NEW YORK -

Expect to see more hybrids cruising around the world’s highways in the next few years.

According to market research report distributor ReportStack.com, the global hybrid car market is expected to grow at a rate of 18.92 percent in the next three years.

The cause for potential double-digit growth: increasing global oil consumption, the Global Hybrid Car Market 2011-2015 report explained. 

Moreover, as governments around the world try to cut down on fuel emissions, the hybrid car market has “been witnessing an increase in initiatives by governments to create awareness and acceptance of hybrid cars,” officials explained.

The report also cites “labor arbitrage, i.e., the various advantages offered by the hybrid car to the end-user such as energy efficiency, less pollution, better performance, reduced dependency on natural resources” and more, as reasons for the hybrid market expansion. 

That said, even with the push from politicians, the high cost of hybrid cars is acting as a barrier to the market growth, the report shared.

Commenting on the report, an analyst from the publishing automotive team said, ”With the time and research on the development of the battery systems of hybrid cars, the overall cost of batteries and total cost of ownership will decrease. By 2014, the total cost of ownership of plug-in hybrid electric vehicles  with a battery of 10 KWh will be below that of an internal combustion engine vehicle and, by 2017, the total cost of ownership of plug-in hybrid electric vehicles with a battery of 15 KWh will be lower than an internal combustion engine vehicle.

“The total cost of ownership of battery electric vehicles will be less than an internal combustion engine vehicle by 2020 with the development of batteries. This reduction in cost will fuel the growth of the global hybrid car market,” they continued.

And who will benefit most from this potential growth?

Key vendors dominating this market space include Toyota Motor Corp., Honda Motor Co., Ford Motor Co., and Nissan Motor Co. Ltd., the company asserted.

Moreover, General Motors Co., BMW AG and Volkswagen Group are also expected to play a role in the future fuel-efficient vehicle market.