The global plug-in hybrid electric vehicles (PHEV) market 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. In 2022, the global market was estimated to be worth US$ 69,720.5 Million. By the year 2032, it is predicted that the market for plug-in hybrid electric cars (PHEV) will reach a peak of US$ 3,80,665.9 Million. Future Market Insights’ historical analysis revealed that the market experienced a CAGR of 14.4%.
Over the past few decades, the market for plug-in hybrid electric cars (PHEV) has exploded. The business is expanding as a result of the public’s growing emphasis on driving environmentally friendly vehicles that also improve public health while taking into account the current climate. The market is anticipated to expand significantly, which will contribute to an overall increase in PHEV sales in the upcoming years as plug-in hybrid vehicles continue to gain appeal on a global scale.
It is projected that as more people become aware of the fuel efficiency of hybrid electric vehicles, there will be potential for the PHEV industry to experience continuous growth. Major PHEV producers are also focusing on taking advantage of the current electrical infrastructure. Additionally, they are utilising existing infrastructure rather than building a completely new one to refuel cars with cleaner liquid fuels focusing on greening the grid. Increasing the utility of plug-in hybrid electric vehicles as a result, helping to increase sales.
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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.
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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 the Pacific
- East Asia
- Middle East & Africa
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.
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