The Market of Hybrid Electric Vehicles Industry

Electric/ Hybrid Cars
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Electric/ Hybrid Cars
The global hybrid electric vehicles industry has exhibited strong growth in the last five years. The market is projected to grow by approximately 35% before 2026. There is an increased demand for fuel-efficient vehicles in the global automobile industry. This has been one of the key factors that have led to an increased demand for fuel-efficient electric vehicles. Additionally, there is also a growing environmental consciousness among users. This has further led to an increase in the demand for electric vehicles. As the market grows, various stakeholders have been affected by the global shift (businesswire.com, 2021). They include automobile dealers, automobile manufacturers, environmentalists, the petroleum industry, and vehicle owners.
Automobile dealers are a section of stakeholders that has benefited from the shift, unlike the petroleum industry, which has been affected and continues to be negatively affected by decreasing sales. Vehicle manufacturers have experienced augmented sales from the manufacture and sale of fuel-efficient sales. The increased sales have resulted from increased buying power, particularly in third world countries where most vehicle owners prefer fuel-efficient vehicles (Bakker et al., 2014). In these countries, many people have been shying from owning private vehicles due to an inability to care for fuel costs. However, with the advent of highly fuel-efficient electric cars, people in third-world countries are buying vehicles at a high rate that had not been experienced in the automobile industry. Consequently, automobile dealership companies are now experiencing a tremendous augmentation in their annual profits. Additionally, new dealers have come up to claim their share.
Environmentalists are another section of stakeholders who have received great relief from the global acceptance of electric cars. Before the advent of hybrid vehicles, environmentalists had been caught up in a never-ending tussle with vehicle manufacturers over carbon emissions. Some vehicle manufacturers intentionally refused to comply with carbon emission laws from their engines. In contrast, others cheated their way through only to be discovered after the vehicles had been in use for some time and damage had been done (Bakker et al., 2014). This is currently not the case with hybrid vehicles whose carbon emissions into the atmosphere are low. Some electric cars, for example, those manufactured by the Tesla Company, have zero carbon emissions. This has been a source of great relief to environmentalists.
Vehicle owners have immensely benefited from electric cars because HEVs (Hybrid Electric Vehicles) use less fuel than similar traditional vehicles. Electric vehicles use electric drive technologies that lower fuel consumption through regenerative braking. Regenerative braking captures energy that could have been lost during braking, store it up in their batteries and use it to propel the vehicle (Talantsev, 2017). This saves a lot of fuel li...