06 May 2022
Hybrid cars are high in demand because of their fuel effectiveness, saving consumers from fretting over rising oil prices. Furthermore, although not as ecological as full EVs, hybrids are still better than regular cars because of their low carbon emissions. Plus, manufacturing hybrid cars results in significantly lower emissions due to using lithium-ion batteries than conventional cars.
Therefore, growing concerns over environmental problems, high fuel costs, and a shift toward green living are some noteworthy reasons for the high demands- and subsequently high supply- of hybrid cars. The international hybrid cars market consists of several smaller and bigger players. Below we list six of the largest hybrid car manufacturers worldwide.
Toyota Motor Corporation
Established in 1937 and founded by Kiichiro Toyoda, the multinational is headquartered in Toyota City, Aichi, Japan. It employs over three hundred thousand workers and, as of FY21, generated annual revenue of more than two hundred billion USD. It has a further division, Lexus, producing some of the best hybrid models of all time.
Hyundai Motor Company is a Korean-based multinational founded in 1967 and has headquarters situated in Seoul, South Korea. The company is part of the global automotive industry, serving clients worldwide and specializing in manufacturing automobiles, luxury cars, commercial vehicles, and engines. It has more than one hundred thousand employees and earned a revenue of over one hundred and seventeen trillion South Korean Won (₩).
Honda is one of the largest hybrid car manufacturers. Founded in 1946 in Hamamatsu, Japan, the multinational is headquartered in Minato, Tokyo, Japan. It manufactures a range of products, including automobiles, luxury vehicles, electric generators, scooters, motorcycles, jet aircraft, and commercial vehicles. Honda’s divisions include Acura, Honda Automobiles, Honda Aircraft Company, and Honda Motorcycles.
Known more popularly as Chevy and legally called the Chevrolet Division of General Motors Company, the business was founded in 1911 by Arthur Chevrolet, Louis Chevrolet, and Willian C. Durant. It was merged with General Motors in 1917 and today has its headquarters in Detroit, Michigan, USA. The multinational specializes in vehicle financing, maintenance, repairs, insurance, and sales. It serves several areas, primarily India, Japan, the Americas, the United Kingdom, South Korea, China, and Vietnam.
Widely called Mercedes, the company was formed in 1926 by Karl Benz, Wilhelm Maybach, and Gottlieb Daimler. Its headquarters are located in Stuttgart, Germany, as the company caters to its clients worldwide. The German-based multinational owns two brands- Mercedes-EQ and Mercedes-Maybach, offering services like automobile repairs and financial services. The business specializes in manufacturing commercial and luxury vehicles, producing approximately two million cars each year.
Kia Corporation- more widely called Kia, was founded in 1944 and was initially named Kia Motors Corporation. Headquartered in Seoul, South Korea, the multinational manufactures automobiles, including commercial vehicles. It’s also the second-largest automobile producer in South Korea (after Hyundai Motor Company- Kia’s parent company). As of 2016, it generated annual revenue of more than fifty-two trillion South Korean Won (₩) and has over fifty thousand employees. It serves clients worldwide, except in North Korea and Japan.
The armoured vehicles market is enormous, valuing over sixteen billion USD in 2018 alone. Fortunately, it’s also one of the handfuls of global industries that remained unscathed due to the pandemic. In fact, while the supply of armoured vehicles was reduced because of lockdowns, lack of supply chains, and limited economic production, their demand continued expanding.
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