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The ongoing economic recession is stifling the growth of the global hybrid electric car market. The global economy is undergoing the worst recession since the great depression. Consumer confidence has hit historic lows as evident from low consumer spending levels.
The economic incentive of buying a hybrid has declined dramatically as a result of lower oil prices Lack of financial aid amidst the ongoing financial crisis has given rise to serious concerns about the auto industry’s long term liquidity. The deterioration in the global automotive markets is expected to dent profitability. As a result, new hybrid car models could be delayed, if not completely shelved. Global Markets Direct predicts that the weaker demand for hybrid electric cars will prevail at least until 2011.
Hybrid cars can deliver fuel economy improvements over conventional cars and thus, government policy, with respect to hybrid vehicles, has been to accelerate mass adoption that would otherwise occur more gradually through economies of scale.
Key economies in the world are highly dependent on foreign oil e.g. Japan imports 94% of its oil for domestic consumption, Germany imports 94% whereas US imports 59% of its domestic consumption. Transportation accounts for almost half of the world’s oil consumption and the percentage is even more in countries such as the US where the consumption is 66%. Within the transportation sector, the fastest growing category has been road transport. Relying on foreign oil could have serious implications for the security and economic growth of a country. Therefore, governments have adopted a wide range of policies to reduce oil dependency and attain energy security.
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The global economic slowdown on account of the financial crisis has taken its toll on hybrid car sales, with sales in the US, for example, dropping 50.3% to 16,536 units in November 2008 from the previous year.
Cash strapped consumers are shying away from buying hybrid vehicles which carry a price premium of between $2000 and $7000. Dealers are feeling the pinch going through the economic downturn with fewer buyers and credit limitations and are going against stocking expensive vehicles. Industry estimates suggest that volumes in the largest hybrid electric market, the US, will decline by as much as 13% over the year, 2009. However, industry experts have a broad consensus that post 2012 there will be a marked increase in the hybrid car uptake.
Global Markets Direct, the leading business intelligence provider, has released its latest research, “Global Hybrid Electric Car Market Analysis and Forecasts to 2015” that provides key data, information and analysis on the global hybrid electric car market. The report provides detailed assessment of the global hybrid electric car industry by giving market sizing and forecasts up to 2015. The research covers market revenues and revenue shares of the major automakers. At the outset, the report discusses the fuel saving potential of hybrid electric cars over a period of seven years from 2009 to 2015. The report’s treatment of the global hybrid electric car market is comprehensive with dedicated sections on the technology landscape, the competitive landscape and the regulatory framework.
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