2010 Ford Fusion hybridWith the rapidly growing concern over carbon emissions in the environment paired with highly volatile fuel prices, the hybrid car industry is rising steeply. The hybrid car offers more benefits over other conventional cars, such as fuel efficiency, better reliability, low cost per mile and environmental benefits, and that will drive the future of the hybrid car industry.
Automakers are investing largely in the development of technologically advanced and better alternative-fuel vehicles. The industry is expecting much more investment in the near future. The size of the market has been growing and the car manufacturers who are targeting this market are accelerating their development strategies. Ford, for example, recently revealed its aggressive electric vehicle plans to invest an additional $450 million, paving the way to build a next-generation hybrid and plug-in hybrid vehicle in Michigan beginning in 2012. Ford’s hybrid sales for 2009 were up 67%over the same period a year earlier.
The concept of hybrids as the most feasible solution to environmental concerns is now a growing craze among the major car producers. Currently, the United States dominates hybrid car sales, with Japan and Europe being the followers. Many major global carmakers are present in the global hybrid car industry with Toyota and Honda topping the list. Worldwide sales of hybrid vehicles produced by Toyota have already reached the 2 million mark, with hybrids sold in 50 countries.
There are a few challenges that the hybrid car industry is currently facing, including, the high initial costs, low awareness of the concept among consumers and the availability of many other substitute cars like electric cars and bio-fuel cars.