May 2007, came as a month of celebration for hybrid car market; this is the first month when the market recorded its best sales ever. The data from the Power Information Network (PIN) has revealed that in May this year, sales of hybrids made up for 3.4% of all new vehicles sold in US, the highest monthly sales percentage ever.
From January through June 3, 2007, hybrid sales had a share of 2.8% in total new vehicles sold. According to RNCOS report “Hybrid Cars Market Outlook”, sales of hybrid cars in US crossed 254,500 in 2006, just 1.9% of total vehicle sales. But as the US market is recognized as the one with long-term growth potential, it is expected to sell 1.68 Million hybrid cars by 2012.
High prices of fuel have been cited as the reason why customers are giving a thought to hybrids that run on a mixture of gasoline and electric power to maximize the fuel efficiency. The other reason is that gas-electric technology is there in the market for many years, so it is more recognizable to the customers. Moreover, specialized technology come with lengthy guarantees that help in warding off breakdown issues that might not be fixed by a non-dealership mechanic, said Rosen, EdmundsAutoObserver.com, as reported by Industry Watch on June 18, 2007.
The statistics provided by the State Department of Motor Vehicles gives an overview of registrations of hybrids and show they are going strong in Niagara and Erie counties. In both of these counties together, over 1560 hybrids were registered on June 8, up from around 960 hybrid vehicles registered in May last year.
Hybrids still account for a minute in the massive auto market of US but this seems to be changing. Frank Downing Jr., President, Towne Automotive Group, says optimistically, “I think it will continue to grow. I think any kind of alternative situation to gas and anything to improve [fuel] economy will continue to grow”, as reported by THE BUFFALO NEWS on June 17, 2007.
The RNCOS report “Hybrid Cars Market Outlook” is a work of rational analysis of the global hybrid cars market. It examines every parameter of the market, including market size, players’ strategies, regional markets, government policies, driving factors, and opportunities and challenges. The report, considering the current market position, draws a future forecast of the market.
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RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.