmental concerns
- 2. Hybrid Manufacturers
- Key market facts
- Stress on technology improvement
- Types of hybrids available
- HEV winning marketing strategies: Toyota and Honda, one step ahead
- Key role played by resellers / car dealers / private companies
- 3. Regulatory / Government Influences / Institutions
- Regulatory compliance
- Government tax rebates
- 4. Other Technologies / Complementary Environment Friendly Vehicles
- Gasoline / Ethanol
- Natural gas