The global plug-in hybrid electric vehicles (PHEV) market size is anticipated to create an absolute dollar opportunity by projecting a healthy-paced CAGR of 18.5% throughout the forecast period from 2022 to 2032. The global market was valued at US$ 69,720.5 Million in 2022. The market value of the plug-in hybrid electric vehicles (PHEV) market is anticipated to reach a high of US$ 3,80,665.9 Million by the year 2032. According to the historical analysis conducted by Future Market Insights, the market registered a CAGR of 14.4%.
The market for plug-in hybrid electric vehicles (PHEV) has been witnessing phenomenal growth over the historic period. The growth of the market is attributed to the growing public emphasis on the utilization of sustainable vehicles. Keeping in mind the present climatic conditions and promoting better health of the population.
The market is expected to further poised to grow at a robust pace as plug-in hybrid cars are presently enjoying popularity across the globe, thus contributing to the overall heightened sales of PHEV over the upcoming years.
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The PHEV market is predicted to create sustainable growth opportunities on the account of growing awareness all over the fuel efficiency of hybrid electric vehicles. In addition to that, key manufacturers of PHEVs are concentrating on utilizing existing electricity infrastructure. They are also focusing on greening up the grid instead of developing an entirely new infrastructure to refuel vehicles for the accommodation of greener liquid fuels. Therefore, promoting the convenience of plug-in hybrid electric vehicles and contributing towards increased sales.
Key Takeaways
- The global plug-in hybrid electric vehicles application is on the rise as it helps in minimizing fuel usage and promotes the vehicle’s cost-efficiency. The automobiles are configured to charge the internal combustion engine with the help of an electric motor and other fuel like diesel or gasoline.
- Since the transportation sector is known for being a primary source of heightened GHGs. i.e., greenhouse gas emissions. Various policymakers are incorporating favorable regulations that will encourage the usage of electric vehicles (EVs), such as plug-in hybrid vehicles (PHEVs) in order to motivate the public to use alternative fuels, such as electricity, etc.
- The market is actively being supported by federal and state policymakers working rigorously towards the rapid expansion of charging station infrastructure. Furthermore, the demand to decrease dependence on fossil fuels is one of the key factors contributing to the adoption of PHEVs across the globe.
- The ongoing research and development activities are helping in bringing down the prices of electric vehicles by adopting new technologies and bringing a new type of plug-in hybrid vehicles every year are predicted to spur market growth in the forecast period of 2022-2032.
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Competitive Landscape
Various companies in the market are focusing on extending their portfolio of electrified automobiles to efficiently cater to the changing needs of the customers while simultaneously retaining their competitiveness globally.
Some of the major companies have developed new products which offer the benefits of two cars in one. These products are anticipated to offer the benefits and flexibility of both longer trips and everyday driving. The automotive functions as a hybrid car and can be charged just like other electric vehicles.
At present, the Asian continent is poised to create robust opportunities over the assessment period. In countries like India, the emergence of hybrid vehicles is attracting cost-conscious buyers. These hybrid automobiles meet stricter emission norms, while the current prices of motor fuel are soaring in the country. Hybrid vehicles may be costly in comparison to traditional petrol cars but may offer significant fuel efficiency in comparison to petrol-run cars.
The market players pay keen attention to maintaining superior quality of the products and innovation. Furthermore, they are also trying to diversify their range of manufacturing, indulging in mergers and acquisitions, and adopting organic growth strategies for a strong foothold in the global market.
Some of the key companies in the market are
- Renault SA
- Nissan Motor Corporation Limited
- Volkswagen AG
- Honda Motor Company Limited
- General Motors
- Ford Motor Company
- Daimler AG
- Mitsubishi Heavy Industries Ltd.
- Toyota Motor Corporation
- BMW AG
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More Insights into the Plug-in Hybrid Electric Vehicles (PHEV) Market
The European market is anticipated to dominate the global plug-in hybrid electric vehicles (PHEV) market. The growth of the region is attributed to the rising implementation of favorable policies that are actively promoting the usage of automobiles that lower greenhouse gas emissions, thus contributing towards a greener planet. Furthermore, the European population is embracing technologically advanced HEVs. They are known for their cost and fuel efficiency, therefore facilitating the market growth of PHEVs in the region.
The rapid expansion of charging station infrastructure combined with the support of private industry and federal and state policymakers are strengthening the market size in this region. Another key driver for the regional growth includes the rising R&D activities to develop newer versions/types of plug-in hybrid electric vehicles.
Plug-in Hybrid Electric Vehicles Market by Category
By Vehicle Type, Plug-in Hybrid Electric Vehicles Market is segmented as:
- Passenger car
- Light Commercial Vehicle
By Technology, Plug-in Hybrid Electric Vehicles Market is segmented as:
- Series
- Parallel
- Series-parallel
By Region, Plug-in Hybrid Electric Vehicles Market is segmented as:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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