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For the purpose of this assignment, I will choose hybrid automobiles that run on gasoline as well as alternative fuel i.e. Electricity. The rising fuel prices and increasing air pollution along with depleting resources of fossil fuels is forcing more and more automobile companies to manufacture hybrid vehicles. Moreover, people are increasingly buying these environment friendly and cost effective hybrid vehicles in many countries around the world.
According to (Hybridcar.com, p.1),
Hybrid-electric vehicles (HEV) combine the benefits of gasoline engines and electric motors to provide improved fuel economy. “The engine provides most of the vehicle's power, and the electric motor provides additional power when needed, such as for accelerating and passing; this allows a smaller, more-efficient engine to be used”. The current hybrids on the market do not have to be "plugged in" to an electrical outlet to recharge.
The Hybrid Car Market
The market for the hybrid car is slowly growing that primarily led by the U.S. and Japanese Markets. In the past five years, sales for the hybrid in the U.S. increase from 9,500 in 2000 to 100,000 in 2004. By the end of 2005, the number of hybrid cars in the U.S. increased to 212,000, accounting for 1.3 percent of the total U.S. light-vehicle market. J.D. Power estimate the hybrid car market will account for 3.5% of the U.S. market by the year 2010, whereas, other researchers such as ABI Research & Automotive Technology Research Group give a more optimistic projection for the market. These researchers estimated the hybrid market penetration between 5-6% of the overall U.S. light-vehicle market.
According to a forecast by J.D. Power-LMC...