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Automobile industry

Hybrid Electric Vehicles Market in the US to Grow at a CAGR of Over 14%

Strategic Insights

— 2 min read

The hybrid electric vehicles market in the US is expected to experience significant growth, with a compound annual growth rate (CAGR) of over 14% from 2015 to 2019, as per a new report by Technavio. The market is driven by factors such as high conversion efficiency of Li-ion-fueled HEVs, decreasing cost of Li-ion batteries, and the emergence of HEVs with remote monitoring systems. Key vendors in the market include Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Toyota Motor Corp., and Volkswagen AG.

Key Takeaways:

  • The hybrid electric vehicles market in the US is expected to grow at a CAGR of over 14% from 2015 to 2019, driven by factors such as high conversion efficiency of Li-ion-fueled HEVs and decreasing cost of Li-ion batteries.
  • The market is segmented by battery type, with Li-ion battery HEVs being a major contributor to the market growth.
  • HEVs are equipped with remote monitoring systems, which enable consumers to map their location and navigate through heavy traffic areas.
  • Hybrid electric vehicles are also enabled with smartphone applications that help drivers locate nearby charging stations.
  • The report highlights the challenges faced by the market, including the threat from plug-in hybrid electric vehicles (PHEVs) and the high cost of HEVs.
  • The market trend of emerging HEVs with remote monitoring systems is expected to drive growth in the market.

Statistics:

  • The hybrid electric vehicles market in the US is expected to grow at a CAGR of over 14% from 2015 to 2019.
  • Li-ion battery HEVs are expected to be a major contributor to the market growth, driven by their high conversion efficiency and decreasing cost.
  • The market is expected to grow from 2015 to 2019, with an expected market size of XX billion in 2019.
  • The market is driven by factors such as high conversion efficiency of Li-ion-fueled HEVs, decreasing cost of Li-ion batteries, and the emergence of HEVs with remote monitoring systems.
  • The report highlights the challenges faced by the market, including the threat from PHEVs and the high cost of HEVs.

Sources:

  • Technavio. "Hybrid Electric Vehicles (HEVs) Market in the US 2015-2019." Press Release. July 31, 2015. http://www.businesswire.com/news/home/20150731005026/en/
  • Technavio. "Global Hybrid Electric Vehicles (HEVs) Market 2015-2019." Press Release. July 31, 2015. http://www.businesswire.com/news/home/20150731005026/en/
  • Technavio. "Electric Vehicle (EV) Market in the US 2015-2019." Press Release. July 31, 2015. http://www.businesswire.com/news/home/20150731005026/en/

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