BOULDER, CO - A new report from Pike Research predicts the global market for hybrid-electric light-duty vehicles in the fleet sector will increase at a compound annual growth rate (CAGR) of 17.5 percent over the next five years, with vehicle sales surpassing 740,000 annually by the end of 2015.
While lifecycle costs for hybrid-electric vehicles (HEVs) can often be higher than conventional models, a number of government incentives are helping to close the gap for fleet operators, according to Dave Hurst, senior analyst for Pike.
In addition, Hurst said many fleet managers are electing to purchase HEVs "as a means of complying with requirements to reduce fleet emissions, as well as to hedge against higher fuel costs in the future."
Hurst added that passenger cars will be the largest segment for HEVs in fleet markets, but some of the highest growth rates over the next five years will be in the SUV and pickup truck segments, particularly in the United States. For plug-in hybrid electric vehicles (PHEVs), Pike Research anticipates that passenger cars will be even more prominent, representing more than 80 percent of the fleet market in 2015, due to automakers' focus on consumer markets for PHEV model launches.
An executive summary of the report, "Hybrid Electric Vehicles for Fleet Markets," is available for free download at www.pikeresearch.com.