Global Off-highway Hybrid Commercial Vehicle Components Market is expected to grow at a CAGR of 57.87 percent from 2014-2018, says a report from TechNavio.
The market is driven by the need to cut fuel costs and governments’ need to reduce vehicle emission. Hybrid technology is used in other segments as well like LCVs, medium-duty and heavy-duty trucks, and off-highway vehicles.
Several innovations have been introduced to reduce fuel consumption, which would facilitate a significant reduction in carbon dioxide emissions.
“Governments worldwide have made it mandatory for all OEMs to send data regarding engine fuel consumption and obtain the necessary approvals from the competent authority, which has led to the invention of vehicles that have considerably higher fuel economy,” says Faisal Ghaus, vice president of TechNavio.
Rajani Baburajan
editor@greentechlead.com